Hello, I was hoping for feedback from "neutral" parties about this matter. I'm a FTHB.
Here's my current loan scenario:
Preapproved by Wells Fargo for $196000 FHA loan about 3 weeks ago. I gave them info about my job as being a contractor for the same place (government agency) I had worked formerly as a full time for a lilttle bit more than 2 years until Aug 2009 (e.g. I started working as a contract doctor/physician for them again beginning Nov 23, 2009 up to now). Started looking for homes this past 2 weeks and broker/realtor has been giving me talk that forclosures here in Vegas tend to lean towards granting cash buyers and conventional loans as priorities before FHA loans. I understand this in a way on the business side of matters though it is a disheartening thing to know of.
This, of course, leads me to think about applying for a less than 20% down conventional loan (have been looking up to $220,000 list price home here in Vegas and think we can do up to 10% downpayment on it).
Here are a couple of important numbers:
Credit scores pulled by Wells Fargo show: EQ Beacon 5.0 772, EX FICO II 785, TU FICO CLassic 98 764
Only loan I have: $6100+.00 Credit Union loan paid $399 a month fixed rate (expected to end in 15-16 months). Other loan is a $350 Amexco credit card. Own a car.
Savings money: $49000 (and continues to grow of course, even when renting). There is already money put aside to pay for IRS taxes this tax period that is separate from this savings amount.
Weekly amount earned (gross paycheck) varies, depending on how I want to go to work (lazy factor included, being a physician is a stressful job btw): From $2600+/week (no money earned due to holiday or furlough day where I work at so no control over these) to $4400+/week (standard 5 day work week). Again, these are gross amounts (no taxes deducted on paycheck).
So basically am hoping for consideration for conventional loan based on above talk with realtor and ealing with forclosures since do not desire short sales at this time. Any input on which direction to proceed on this manner greatly appreciated......Happy New Year as well
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