Reply
Established Member
unixman
Posts: 34
Registered: ‎03-14-2013
0

Clear to Close - Is the house mine?

Hi all,

 

I've received a clear to close on a FHA loan and am now waiting for a closing date...

 

I've waited until now to tell my current landlord, friends, etc that I'm getting a house and am wondering if its essentially "in the bag" now? Assuming I've got the money needed for closing and dont apply for additional credit, is now a safe time to "assume" I'm going to close and tell my landlord I'm moving out?

 

I'd also like to buy some things for the house so that I'll have them when I get the keys... I don't mean with credit, but with cash from my bank account -- separate from closing funds. Is it safe?

 

What are the odds that my loan would fall through this late in the game? Thanks!


Starting Score: 756
Current Score: 756
Goal Score: 800


Take the myFICO Fitness Challenge
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: Clear to Close - Is the house mine?

Yes! The house is yours... 

 

You still have to wait til after closing to buy any furniture etc though, so don't go out and apply for credit or loans.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Valued Member
NotTellinYou
Posts: 43
Registered: ‎03-19-2011
0

Re: Clear to Close - Is the house mine?

Short of a natural disaster, nuclear war, or alien invasion, the house is yours.

 

That said...I would hold off buying anything until after closing.  You don't know what might come up and while hey give you an estimate on closing costs, and while rare, it is an estimate.  Your title company will give you your actual costs a few days or so before closing.

 

My advice...keep your money and then celebrate your closing with a shopping spree!

 

Congratulations!

Starting Score TU: 520
Current Score TU: 725. EX: 736. EQ: 719

Chase Freedom $12k, WellsFargo $4k, Barclay $5k, BCU $15k, Discover $5k, USAA $7k, Lowes $4k, Home Depot $4k, Citi $13k
Regular Contributor
playboy
Posts: 208
Registered: ‎04-15-2009
0

Re: Clear to Close - Is the house mine?

I like to add that you're good just hold off on any new purchases until you settle.  However, if the zombie apocalypse happens then you're SOL>


Starting Score: EX 575/TU 534/EQ 570
Current Scores per Myfico: (As of 12-14-13) EX 690/EQ 685/TU 679
Goal Score: 720


Take the myFICO Fitness Challenge

New Contributor
fdiggy
Posts: 97
Registered: ‎10-28-2012
0

Re: Clear to Close - Is the house mine?

Actully its yours to make payments on. But the Bank owns it.

 


Starting Score: 701
Current Score: EX-FICO701 EQ-FICO644 TU-FICO724 all lender pulls April 2nd 2013
Goal Score: 800


Take the myFICO Fitness Challenge
Established Contributor
Uppingmyscore
Posts: 511
Registered: ‎12-28-2012
0

Re: Clear to Close - Is the house mine?

Yes, you should be fine. When do you close? I was told by my LO I could buy anything I wanted as long as use cash and didn't establish new credit. Check with your LO about purchases with cash and happy shopping.
My Wallet: Amex Express BCE $21,000, Amex Express Blue Sky $2,000, Discover $10,000, Chase Freedom $4,000, Capital One $3,250, Barclay $6,300 (AU), Jared $10,000, Pottery Barn $8,000, Sam's $8,500, Ashley's Furniture $6,000, Lowe's $4,000 (AU), Express Next $2,160, and Macy's Store Card (Joint Account) $1,300.

Last Application March 25, 2014. Score ranges 700+
Community Leader
Senior Contributor
StartingOver10
Posts: 3,900
Registered: ‎03-06-2010
0

Re: Clear to Close - Is the house mine?


playboy wrote:

I like to add that you're good just hold off on any new purchases until you settle.  However, if the zombie apocalypse happens then you're SOL>


lol :smileyhappy:


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+