Approval/Qualification Process | Forum profile

Wouldn't really matter what the rate was today. Your application has to be in to most lenders before you can lock in a rate. Rates have never been this good and FHA is considering methods to enhance their bottom-line. ... Find a lender a then determine when you wish to lock. ... Good luck!

USDA loans do take a bit longer than other loans, but March does seem like a long time. Has the appraisal already been conducted? As long as your rate is locked and you have a good rate with closing costs, stick with your company. Once the appraisal has been conducted, it costs another $100-150 to switch lenders.

I'm looking at buying a home.  I currently have a rental property with a tenant and a condo I currently live in.  I would like to keep the current condo if possible and rent it out.  With the more strict lending requirements, how do I find out what I can get approved for and what sort of down payment would I have to make?

Lindsay, great question, loan programs do allow you as non-working spouse/homemaker or as a non purchasing spouse (not a bororwer on the loan application). a few things to condiser, FHA,VA.,USDA loan programs (depending on the state located within) may require your debt be inculded in the loan qualifing; even if you decision to NOT be a party/borrower to loan. Convetional loans do not have this requirement; the best...

Since only your husband is a wage earner, it is his income that will determine whether or not you qualify for a loan.  That means it is his FICO that will be important.  If he has a low FICO score, your good score will not help.

Typically 3.5% down payment FHA financing, owner occupied and even as low as 1/2 down payment is available.  Also there are programs through certain city & county agencies that can help. Good luck to you. 

Well his credit score must be used also, is that going to be a concern? How much Debt between the two of you??? How long has he been on the Job?  You're telling me all the good stuff,  I need to know all the corkey things to build your transaction..... Hope this will help you some!!!!

Depends on income and DTI