First of all, I would like to thank all of you for helping me over the last 3 years as I am finally approved for a loan!! (Shane, Dallas, all the others who have been here since 07!!)
I was pre-approved beginning of Feb and passed AU last week. Still no house!! We are having a bit of a cash investor infestation in L.A.!! Lol
Anyhow...my question...
I got approved through AU and under the conditions it states my judgment needs to be paid off by closing. I have been in a payment plan for 12 months. My LO used my payment towards DTI and says this should be fine. Now that AU has stated they want it paid off, does this mean I have to? It's an FHA loan. I would like to know now so I can plan!!
Happy
Starting Score: 615
Thanks Shane!! (Again) You have really helped me along the way!
Yes, it's ridiculous. I plan on being in a house by Xmas if i'm lucky!
Also, is there any reason to have to rush since my loan has passed through AU? Do these things set time limits? It shows a date of 6-17-10. Does this mean anything? I don't see this going quickly in this market. We are buried in short sales.
@ShanetheMortgageMan wrote:If you are trying to get the tax credit you'll need to move quickly, but if that is of no concern then just go at your own pace. The 6/17/10 date is probably when the credit report expires and a new one will have to be checked, these days credit reports for existing construction are typically only good for 90 days (before it was 120 days). Paycheck stubs & bank statements need to be updated every 30 days as well, but after you provide the initial documents you don't need to provide updated ones until you are going into escrow - an end of March paycheck stub isn't going to be useful if you go into escrow in May.
Great!! We don't care about the tax credit!! Have a great weekend!! You made mine! : )