Chicago Area/Middle Score is 637/ Seeking FHA Loan
I am in need of expert advice. I applied for a Conventional loan and was denied because of score requirements of 660. I wish I had done more research and known that FHA were accepting scores of 620 and 640. Ive spoken to lenders who are accepting both scores,however I have a concern on my credit file that I'm afraid may afford the approval process during the underwriting phrase, My debt to income ratio is below the 45% requirement, I have an income of 80K , and all my credit lines are current and without late payments, however i have a 9K auto charge off from 2 yrs ago. Based on this information..should I go ahead and apply with FHA? Would this charge off cause my app to be denied by the Automated Underwriting system and if so..do you believe a lender will at least concern manually? Please advise. thank you. by lakesh_258_758 from Lansing, Illinois. Apr 12th 2013
James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions
You're definitely a viable candidate for an FHA insured home loan. If the auto loan that was written off shows no outstanding amount due, it should not be an issue. Go ahead and visit my site http://yourFHAhomeloan.com and complete a secured online application. FYI: I'm in NW Indiana and I've originated many FHA insured home loans for Lansing patrol officers. Have a great weekend!
Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions
Good Evening. I am happy to help as we can offer FHA with Automated Approval down to a 620 FICO. The findings should confirm that the charge off is not an issue and the pre-approval letter could be generated thereafter. The process starts with applying online and upon completion, the file will be available for my use to pull credit. Once the credit is retrieved, the application can be completed and the Automated Approval can be determined. This will take just a few minutes, so if you feel it is worth your time to get an answer from a Bank (me), please visit www.123LoanYes.com and apply online this evening. Feel free to send me a direct message offline if you want to discuss this in more detail. We have NO APPLICATION FEES so the cost to get started is just your time! Thank you and good luck!
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