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I applied for an FHA mortgage loan.. Its is in underwriting right now and should have a yes or no tomorrow… But what are my chances of getting approve

* I make about $ 27000 gross a year
* My credit score is 655
* Never made any late payments
* First time home buyer
* Home is listed at 75,000
* Ive been at my job for 4 years & will be getting another raise in Sept of $ 200.00 on my salary!
*I have a $ 500 car pymt, & a credit card with a balance of 3,800 pymts about $ 100 a month!

my loan officer said everything looks good… but honestly im worried!

3 Thoughts on Will i get the mortgage loan? Ive been preapproved…?
  1. Reply
    mar c
    August 2, 2012 at 9:31 am

    stop worrying when the check they give you clears…nothing is certain

  2. Reply
    If you got it, flaunt it :)
    August 2, 2012 at 9:57 am

    maybe.

  3. Reply
    Pengy
    August 2, 2012 at 10:21 am

    Honestly, you are way out of your league and price range if you do get it, and would not be surprised if you lose it within a year. Hate to sound negative Lets look at the numbers your gross take home every month is $ 2250 after taxes at best $ 1800. Subtract car and credit cards you are now at $ 1200. Lets take $ 100 in electric, $ 100 cable phone and internet, water sewer and garbage $ 75, ok you are at $ 925 a month. Gas and car insurance $ 100, We are at $ 825 a month left. Add food and entertainment cheaply $ 400 a month you are left with $ 425. Without any problem or sudden expenses (repairs) does that cover your mortgage and taxes and insurance? You really need to raise your income substantially before you take on an endeavor such as a home. Just knocking you just trying to make you aware of what is involved in ownership. Before you end up losing what you have worked so hard for. Just being realistic.

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