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Can we qualify for FHA purchase loan?

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pwd Joined: 03 Jan 2009 Posts: 6 4.54 Dollars($)	Posted: Wed May 27, 2009 4:47 pm    Post subject: Can we qualify for FHA purchase loan? My husband was turned down for a Rural Development loan due to some lates since our bankruptcy 5 years ago. His mid score is around 620. Mine is about 585. We are currently in underwriting with both of us on the loan where we have been for almost 3 weeks. What are out chances of getting an approval? We got approve/eligible through the automated system and we received the 3.5% down as a gift from a relative. Thanks!
JKennedySLG Community Experts Joined: 01 Apr 2009 Posts: 335 Location: New Jersey/New York 9.13 Dollars($)	Posted: Wed May 27, 2009 7:33 pm    Post subject: Lates after a BK is normally always terms for a denial. Underwriting differs with every Lender. Purchases are always ahead of refinances in underwriting, but some big name banks are backed up in underwriting for all transactions. I would say call your point of contact to find out status immediately. I hope this helps... _________________ James Kennedy RBI Home Loans Bellmore, NY - Matawan, NJ (888)724-0955 - (732)290-1888 Qualify NOW: www.YourLowerRates.com 580+ Credit ~ 3.5% Down Payment 540+ Credit ~ 5% Down Payment 500+ Credit ~ 10% Down Payment

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