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FHA loan in underwriting.... sick over this!

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tooleman694
Valued Contributor

Re: FHA loan in underwriting.... sick over this!

I am actually still homeless, 4 months to go as a condition of underwriting.

 

We are bulding so it works out for us. The first home we built was sold to someone else.

Message 11 of 21
jandj80
Regular Contributor

Re: FHA loan in underwriting.... sick over this!

Wow, so sorry to hear that. Homeless won't work for us. 3 kids and no family within a 500 mile radius. Glad to hear it is working out for you though. Buying a house should not be so terrifying! 


Starting Score: EQ 416 TU 498 EX 468 Lender Fico's July 2012
Current Score: EQ 674 TU 679 Ex 686 EX
Goal Score: For now: 640s


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Message 12 of 21
webhopper
Moderator Emeritus

Re: FHA loan in underwriting.... sick over this!


@jandj80 wrote:

Wow, so sorry to hear that. Homeless won't work for us. 3 kids and no family within a 500 mile radius. Glad to hear it is working out for you though. Buying a house should not be so terrifying! 


good luck to you on your journey!

 

Only thing I can add is that the funds that you have in 401k won't be considered as reserves unless they are 100% vested.  If a portion of the funds are vested, and a portion is not vested, only the vested portion can count as reserves.

 

Also, the lender will not issue the clear to close until you show your bank accounts having the "funds needed to close" amount from your disclosures. 

 

Seems like you are on your way!  Good luck and keep us posted!

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 13 of 21
tooleman694
Valued Contributor

Re: FHA loan in underwriting.... sick over this!

I have 3 kids also, we got a small apartment. My boys share a room and my 1 year is in the bedroom with us.

Message 14 of 21
jandj80
Regular Contributor

Re: FHA loan in underwriting.... sick over this!

Yeah I figured as much on the 401K. About $2200 is vested. However, we likley won't need it. As of now we have the downpayment and closing costs available. The reserves will be another $4500, and I have about $2500 of that already. By the end of December all funds will be available, and we aren't going to closing until Feb 1. I guess if anything falls apart we can maybe 'take back' our 30 day notice, lol? I hope so! Better yet, I hope it all goes smoothly and there are not any issues. 


Starting Score: EQ 416 TU 498 EX 468 Lender Fico's July 2012
Current Score: EQ 674 TU 679 Ex 686 EX
Goal Score: For now: 640s


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Message 15 of 21
smiths38
Regular Contributor

Re: FHA loan in underwriting.... sick over this!

Hello,do you mind if I ask if you used the same lender both times?



Starting Score: 553(EQ) 572 (TU) 586(EX) (EQ Complete Advantage)
Current Score: 572
Goal Score: 640


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Message 16 of 21
jandj80
Regular Contributor

Re: FHA loan in underwriting.... sick over this!

Update today: I got an email, stating they needed my landlords phone number for rent verification, and also a second letter explaining a baddie that I forgot in the first letter. LO says those are the only two things left to do for 'verification' to be done. My question to you all- does this mean we are no were near being done with underwriting? Or is this part of the underwriting? She makes it sound like the underwriter is doing this stuff, but I am not sure. If we get through this 'verification' are we good to close as long as the appraisal comes in? Or do we still have a big chance of this all falling through? I hate this constant gnawing feeling in my stomach. I will have an ulcer by the time we get to closing! 


Starting Score: EQ 416 TU 498 EX 468 Lender Fico's July 2012
Current Score: EQ 674 TU 679 Ex 686 EX
Goal Score: For now: 640s


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Message 17 of 21
jandj80
Regular Contributor

Re: FHA loan in underwriting.... sick over this!

Updating again, just talked to LO. She told me that the loan is good to go so far, and that those two things were the last piece of the first level underwriting, and that the actual underwriter is the one doing the work on the loan. As long as those are good, (we have never been late with rent and she said the letter was perfect) we will not have anything else to do until closing. They will do the soft pull just before closing (I am confident that our scores will be higher due to lower util and aging) to check scores and to make sure we have no new debt. Then it just hangs on the appraisal coming in (sellers already indicated they will sell for what ever the appraisal is) then we will be good to go. So for now, she says not to worry. She also told me she sees nothing wrong with our file, although it is not an easy file, and that I need to relax, haha. Easier said than done! 


Starting Score: EQ 416 TU 498 EX 468 Lender Fico's July 2012
Current Score: EQ 674 TU 679 Ex 686 EX
Goal Score: For now: 640s


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Message 18 of 21
smiths38
Regular Contributor

Re: FHA loan in underwriting.... sick over this!

My son went through these same things during underwriting.They closed last month.Do you mind if I ask who your lender is? You can email the name if you would prefer.Thank you!



Starting Score: 553(EQ) 572 (TU) 586(EX) (EQ Complete Advantage)
Current Score: 572
Goal Score: 640


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Message 19 of 21
Section700
Valued Member

Re: FHA loan in underwriting.... sick over this!

So.... what happened??!!

Chapter 7 Discharged 6/7/11
Sallie Mae 23k @ 4.5% (student loans) reaffirmed
First Premier 700CL opened 07/11 (CLOSED 06/14)
Wells Fargo 15k @ 10.5% opened 10/11 (auto loan)
Barclays Rewards MC 1500CL opened 12/12
Capital One Spark 2500CL opened 02/14
Discover IT 1000CL opened 03/14
As of 11/20/14 myFICO: EQ 675, TU 657, EX 684
Message 20 of 21
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