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Question By
Chriso101

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Will I be approved ?
So I'm a first time homebuyer with a mortgage application that just got submitted to underwriting. It's a $85,000 condo in which I will be getting gift funds in the amount of around $30,000 to go towards the purchase. I have $6500 of my own money in savings, my credit score came up 653, I make $33,000 a year, and I have on time payments for all of my revolving credit accounts. From that broad info I mentioned does anyone have any insight on my approval odds? Thanks

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Yeah, I don't see any reason why you wouldn't.  Assuming you go FHA, I don't think they allow the gift to be a part of your down payment but since you have 3% of the purchase in available funds, you can use that.  You should be good to go.

Reply by
Chriso101

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It's a CHIP loan. You can typically finance 97% of the loan and they allow gift funds to cover down payment and closing costs 

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