Colli Real Estate

What is my chances of Mortgage approval in this crazy Market?

I have a file in underwriting with CITI Mortgage. My credit scores are 648,634 and 622. My DTI is around 18%-20%. I have 0 late payments for the last 3.5 yrs.I have been employed in the financing dept. field for 9 yrs. My Broker stated that I possibly could qualify for the My Community Mortgage Program and a stated income loan for first time buyers. But if not I have a 10% down payment on a purchase price of $181,900. The sellers have agreed to a 3% sellers concession ($5,457) for all closing costs. The file went into “Processing” Status today around 1:30 p.m. I didn’t get an answer today. Now I can’t stand the wait over this long weekend. I’m looking for anyone with some information on my chances of getting approved for this loan?

My Community is not a stated income program. It sounds to me like it should not be a problem for you to get approved, all things being equal. The underwriting process can take a bit of time, so try not to sweat it. Particularly these days, many of the processing centers are backed up. Washington Mutual told me the other day to expect an 8 day turn time for a submission!

You should be fine…

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