Clear to Close!....Finally

[Anonymous]

I have been perusing this board for a while now, occasionally asking questions and commenting.  The information here is so helpful and reading other's story during underwriting is a HUGE comfort!  We made an offer on a foreclosure home on January 15, our offer was accepted on January 21st ( we won the bidding process).  The process begin the next day and today, finally, I heard the words CLEAR TO CLOSE!  I did have to jump through some hoops, but if anyone would  have issues, it's me.  Here are the details if you're interested. 

Price:  175,000

5% downpayment

3.75% interest rate (my middle score was 694)

I have a non-purchasing spouse (he has a couple of credit issues, and owns his own business)

Yearly income:  56,750

DTI:  41%

I had one old bad account with zero balance from 2007 and one paid collection ($100) from 2008 on my credit report

The hardest thing during this process has been the waiting!   I, like many others, am very grateful to have the board to read and find answers to lots of questions. 

Thanks again everybody!

[DallasLoanGuy]

congrats. you earned it

[Anonymous]

That's great.  Congratulations!

[monaarts_hotmail]

I also just got my clear to close this week.  It is such an amazing feeling!  I close tomorrow at 3pm and can not wait for the keys to be dropped into my hand.  :-)

[Anonymous]

Congrats!

[HoldingOntoHope]

Wow!! Offer accepted to clear to close in a month on a foreclosure. I bow down to you. My process took almost seven months with 4 of those being offer acceptance.

[Anonymous]

Thank you everyone.   @Holding, it was a foreclosure that had been on the market once before and I guess the contract fell through, so I think they were ready to be finished with it.  Our realtor told us that there were many people bidding on it, so we just went for the price they were asking and we were accepted.  Also, it is in very good shape.  We had looked at other foreclosures that were in very poor shape and would have needed a lot of work to move in.  We will be able to begin move in on Monday after we close.  It is FHA owned and they had put in new carpet, new paint and it is very clean.  We will have to change the locks and move in our new appliances and we're ready to go!  Very blessed to have found this house!!

[Epcot]

That's great, Congrats!

[MovingForward_2012]

Congrats! So happy for you! :-)

[JM-AM]

Congrats good job