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Discussions tagged with 'FHA Loan with No Lender Overlays'
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Hi Gustan Cho Associates Team,
​My name is Bruno Apolsky. I was referred to your firm because you specialize in FHA financing with no lender overlays.
​I am looking to purchase a new primary residence in Mountain House, CA, as I recently relocated to the area for work. Here is a summary of my financial profile:
- ​Credit Score: Experian score is 615 not sure my home loan score.​
- ​Collections:
- I have 12+ open non-medical collection accounts (credit cards and personal loans).
- My Wife has 12+ Open non medical collection and she will be Co applicant.
- ​Rental History: Currently paying $3,500/month in rent with a solid on-time record since October-2022
- ​Existing Property: I own a home in Sacramento that is currently rented out to tenants (the rent covers/offsets the mortgage). Because my move to Mountain House/Fremont is over 100 miles away due to job relocation, I am purchasing the Mountain House home as my primary residence and plan to use the Sacramento rental agreement/Schedule E to offset its mortgage payment in my DTI.
​My Goal:
I would like to ge
1- t pre-approved for an FHA loan using the standard HUD 5% DTI calculation rule for my collections (without paying them off) and offset my Sacramento property debt using my current rental agreement/tax schedule.
​Could a loan officer please review my scenario and guide me on the next steps to submit my documentation?
​Thank you,
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