what are the chances (insurance, home loan, approval, credit report)

[jkiss]

We applied for an FHA house loan. We had a short sale 3 years ago this month. We have been current on all of our bills since then. Our credit scores are 649 and 679. Our dti is 13/27. We have found a house we absoloutly love and we are hoping for the best. Our loan officer is checking with underwritting to see what they say about it. I did write a letter of explanation for the short sale.

[darstar]

Did you make up the difference on the short sale? Most home loans are local these days,and that's a good thing.

[SmartMoney]

The Direct Endorsement Underwriter cannot sign that loan approval until it is past 3 years to the very day. So if your short sale was February 23, they can't sign the approval until the 24th. Now, if you had an FHA or VA loan involved in the short sale, that means a Credit Alert went out against you (both are government loans, with lenders being paid by government insurances), it is 3 years to the day the claim was paid.

[jkiss]

It will be 3 years on February 13. Our credit report indicates the loan was paid in full to Taylor Bean & Whittaker. I have a copy of a letter from the mortgage company stating as such.