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Finally closed!

Established Contributor

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
Message 1 of 11
10 REPLIES
Regular Contributor

Re: Finally closed!

congrats!

Message 2 of 11
Contributor

Re: Finally closed!

Congrats! Did you go through USDA?


Starting Score: 400s
Current Score: Equifax: 676, TransUnion: 710, Experian: 721
Goal Score: 750 or higher


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Message 3 of 11
Regular Contributor

Re: Finally closed!

That is awesome! Congrats and enjoy being a homeowner.



Message 4 of 11
Established Contributor

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
Message 5 of 11
Moderator

Re: Finally closed!

Congrats! That is a terrific payment.

 

Having a roommate is a great idea to beef up savings Smiley Happy

Message 6 of 11
Contributor

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
Goal Score: 750 or higher


Take the myFICO Fitness Challenge
Message 7 of 11
Regular Contributor

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!  Smiley Happy

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
BK 7 Discharged Oct 2010, In my wallet: NFCU VisaSiggy $26K; NFCU GoRewards $10K; NFCU Navcheck $15K; Star Furniture $5K, Conns Credit $7K, GE (Ashley Furniture) $1K, GE (Rooms to Go) $3K, Barclay Arrival MC $3K; PWFCU Visa $2.5K; Cap1 Quicksilver1 $2K; Chase Freedome $500; Cap1 Secured $500
Message 8 of 11
Moderator

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.

Message 9 of 11
Highlighted
Established Contributor

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
Message 10 of 11