Mortgage Loans

[Catacam]

So we finally got our conditions and they are easy peasy!!!

Copy of SS cards

Bank Statements showing funds for closing

Rental Verification

Budget

Hombuyers Class

Inquiries for last 90 days

2009 tax information

and a LOE for my husband having a dip in pay for 2010 (we are only talking a $1000 dip)

So happy we finally have them!!! 

This is really going to happen!!

Whoo hoo!

[my25reasons]

CONGRATS CATA!!!!!!! I'll keep my fingers crossed for you for smooth sailing moving forward! I go to my closing at 11am on the 25th. I'm hoping for no surprises!

[UpmyscoreinFL]

What mortgage company are you using

[Catacam]

Thank you!!!!! I'm so excited!!! 

All conditions have been met as of this point right now!!

Upmyscore, I am going through First Mortgage Corporation. They actually go down to a score of 500, but if you can't pass through desktop underwriting with an Approve status, underwriting through them can be difficult.

We were going to go through First Guarantee Mortgage but the lender said that there conditions are much more extensive and they require lots of documentation and letters of explanation. First Mortgage took a long time for UW, 18 days, but as you can see, conditions are a breeze.

[JusdoNit]

Nice.  All sounds real nice.  Are you using the 1/2 percent down program through them?  If so, how much did you have to bring to closing?

[Catacam]

No, unfortunately we don't qualify for any down payment assistance, however, we only need that 3.5% required by FHA!!

[FrugalRican]

Nice Cata!!! My candle is still burning

[Catacam]

Thank you so much Frugal!!!  I feel like I can finally breathe for the first time since February!!!  This has been a long and stressful process but of course will be worth it in about 22 days!!

I am super thankful for all of the support I have gotten on this board and for the amount of information I have learned in order to get my reports cleaned up and NEVER make those stupid (head in the sand) mistakes again!!!

[mocha82]

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Catacam wrote:

Thank you!!!!! I'm so excited!!! 

All conditions have been met as of this point right now!!

Upmyscore, I am going through First Mortgage Corporation. They actually go down to a score of 500, but if you can't pass through desktop underwriting with an Approve status, underwriting through them can be difficult.

We were going to go through First Guarantee Mortgage but the lender said that there conditions are much more extensive and they require lots of documentation and letters of explanation. First Mortgage took a long time for UW, 18 days, but as you can see, conditions are a breeze.

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I knew you were using FGMC when the budget worksheet was one of your conditions.  lol  I used them as well.  They will call and verify a lot of your documentation via phone (just before closing) such as employment, and alternate credit accts. to make sure they are still in good standing.   Congrats to you!  FGMC is a breath of fresh air these days when many  lenders are so strict.  Wells Fargo and BOA claim to work similar to FGMC, but I haven't ran across anyone yet who has closed a loan with the lower scores that they claim they accept.

[Catacam]

Good to see you Mocha!!

We actually aren't going through FGMC but First Mortgage Corp. I originally thought they were one in the same, but they are different. FMC is out of California.

From what I understand, they have the processors verify everything and the office got the call yesterday for employment verification!!  They even allow the broker to verify funds at the end, so their UW don't need to see it again.  I think we got lucky because we passed Total UW with flying colors and no conditions at all. I think that really helped our situation a lot.

Now we just need to get the builder to hurry up. We are going to order the appraisal now, but we are hoping they will go out to appraise around the 30th as that is when they are supposed to be done with preliminary construction. LO said at the minimum, we want carpets and appliances in. She said if they don't, we will have to pay to have a reinspect, so we are hoping to get it all done quickly!!!  We are scheduled to close May 10th, only 22 days!!! Whoo Hoo!!