I am in the process of buying my first house and it has not been pleasant at all. Here is what my journey had been so far. A) Appraisal came back with repairs that we knew about but the bank said we have to get a repair escrow in order for the loan close. We say ok lets do it. Informed by numerous contractors that the job is too small we could really do it ourselves, so we submit an inovice for work we are doing and then an invoice/contract for the carpet. It gets denied by the underwriters who now say a licensed contractor has to do the work. After getting my agent involved we finally get a contractor to do the work.Crisis solved. B) Lender said that we have to put up the money for the repair escrow $4250 if we use downpayment assistance. C) Downpayment assistance said we were approved then at the last minute we were denied because there are repairs that are needed. Even we got the Deputy Director of the county involved and HUD who said I was approved, but because they cannot figure out how to write the paperwork up we ere denied based on the house not my application. So I have to bring the downpayment money and remaining closing costs to the table. D) Closing day finally arrives after 3 extensions and I have wired my money to the attorney early in the week,so I get a call from my agent the morning of closing saying that the house was broken into and the cabinets from the kitchen was stolen along with the granite and cabinets from the bathrooms. After all of tears from everything that has happened above I am very optimistic that we will close once all the repairs from the burglary are repaired. My fico family please keep us in your prayers that everything will work out and we closevtjis Friday.
Starting Score: TU-585,EQ-569,EX-542 (lender pull 1/24/12) Current Score: UNKNOWN Goal Score: 700 CLUB