FHA preapproval completed on Friday - Submitting an offer today!

[cship10]

I am excited that I am finally starting my home buying journey. It has been a long road to get here and on Friday I finally decided it was time to start the process. The preapproval was rather easy. The morgtage broker came recommended from a coworker who has done a lot of business with our company and promised they would take care of me! 

I filled out the pre-approval information Friday morning around 10AM and by 11AM I was told I was good to go as long as my employment and income verification came back as I described it would. HR was rather backed up but by 3 I finally had the information and it was submitted. About 20 minutes later I received my Preapproval letter and was also informed I qualified for a 3.6-3.7% rate. That blew my mind. I have worked very hard at rebuilding and paying my cards in full every month and it looks like it has paid off since my BK a little over two years ago. 

Fast forward to Saturday, I started looking at the homes that I had saved and found one that I fell in love with. Went back to take a look at it again on Sunday with a friend just to make sure I wasn't over looking anything. 

I spoke with my realtor and mortgage broker. I am happy with the rough payment estimates and my realtor is putting together comps this morning so we can put together the offer amount! 

I will try to keep this thread updated as much as possible as the journey progresses. 

[Anonymous]

Congrats.  We are starting our journey as well.  I hope we get the good rates too like you did.

[cship10]

Thank you! So my offer was accepted yesterday. I already have my packet of information together for the LO. 

Its been interesting as I am base salary plus commission. My Commission matches my base pay almost 50/50 but my income has more than doubled over the past 2 years. It was rather unnerving waiting to hear what I qualified for with this taken into considerion since they average the commission over 2 years. In the end I was approved for the FHA max for my area and found a home about 25k cheaper than I was originally looking at! 

Let me know if I am missing anything from the list that the LO or Underwriter may possibly ask for as I want to make sure I have it ready. I will be out of the country for a week during this process, horrible timing in know!

I have 2 months bank statements 

Savings/Money Market Statements

401k Statement

2015 & 2016 W2 & federal return

Mortgage payment history since my BK since they stopped reporting it when i filed my BK

Bankruptcy discharge paper work

Drivers license & social security

Am I missing anything? 

[Anonymous]

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@cship10 wrote:

Thank you! So my offer was accepted yesterday. I already have my packet of information together for the LO. 

Its been interesting as I am base salary plus commission. My Commission matches my base pay almost 50/50 but my income has more than doubled over the past 2 years. It was rather unnerving waiting to hear what I qualified for with this taken into considerion since they average the commission over 2 years. In the end I was approved for the FHA max for my area and found a home about 25k cheaper than I was originally looking at! 

Let me know if I am missing anything from the list that the LO or Underwriter may possibly ask for as I want to make sure I have it ready. I will be out of the country for a week during this process, horrible timing in know!

I have 2 months bank statements 

Savings/Money Market Statements

401k Statement

2015 & 2016 W2 & federal return

Mortgage payment history since my BK since they stopped reporting it when i filed my BK

Bankruptcy discharge paper work

Drivers license & social security

Am I missing anything? 

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Go ahead and write an explanation as to why you filed BR in the first place and include it with your packet.  Mine asked for it.  Did you do 13 or 7?  If you did 13, print out from the NDC.org site your payment history; mine also wanted to see that.

[cship10]

I have not writen an explination for the BK yet. But its rather simple. My EX lost his job, and he was the bread winner. I paid everything I could until it got too far behind on things but kept the mortgage payment current and cars. After being threatened with lawsuits I filed but fought with everything I had to keep that from happening. 

I sent the packet over so I will go ahead and type something up and keep it saved in my email for when its requested. My LO said they only required explinations if the BK was 2 years ago or less.

[cship10]

I have not writen an explination for the BK yet. But its rather simple. My EX lost his job, and he was the bread winner. I paid everything I could until it got too far behind on things but kept the mortgage payment current and cars. After being threatened with lawsuits I filed but fought with everything I had to keep that from happening. 

I sent the packet over so I will go ahead and type something up and keep it saved in my email for when its requested. My LO said they only required explinations if the BK was 2 years ago or less.

[cship10]

My inspection is today! With it being a new build I am hoping for an easy inspection process, but I also understand how builders can cut corners occasionally. 

The loan processor reached out to me yesterday. Requested a few more pieces of documentation - Quote for home owners insurance, termite wavior as the builder is installing something for that before closing, and requested my bank statements again. 

Things are moving along!