got the call today at noon and will close monday at 2 and our LO says we should have the keys in hand by 245....it wasnt easy but we did it.....
a little background....
We decided to buy our first home at the begining of march, we were tired of renting and my credit had improved. I had to be the only one on the loan since my wifes credit stinks, but since our cars and everything else is paid off and the face that I have a good job my DTI was super low....I thought I could go with quicken loans so I applied and was pre-aproved but with a ton of conditions and with an intrest rate in the mid 4s. kind of weary.
We hired a realtor and she recommended a local LO with a regional bank. So we agreed and fired quicken. We met with the LO and he pre-approved us for an FHA @3.75%. We looked at a ton of homes until we found the perfect one (we saw this house three different times). We submitted our offer and was countered at 2k under asking price with seller paying 4k in closing and prepaids so we took it. We were using gift money from my wifes parents to help us out and this is where it got fun (rolls eyes). We started collecting all neccessary forms and printouts etc.. we had the home inspection and it went well except for some minor things that the seller fixed ASAP.
Once our file was submitted to underwriting the scrunity began. Every deposit had to be explained, all funds had to be verified, I put $1000 cash in the bank as my dave ramseys emergency fund since my wife lost her job right after the seller accecpted our offer( go figure) and it wasnt counted towards my funds in the bank since it wasnt verifed or seasoned. we had to explain deposits on my 3 months of statements, my wife had to sign a gift letter for her unemployment that was deposited (i know right) but once it got down to crunch time i got the best call ever, "you loan has been fully approved and you are cleared to close" thank you Jesus.....
Monday @ 2pm I will be a homeowner for the first time and this would not be possible without the help of this fourm and my wifes parents.
if anyone thinks that homeownership is out of reach the are wrong if i can do it anyone can
thanks again myfico members
Starting Score: TU 589 EQ 526 EX603