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

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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?

I am 20 yrs old I bought a duplex 4 months ago for 147,600 its appraised at 148,000 so I got it at top dollar. I got financing on 80/20 80%@7.5 adjustable rate (will go up in 2 years guaranteed) and 20%@10.75 fixed rate. I will be paying interest for the first 2 months. I am losing $ 200 on this monthly w/ tenants living there. It’s suppose to be my primary residence. Refi penalty for the 80 loan is $ 3600 and no penalty for 20%. So my question is I got a loan on stated income, I figured I am losing $ 200/month*24=4800 in 2 years interest only from my own pocket. If I refi now $ 3600 penalty and maybe $ 3000 closing cost (estimation) so that’s $ 6600 loss which I can live with 6600-4800=1800 difference I can live with that. But if I refi 30 yr fixed rate I have very low income i am a college student can I get possibly better rates to lower my down payment, I want to refi 0% down fixed 30yr rate is that possible? I want some advice plz I don’t want to go bankrupt in 2 yrs when rates go up!
I’v been reading lately on the internet about
the dangrous 0% down ARM loans mortgage companies
give out so easily, I thought I was just a lucky one
pft, no way, I got caught into it. But I want to keep
the property I don’t want to sell. Are my numbers correct
or am I just a bad dreamin investor wannabe? My credit
score when I got the loan was 700, I’v been paying
everything on time so it should have gotten up there
I hope I can get the fixed loan. I deeply appreciate
your advice. Thank You in advance

6 Comments
  1. Reply
    michiganted
    January 28, 2011 at 9:40 pm

    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…

  2. Reply
    Blue October
    January 28, 2011 at 9:47 pm

    NO BODY IS GETTING STATED INCOME LOANS RIGHT NOW…READ THE PAPERS, LISTEN TO THE MEDIA….BECOME INFORMED.

    NICE TRY

  3. Reply
    Bubbles
    January 28, 2011 at 10:33 pm

    With those credit scores, it will be hard to find 100% financing with stated income guidelines. Your middle credit score of 634 determines the loan you may qualify for. I’m a mortgage lender with a well known bank, I don’t know anyone out there that does100% stated income loan with your credit score? I can do stated income 95% LTV with 680 credit score and 100% LTV with 700 credit score, that’s pretty much standard across the board.

  4. Reply
    yourmtgbanker
    January 28, 2011 at 10:36 pm

    The My Community Mortgage program will go up to 100% considering your credit score and DTI you have a very good chance of getting this. This program is not stated income. The My Community product is a good loan. I agree with other posts that finding a 100% stated loan will be very hard the subprime world may do it but the rate would be outrageous. There are other options if MyCommunity does not work out. Your lender could run the application on FHA which would only require a 3% down payment. Both FHA and My Community allows the seller to pay up to 6% of closing costs/prepaids. Good Luck!

  5. Reply
    larry n
    January 28, 2011 at 10:58 pm

    Ouch – you need K-Y with that loan.

    Goto a reputable (referral from friend or relative if can) mortgage broker.

    How long will you stay there, if a long time than fees divided by months is low and worthwhile to pay fees. OTOH if you were planning to leave in a month you’d not care about the nasty high interest rate.

    Me – I’d look at a 30-year fixed (assuming staying for 5+ years) and still do the 80/20 thing so you can dump the second loan when possible.

  6. Reply
    jamesPurple
    January 28, 2011 at 11:28 pm

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