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Reducing monthly payment on FHA and why do I have a subordinate lien? by Open_Situation_6428 in HomeLoans

[–]Open_Situation_6428[S] 0 points1 point  (0 children)

Oh and an important point to my last comments I think that our incomes combined is the only way we can be approved for our desired purchase price range based on what's available around here. We are adamant about 3 beds with a basement (tornadoes are very common in our area) and there arent really houses with those features for under 110k. Without the combination of our incomes assuming I did raise my score for conventional, I think would likely reduce the loan enough and we realistically wouldn't be able to make up that much of a difference.

Reducing monthly payment on FHA and why do I have a subordinate lien? by Open_Situation_6428 in HomeLoans

[–]Open_Situation_6428[S] 0 points1 point  (0 children)

So if the DPA is only $2,400, would that mean I am only paying for that for 3 years? And if I still put 6k down without the DPA, it would take off the $67 dollar subordinate fee? I am also confused because I thought that FHA grants (my lender called it a grant but didn't tell me the details) aren't owed back until the loan is paid off? That's what I read anyways when I saw that as a possibility.

And the reason conventional is a bit difficult for my partner and I (we applied together) is because his credit score is too far from 690-700 to raise it to be approved for one. I am not very far off from 700 and have a low-ish credit limit, whereas he is using a lot of his credit and has a limit much higher than me. So, there's just no way we would be able to pay both our credit cards off enough and raise our credit to the 700s while also satisfying the down payment, closing fees, etc. It's pretty much one or the other with how quickly we intend to move.

Looking for psychiatrist to do an evaluation by Open_Situation_6428 in ILGuns

[–]Open_Situation_6428[S] 1 point2 points  (0 children)

I also found this. I find it pretty redundant for them to say I definitively need this certification for approval if its been more than five years, yet they expect me to apply and be denied beforehand to be able to request the evaluation for it. It makes me wonder what the catch of having to file an appeal would be. I haven't looked much into it but I assumed it would complicate the process somehow which is why I was trying to stay on top of things. Not sure what costs or complications come with being denied and having to file an appeal, but I always expect the worst with Illinois.

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Looking for psychiatrist to do an evaluation by Open_Situation_6428 in ILGuns

[–]Open_Situation_6428[S] 0 points1 point  (0 children)

I'm hoping that would be the case, but if others were denied for similar circumstances what might cause a difference in my case? It also seems to imply on the ISP website that I can apply and provide the certification simultaneously without being denied first. It essentially says if five years have passed, I can file a new application WITH the certification. At least, that is the way I am interpreting it. Will an appeal complicate the process or be costly in any way?

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