house hunting-VETS PLS ADVISE

First off how old are these collections, charge offs?? FHA usually likes to see a clean record for the previous 24 months. Also "most" lenders will want these collections paid in full prior to closing or sometimes they do it at closing, but you will most likely have to pay them.

Also mortgage approval relies heavily on income. Is your husband receiving any type of disability?? And we he be able to go back to work? Lenders will look at future income.

 

I think for FHA loan requires a score of at least 635..maybe other can give you a better answer..

experts??

 

fdjtwins2

FHA and conventional both require that all open collections or chargeoffs be paid. With FHA most times you can pay them off at closing. With conventional normally they must be paid prior to closing. FHA is not score driven and just want to see at least 12 months of clean credit besides the paid off chargeoffs/collections. Conventional is extremely score driven and with the scores that you show on your hubby, it is very doubtful that you will qualify. There are some programs out there for conventional that with your scores, you should qualify for if your income can sustain the DTI ratio. If you need both incomes, then you will probably have to go nonconforming.

Hope this helps and good luck with your house hunting. Also, email me if you wish to discuss this further off board.

fla-tan

 

I am wondering why you are not considering renting. With your husbaqnds medical condition, do you make enough money to cover the mortgage plus any medical bills that come your way?

I know that this is really none of my business but I don't see what the rush is here. If you rent you could take the time to being up your scores and save for a larger down payment.

 

My mortgage payments are $250 cheaper than what rent for the same house would be. Even if we had paid what it appraised for the payments would be about the same as rent.

Gib