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Old 02-26-2013, 07:04 AM
65 posts, read 75,274 times
Reputation: 40


Three things that an underwriter is going to look at.
1.Your income
2.Your assets, such as savings account,stock portfolio, other real estate.
3.Your credit history

On the first 2 points you score highly.You can offer to put down a big down payment to enhance your chances.

All the best.
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Old 02-26-2013, 11:28 AM
3,805 posts, read 9,181,024 times
Reputation: 4978
Was it a true foreclosure or a deed-in-lieu? Huge difference.

Sellers who are trying to sell a home with deficiencies which they consider to be cosmetic (and sometimes are) are more likely to have to address them with a FHA or VA appraisal. Conventional is more straightforward.

Also, big deal here for you: By the time you purchase, FHA mortgage insurance will be part of your payment for the entire life of the loan, not just the first 78 months (minimum). Just something to think about here.

Let me know about the deed-in-lieu thing.
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