What are my Approval odds

3 Replies

Me and my wife out looking into getting our first 4plex with the FHA loan. We already have 3.5% down needed, but our curious what our odds of getting approved our for a $350k loan.

Mainly because I had a friend who is in a similar financial situation only get approved for $190k.

Me and my wife make just over $100k a year before taxes.

Per credit karma our scores are 816 and 790.

We have no debt other then our current mortgage.

Our current payment is $908 a month (including taxes, insurance etc). We owe $129k on the house and it is worth approximately $150k.

We’d like to keep the house if possible as a rental too, but trying to figure out if we would have to sell it.

Really trying to figure out what our odds of approval our before we apply to keep our credit scores as high as possible.

Don't worry about the hit to your credit from applying - it's marginal at best, and as long as you close on a loan in the near future, any additional inquiries from lenders aren't going to count against you. Your credit scores are high enough that the incredibly small hit from a credit pull is not going to affect your final loan rate one iota.

The best (only) answer to your original question is going to come from a lender themselves - there's too many factors that go into determining loan eligibility to give you a reasonable answer based on a small snapshot.

What state are you looking to purchase in?

Based on your numbers I don't really see a concern, but you won't know till you just do an application. This isn't really the best spot to just tell numbers and ask does it look good. Most are not lenders here.

Yep, just apply for a Preapproval....the credit “hit” is less than 5 points and once you’re over 650ish I believe,  with an fha the rates are all the same.