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Established Contributor
Posts: 754
Registered: ‎04-26-2012
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Finally closed!

It took 7 weeks to close but I finally did it. My broker was so bad he waived all his fees, only had to come up with the 3.5% down and got a 4.625% with a score of 666.
CS 728- 01/13 from 554-12/11
Goal: 800
Regular Contributor
Posts: 205
Registered: ‎08-22-2013
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Re: Finally closed!

congrats!

New Contributor
Posts: 74
Registered: ‎01-07-2013
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Re: Finally closed!

Congrats! Did you go through USDA?


Starting Score: 400s
Current Score: Equifax: 676, TransUnion: 710, Experian: 721
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Regular Contributor
Posts: 116
Registered: ‎01-28-2013
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Re: Finally closed!

That is awesome! Congrats and enjoy being a homeowner.



Established Contributor
Posts: 754
Registered: ‎04-26-2012
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Re: Finally closed!

Thank you for taking the time to congratulate me, very sweet. I did not do a USDA or a home in 5, my debt to income ratio was 49% so I did a FHA loan. I am very nervous I am in over my head here being that I am on a fixed income, I may opt for a roommate for a while until I can pad my savings account a bit.
I financed 132k in surprise AZ, my payment is $921 a month WITH taxes and insurance, only need to pay for utilities bit with a take home of $1950 this could be tuff. This may have been why it took so long to process the loan.
CS 728- 01/13 from 554-12/11
Goal: 800
Community Leader
Super Contributor
Posts: 5,075
Registered: ‎03-06-2010
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Re: Finally closed!

Congrats! That is a terrific payment.

 

Having a roommate is a great idea to beef up savings :smileyhappy:

New Contributor
Posts: 74
Registered: ‎01-07-2013
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Re: Finally closed!

That is an awesome payment! I think some of your good luck rubbed off on my because I was just cleared to close about an hour ago! 


Starting Score: 400s
Current Score: Equifax: 676, TransUnion: 710, Experian: 721
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Regular Contributor
Posts: 134
Registered: ‎06-18-2013
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Re: Finally closed!


Lasardo wrote:
Thank you for taking the time to congratulate me, very sweet. I did not do a USDA or a home in 5, my debt to income ratio was 49% so I did a FHA loan. I am very nervous I am in over my head here being that I am on a fixed income, I may opt for a roommate for a while until I can pad my savings account a bit.
I financed 132k in surprise AZ, my payment is $921 a month WITH taxes and insurance, only need to pay for utilities bit with a take home of $1950 this could be tuff. This may have been why it took so long to process the loan.

First, congrats on your new home!  :smileyhappy:

Just curious, but I thought DTI couldn't go over 45%...has this changed?


Starting Scores 11/12/2012 EX - 590, EQ - 584, TU - 601
FICO Scores as of 02/06/2014 EX - 687, EQ - 659, TU - 697
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Super Contributor
Posts: 5,075
Registered: ‎03-06-2010
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Re: Finally closed!

No, FHA allows higher back end with compensating factors. I spoke to one of my lenders today and he emphasized that he can do up to 50% back end on FHA with compensating factors.

Established Contributor
Posts: 754
Registered: ‎04-26-2012
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Re: Finally closed!

I had to hustle to close before the first if the year because the DTI changes, much harder to qualify after 2014.
CS 728- 01/13 from 554-12/11
Goal: 800
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