timl1987 wrote:
I am first time home buyer.. my fiance and I found a house that we were interested in. We scheduled an appointment to look at it and the Real Estate agent told us that we needed to get prequalify with the mortgage company that they work closely with before we viewed the home. We weren't even really sure that we were actually ready for this step but we figured, Hey why not. If we don't get approved at least we'll get a better understanding of the steps we will need to take over the next couple of years to get better prepared. Anyhow, we called the mortgage company and she took all of our information over the phone and since we are not married yet and her credit isn't very good.. they advised to apply for the loan with just me on it. Well.. I'm just a little bit confused because the lady that took all of my info called the next day and left a message that she was sending my info to her manual underwriter and she would call me within the next few days to let me know what they would be able to do. They haven't asked for any of my documents yet. I'm just wondering what phase is coming next? Here's a little bit of info about me, just wondering if someone could tell me what the chances are that we might get preapproved?
*21 years old
*Been at same job for 1 year and 11 months. Will be 2 years in early September.(will they still count this as two years?)
*I make about $37000 per year
*I only have about a year of credit history (I had trouble getting credit for the first time. Every place I applied at turned me down because I had no credit at all. Now I have four credit cards.. oldest one is about a year, newest one is just a couple of months. All are current and paid on time, although they are fairly close to their limits.
*Have two years of on time rental history.
*My Credit scores are 573, 580, and 600
*The house we are looking at is $59,900... a small older home that has been totally remodeled.
*We don't have much of anything to put for a down payment but the mortgage company mentioned that more than likely we'd be able to roll all of that into the loan. I'm assuming that we're applying for an FHA loan but they haven't told us anything.
*My Debt to income ratio is well below 30 percent.. I have a car payment and 4 revolving credit cards, total monthly payments are $508.. My gross monthly income is about $3200
We are just overwhelmed and stressed out. I've learned alot over the past couple of days researching because just last week I knew absolutely nothing about buying a home or mortgages.. but it's still all very confusing to me. Just wondering what we should expect.
I am curious you said you did not have to pay a dime. Did you use DPA? I am in the process of buying the bank accepted my offer I now have to wait until the final inspection to see if the home will be mine. I have my Mortgage Broker working on a DPA for me. The bank will pay my closing cost and escrow $1600 for half of the property taxes since the taxes were non homestead and based on what the bank bought the home back for at the sheriffs sale. I am hoping the rest of the deal will cost me minimal out of pocket. These fees add up quickly. Any advice on how you managed to pay so little would be appreciated!
Enjoy the new home!!!OLD
