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About firsttimehomebuyer01

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  1. Definately will not be adding on any debt in the meantime. Glad to hear from someone who's been through it as well. I will look more into this then with my bank and hopefully move forward. Appreciate it guys!
  2. Thanks for the reply. Reassurance is good. I just don't want to get denied on the actual approval after paying all the hand money, home inspection, etc.
  3. Hey guys, So out of school and I have been employed for the last 2.5 years with the same employer. How likely would it be to obtain a FHA mortgage given my little credit history and earning income? First, throughout school I was making roughly 20k a year, then once I got my full time job, the first year made 40k, second year 80k and on track to surpass 80k this year. I began building credit around 1.5 years ago with car, school loans and credit card (card has been +3 years). Also I have lines of credit I could use such as, rent, utilities, etc dating back the past 3 years. For the last 1.5 years I've rented a house, paying $900 a month (utilities, car, loans on top of that), so I don't believe I will have any "shock" as far as payments go. All of my payments have been on time and things like furniture had been paid off early. I already started talking to a few banks and decided to go with one and got pre-approved for 250k. My mortgage rep is saying I should be good given that i'm interested in a house that's only 150k. However I still have my natural doubts to all this passing an underwriter that easily. But given my background, how likely would it be to obtain a mortgage given my little credit history (2 years) and really only 1 full year of decent earnings, although likely to continue?