Posted on: 03rd May, 2012 01:34 am
I had really low rent payments ($200) until 3 months ago. After that I have been paying $850. Now I want to apply for FHA loan. Mid score will be around 660, I make 70K per year, and have 10 years of employment with the same company. I only have 5 payments left on my car payment and my backend DTI ratio is around 17% with the higher rent figured in. How much weight does the underwriter put on payment shock? I do have the down payment and closing costs for the purchase. Please give your suggestions.
Well, as far as I can understand, your income, score, and employment are good enough to qualify for an FHA home loan. As far as the late payments are concerned, they will more likely just ask you to give an explanation regarding that.
Hi brand,
With a 660 credit score, you can qualify for a FHA loan easily. Moreover, you have a stable employment history as well. Moreover, you will also be able to give a down payment. All this will be considered as your positives and you will be able to qualify for a loan easily.
Thanks
With a 660 credit score, you can qualify for a FHA loan easily. Moreover, you have a stable employment history as well. Moreover, you will also be able to give a down payment. All this will be considered as your positives and you will be able to qualify for a loan easily.
Thanks