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After seeing my FAKO wasn't too bad, I started at the beginning of January and found myself a loan broker and a Realtor. I quickly learned that my file wasn't returning a score at all, but I was able to acquire one credit card from Capital One. I didn't have a score because I didn't have any current credit in the past six months, but a few weeks later my statement was posted and a score started registering. Adding a new type of credit line also boosted my score greatly, and a week later it jumped another 10 points. I'm sitting at an eq of 698. I cashed in an IRA so I had funds to make it all happen.
I had one new credit card, a well paid car loan, a 6 year old paid charge off car loan, an 8 year old checking and savings account, and some credits cards with a well paid off history that someone once added me to.
My Realtor flaked out on me twice, but within weeks of getting a new one, I placed some offers on a few houses. On April 24th I accepted a counter offer and they agreed to pay 3% of my closing costs. The home inspection went great as it was only a 10 year old house, and they agreed to make all my requested repairs.
After that, the lenders sat on my file way too long and caused me so much stress. They didn't order an appraisal until a week before closing because my apartments wouldn't release a rental history. Apparently I didn't need it. With less than two weeks to close they finally gave me a conditional approval and ordered an appraisal. Three days later the house appraised at 1k over my offer, with no needed repairs. My final approval came at 5 the day before closing, and we were able to get everything closed and funded on time on May 24th. My closing costs were much less than expected, and I have lots of money left over to furnish my new house.
I'm leasing the house back to the sellers for two weeks, but then I will be able to move in. I couldn't have done it without all the advice and shared experiences I found on this site! Talk about stress! I never would have dreamed in a million years I could get a home.
Purchase Price: $112000
Property: Built 2003 1600 sq ft
Submitted Offer on: 04/24/13
Type of Loan: 30 Yr Fixed FHA
Loan Rate: 3.25%
Loan Application submitted: 05/06/2013
Loan Approved w/Conditions: 05/14/2013
Appraisal Ordered: 05/14/2013
Appraisal Completed: 05/16/2013
Final Approval: 05/23/2013
Closing Date: 05/24/2013
Closed On: 05/24/2013
Congratulations. Sounds like a long but rewarding road. I hope you enjoy your new home when you finally get to move into it in 2 weeks. What an exciting time for you. I hope all your home buying stress is long gone.
Congratulations!
Congratulations! Sounds like you got a very nice home for a very good price Post pictures if you can...