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Cleared to CLOSE!

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Anonymous
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Cleared to CLOSE!

We received word yesterday we are cleared to close!!!!! I think I'm still in a state of shock- I don't think it will hit me until I have keys in hand. We have wrote tons of explanation letters, paid off collection items and even moved in with my parents (2 hr drive from work each way) all for us to prepare to purchase this one. Our scores this time last year were in the 400's! Wow! I'm so excited and wanted to share the great news with everyone who helped me on this forum! Thank You!!
Message 1 of 14
13 REPLIES 13
Mike_B03
Valued Contributor

Re: Cleared to CLOSE!

Congrats! I know it's been quite the journey for you!

Message 2 of 14
Anonymous
Not applicable

Re: Cleared to CLOSE!

Omg! It has been tough, extremely tough. Not giving up is the key!
Message 3 of 14
Mike_B03
Valued Contributor

Re: Cleared to CLOSE!

Can you give us a summary of your journey? Smiley Happy

Message 4 of 14
Anonymous
Not applicable

Re: Cleared to CLOSE!

Sure! We started last year with a different builder. Our scores in the 400's. We worked on our credit but by the time the house was ready the scores still weren't high enough for financing. The builder had to sale the house to someone else.
We decided we needed to give it another shot... Since we were about pts away. We started working with another builder in this summer. We put down $2k to start another build. They gave us their preferred lender and their credit repair company. After working with the credit repair company for 2 months my scores were in the mid 600's- but my hisband's weren't there yet. The 3rd month my score dropped 91 pts! Items she disputed reaged and killed my score! We were back at square one. We moved in with my parents in June so we could pay off collection items from our reports and increase our scrores ourselves. We paid the secured cards we had down to $20 balances. We fought tooth and nail to make sure nothing new hit the credit. After working with their preferred lender our scrores were only at 580' ish and they told us they couldn't help us any longer.
I knew Wells Fargo would do a VA loan at a 600 score. We started working with them. The week of Thanksgiving we still were without a preapproval so the builder had to take us off contract. We were really clueless of the entire process. The house was completed a week after Thanksgiving and we were no longer il under contract.
I was determined not to lose this home. Our scrores were finally in the mid 600's so we felt we had a chance with WF. They asked for Several letters explaining collection items on the credit. We continued to pay off items for deletion throughout this process. They finally got us pre approved and back on contract for the house. We supplied bank stmts, and anything else they needed. We finally got the ok to close yesterday, after this entire process has taken almost 2 months to finalize. Our close date is the 10th and we couldn't be happier. All the sacrifice we put into this process was so worth it. Days we got discouraged and wanted to give up but we didn't! Being patient and persistent is the key!
Message 5 of 14
Mike_B03
Valued Contributor

Re: Cleared to CLOSE!

Wow what a ride! I can't even imagine the stress! Props to you for not giving up, it must make the home ownership that much more rewarding now. Smiley Happy

 

I'm very surprised by how many stories I hear of builders building new homes without the buyer going through underwriting first. I don't think i could do that, it would totally kill my excitment of seeing the house go up if in the back of my mind I wouldn't even know if I'm approved or not.

Message 6 of 14
Anonymous
Not applicable

Re: Cleared to CLOSE!

Exactly! To be honest we were unaware of the entire process. If I had to do over- I would've waited until our scores were up before seeing any homes.... It would have saved us a ton of stress!
Message 7 of 14
webhopper
Moderator Emeritus

Re: Cleared to CLOSE!

Congrats on finally closing!!! Way to go!
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 8 of 14
Anonymous
Not applicable

Re: Cleared to CLOSE!

Wow. Happy New Year! Enjoy your victory.
Message 9 of 14
Cadillac-XTS
Established Contributor

Re: Cleared to CLOSE!

+1

Message 10 of 14
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