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Chriso101

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Mortgage approval ??
So I just signed a contract to purchase a $85,000 condo. I had already been pre-qualified by the bank. I make around $33,000 a year and my FICO score came back at 654.Aso I will be being gifted $40,000 towards the purchase and I have about $7000 of my own reserve money. Any thoughts on my ability to obtain a mortgage approval?

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you can only be gifted 14,000 from a person in a single year.  the reset would be income so you  should check into that.

Hope you know what the HOA fees are,  ( if you fall behind on the HOA fee the condo association could forclose on you in some states so know what you are getting yourself into )
have you checked into the Condo condo association reserve and make sure they are good, 

You have a copy of the condo association bylaws and have read them all closely?

Do you have the Rule and Regulatsions from the condo association?

Have you talked to other owners that live in the Condo complex?

Make sure you get copies of the last 5 to 10 budgets from the condo association. 

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