Will my FHA Loan be denied? I traded in my car a few weeks before I was pre approved for a home loan.?
I traded in my car a few weeks before my loan was pre approved. My car note went up 90.00 making my debt to ratio 22/46 . Credit score is 630..will FHA deny me because of this or will they give me options before not approving the loan.
Tags: approved, Before, denied, Home, Loan, traded, week's
2011/07/24 at 22:05:41
Hello every one,
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because he is the most understanding and kind heated lender
i am posting this message in yahoo answers every day in order to express my ever lasting gratitude to Mr Steve Davidson
2011/07/24 at 21:45:27
Why on earth did you do that?
Yes, it can affect your loan approval.
2011/07/24 at 21:13:37
Very possible. I advise all my clients that they do NOTHING to effect their credit from the time of loan application until the house is funded. Lenders in the underwriting department are looking for reasons to not approve a loan, and you just gave them a reason.