The wife and I have picked out a house, made an offer, and are turning in our paperwork for the loan tomorrow. Our LO says that with the info we gave him and our credit scores, we can get an FHA loan for close to 300k at 3.25% interest, as long as all our documentation matches up. The house inspection is scheduled for tomorrow, the LO said an appraisal will be later this week. Sounds like we've been approved already but haven't turned in our income, statements, etc yet? This is a new thing for me.
Anyway, he gave us a Loan Estimate last week which shows our closing costs and down payment total at around $28,500. The wife and I have two separate 401k accounts. I'm withdrawing around 11k from mine and she's getting around 20k from hers, both principal residence loans where we have to send in a copy of the purchase agreement before they process and distribute the loan. When do we receive a purchase agreement? Once we've "officially" been approved, I guess? Also, when reading the guidelines for our 401K plans (we both have the same employer and plans), it says in order to prevent any hangups when processing the loan, do not try to borrow more than what is needed to acquire the home. Now together our amounts exceed 28,500, but separately (which is how they'll receive the paperwork) each amount is less than the amount needed. I wouldn't think they would see our apps and lump them together and say "hey, one of you have to take a lesser loan" but I suppose it's possible. Any thoughts?
