I was a poster on here last summer. I bought a home two years out of CHAP 7. I first got an approval in a 620 program, got a 15yr at 3.85% last August. I bought a home that needed a bit of work and that I thought I could use as a stepping stone.
Well, I did the work and the home is in contract 3 days after listing for full price. I am making about a 10K clear profit. I am back in the mortgage app mix, this time I am going thru with a 660 mid score!! When I say 660 mid, I meand 660, right on the nose! That was close. I had a lot of hurdles being in a sub 640 program last time, LO says this should be much easier with the 660 score.
I am just wondering what part will be easier?? Will I be in automated UW this time? The LO says closing costs will be cheaper. I am really excited, get to buy the home I have always wanted!! I am hoping for a great rate again, LO says prob 3.85 on a 30yr FHA>
I am also wondering since I am using closing proceeds for my DP, will they be as strict as monitoring my acct. for the last 60 days and making sure I have the full DP amount also available in savings?? We would like to buy some appliances, but dont want to spend this money if that will be an issue until after closing. LO wont give a straight answer, just says the more available the better!
