I am going through a broker because lenders are hard to find for manufactured homes. I am applying for loan without spouse, as we are rebuilding credit after
previous job layoff (have been since back to work same job for 3 years.).Spouse.s credit still very low.
My FICO-640-668.
DTI- right around 43
I have 4 1/2 year old charge off on credit-(repo car during layoff period)
I have 11 low credit limit credit cards from 200 to 800 limits. 1 card over year the rest under. Never late on any payments
Provided 12 months rent cancelled checks (property loan applied for should be between 650 to 700 with all ins, PMI etc included) I pay 670/mnth rent now.
I figured DTI using high 750/month mortgage pmt ( of course only using my income)not a community state so not including spouse debt
Issues- Provided all info-2yrsW2,s 2Bank statements, SS card copy, purchase ageement,2 yearstax returns, copies cancelled rent checks
Provided all this over a week ago, have not received loan estimate or denial. Am I unclear on TRID 3 day rule? Broker says should hear something any day
Issue- Manufactured home 1995 on acre of land- will need engineer certification. Are the odds good itwould pass foundation requirements that went in effect 1996?
Issue-Closing costs- Mother in law will gift 4000. Closing (based on previous loan estimate from QL, would be around 3000, but could not do loan on manufactured home through them) I have in bank enough for 2 months escrow, 500 earnest money, and appraisal money.
Question on gifting- Spouse has 9000 in own bank account from recent 401k loan (only in account about a month) could spouse gift? would be much easier,
All in all, I am so stressed, and want to know if setting myself up for disapointment? Is the over a week without hering anything normal??
Please I need info, I am making myself sick reading everything I can. Suppose to close be end of Nov per agreement.
