queenmum

I am aware that applying for any credit during approval process is a no-no, but what about a cli that would result in only a soft pull?

I thought FHA was the same rate for everyone? Where is the best place to find accurate rates?

We are looking to do an FHA loan due to the low down payment and lower interest rates. Where we are looking to buy is very competitive in our price range. Homes sell in a day or 2 and they are getting asking price or more. I'm wondering if the seller will choose another buyer over us because we are using an FHA loan and does it matter if we get the loan through mortgage broker or through a bank? Does one seem more appealing to a seller?

Do they only average your last 2 W-2's or they take an average salary over the last 24 months? I'm asking this because we are making more this year than last and just wondered if as you get further away from an old income does your average income for DTI purposes go up? Thanks!

I just checked and it looks like we got an approval to go to 45%. We just need a little more lol. Most of the houses seem to be about 10,000 out of our range. That's why I was hoping to get just a little more. Our pre approval expires in a couple weeks so we are going to try and pay down a credit card and hope that gives us what we need.

I've read 43% is the highest DTI FHA will go,but are there any exceptions and how do you get those exceptions?

So maybe we should look around at other banks? If they are higher than others they may not approve us anyway. We have a 5 yr old BK. Muffy- I did not realize you can refinance that soon. Isn't it costly to do that with fees and all?

We talked to a bank about getting an FHA loan and they said their minimum score was 660. I ran scores and the middle mortgage score is 666. That is very close and I worry that several inquiries could bring it down. if it is a government back loan why are there different score requirements from different lenders? How many times do they run your score? Once at pre-approval and then again at closing? Thanks! We are thinking of applying in a couple days and want to make sure we have all the info!

Sorry to hijack, but if you have consolidated your student loans and they are on a set payment, do they still factor the 1%? My husband has around 60k, but it is now over 30 years at a fixed payment of 365. Which amount will they use in consideration?

Ok, I just read if your payment plan will be paid off in 10 months they won't count it towards to your DTI. Is that true?

We are looking to buy in the next couple months. We did our taxes and it look like we are going to owe and if we pay that all it will take a good portion of our down payment. Will the lenders know about our tax debt? We were going to put it on a monthly payment. If they include that amount our DTI will go higher and then we will get less house. Any advice for us?

Awesome, thanks!

There was a post from awhile back that listed the percentages of debt on indivdual credit cards when you would see a FICO bump. For example..90% then I think it was 75% then 50%. Does anyone know if they still use this and anyone have a link to this thread handy? Sorry I've tried searching, but not sure if I'm searching correctly.

So even with a BK I can go into a regular bank? That is what I was wondering.

We are in Ohio. Shouldn't I find someone local?