DU approval. Now what?
So I am approved through DU for an FHA home loan. I am putting 10% down on a home. According to my broker, my credit score, dti and ltv are all within the guidelines of her lender, mountain west financial, as well as within the guidelines of FHA. I currently own and reside in a home. I have 40% equity in the home and already have renters who have signed a 2 yr lease on it. I am unemployed but receive my income from a couple of trusts. the combined value of these trusts equal around $750,000. What is the chance of the loan being denied? by apharris622 from Florence, Oregon. Mar 11th 2015
Lorne Harvey (lorneharvey)
#77 ranked lender in Washington - 439 contributions
As long as you have received documentable income from the trusts, and you can document that the income stream will last 3 years beyond the closing of the new loan; you should be fine. I would be happy to compete for your business. Thank you for the opportunity to help.
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
THE new guildlines for FHA, for primary residences only, and they do not want anyone to have a rental.. you might ask your broker about this .. linda yourloanpartnerforlife@live.com
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Too much info missing to properly answer your question.. credit scores, credit profile, credit deficiencies, debt, debt to income, etc, etc, etc.. On the surface, your file looks real strong.. ($750K in trusts!!), so why is your loan officer guiding you to FHA.. you should be going conventional.. so, there has to be more to your loan than what you have disclosed.. This I know for sure.. you could have $1,000,000 in the bank, but have a 550 credit score, and you will not get any type of conforming financing.. having large asserts and equity is not a substitution for paying your bills on time.. lenders, all lenders, have minimum credit score requirements.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
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