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Do you see any problems for us?


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We're having a house built. We got pre-approval in August. The house should be complete in 60 days. Do you see any problems here that may arise with us closing?

Stipulations of pre-approval: 5% down and pay off a few charge offs that are over 3 years old. We will bring the money to pay those off to closing.


Me: $65,000

Husband: $50,000

Home Value: $269,000

Down Payment Amount: $15,000

Closing Costs covered by builder

Other Debt:

Me: $185 Student Loan Payment, $150 in revolving credit payments. Total revolving credit card balance: $6000

Husband: None

FICO Scores as of 1/1/05:

Me: 565 576 548

Husband: 608 581 591

I suspect all scores have gone up 5-10 points due to paying off his revolving credit, and lowering my utilization quite a bit.

Other: In August we got slapped with a state tax lien. We paid it the very next day. Pre-approval was pre-lien. Will this affect our approval?

We have W2's and pay stubs. I just got a new job with an increase in salary (from $55K at pre-approval to $65K now) and ownership in the company. The job is in the same career field I've been in for 11 years. I start next Monday.

Sorry for the overload of info....

What do you think? Smooth sailing, or are we going to have problems? Between now and 60 days from now I'd like to get the scores high enough to qualify for 100% 80/20. If that doesn't happen, we're prepared with our 5% down, though.


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There is 1 lender, MILA, that will finance 100% of the sales price with a 560 score, provided that you can document your income. Most lenders require a 580 though.

The tax lien that you already paid shouldn't have any bearing on your approval, since you are already at a sub-prime lender they normally allow those things to happen in your past.

I'd work on getting your scores up, as for every 20 point increment you can normally qualify for a bit lower interest rates.

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