Hi Just thought I'd post my info incase it helps anyone. I was just approved for a mortgage on a home I want *so badly* to build. 6% FHA loan 30 year fixed. My credit wasn't the best, had worked some on disputing lates but still had the bulk of them still showing from 1996. My scores are: TU 637 Exp 624 Eq 630 I did have to explain the lates to the lender, which in my case was easy to do...(divorced that year) I'm so excited, never dreamed I'd be able to do this. This is my first home I'll be buying so I'm just really thrilled. Chellie
First of all, CONGRATS! My fiancee and I are buying a new home as well, and were just approved through the FHA automated underwriting process with the lender. I guess now it goes to manual underwriting, which was explained to me to be mostly verification since the automated went so well (fla-tan, maybe you could shed some light on this process for me?). I won't personally be giddy until final loan approval, but everything looks good so far. Indeed they do. Our future home is a new build in a lovely local development. 2-1 buydown with 4-5-6 as interest rates. The 6% is locked from year 3-30. We are using my credit/income only (she is in a credit counceling service) and my scores were 684, 671 and 664 (EQ, TU and EX, respectively). Quite the step up from the 500's/low 600's they used to be!
Congrats! The lenders in my area said they never heard of FHA construction laons. Is that what you got? an actual construction loan? I've heard of the contractor finnnancing the home and then the buyer buying the existing home instead of using a construstion laon. Coudl you pass on some info about an FHA construction loan? thanks. jody
