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Here is our scenario. We want to buy a new construction home, that will not be finished for at least 7-9 months. In 5 months from now, it will be a year since my last (30 day late) baddie. Can we get pre-approved now, considering that we wouldn't close until after the baddie falls off? We don't want to wait until December to app, because then the house wouldn't be done until the end of next summer. If we get pre-approved now, they will be done next spring. Anyone have experience with this at all?
Thanks in advance!
What type of loan?
Do you have 20% to put down?
The score in your siggy, up-to-date?
It would be for an FHA loan. We have approximately 5% to put down
Yes, my score is current from this site as of 6/25. Only going up as baddies fall off I hope..
our DTI is 22%, been at our perspective jobs for 10 years each, and make a decent combined income.
My scores from other sites:
CreditSesame: 728
CreditKArma: 671
Costco:
EX-643
TU-661
EQ-661
If it were me I would talk to the builders lender to get approval and see what they say. You don't have to use them when it comes time to get full approval but they may overlook the 30 day late when issuing a pre approval letter.
Anyone else have some insight into this? Any get pre-approved before any lates fell off within the past year? Lots are going fast, so we want to act fast!!
@ccubedzx3 wrote:Anyone else have some insight into this? Any get pre-approved before any lates fell off within the past year? Lots are going fast, so we want to act fast!!
I got preapproved for a mortgage today via FHA and I have a 60 day late from 8/11. LO didn't even mention it, not sure if she didn't mention it because it'll be a year old next month or what? I was going to do a new construction home buy but my builder (RYAN Homes/NVR) is not offering any closing cost incentives or asst,only thing they are offering is ($7k off purchase of morning room/finished basement); not enough for me when seller can provide 6% of price and other incentives for me....so now I am looking for existing.
Dm, Jon, Thank you for your help. I just hope we can get pre-approved as well. I need to get a pre-approval letter before I can sign a purchase agreement. We just need to secure a lot soon as the subdivision we are looking at is selling out fast. There are only 5 lots left for the builder we want to work with...I don't think they would be there until December. Thank you for giving me hope!
I would highly recommend considering financing with the builder, often times you can get more lenient approval terms and conditions as well as more perks! I live in Texas and well i guess we do do things a bit different here..lol