Home buying Journey

[Anonymous]

Loan Pre Approved, Contract with KB Home signed and final options to be chosen in the next two weeks. Now I am waiting on Cardinal Financial to put my loan through full underwriting (already received FHA Approve/Eligible) so hopefully I fly through that quickly!. My understanding is that with desktop underwritten approval with no BKO, Foreclosure, delinquency last 2 years, liens or judgements I should be OK. I do have open collections all falling off this year but they are my credit now so the capacity analysis still needs to be done I guess.

I really appreciate being able to share our journey on this board.... process is so stressful mostly becuase we havent had decent credit in a very long time so I am not used to being approved for anything, lol.

Purchase Price - $340,000

Loan- $287,500  (FHA)

Interest Rate- 3.75 

Lender- Cardinal Financial 

New Construction in Henderson, NV

Qualifying credit score- 648

Ratios 24%/45%

3/10/15 - FHA Approve/Eligible and Pre Approval Letter provided

3/12/15- Purchase contract signed with KB Home

3/19/15- All loan documents submitted to LO and we are in underwriting...

[Anonymous]

I hate weekends... underwriters don't work weekends and the mortgage process halts. So far I am very impressed with Cardinal Financial.. The Mark Baker Team does a great job communicating in plain english. I just hate the wait. Even with the automated approval I am still so nervous... sigh....

[Anonymous]

Congratulations! I hope everything goes smoothly from here!

[Anonymous]

Congrats to you!!  

I too hate weekends!  We just got the signed contract back from the seller on Friday.  My LO is out of town until Tuesday!  I was pre-approved so a majority of the work on the loan is complete.  I just want to get through this as quickly as possible so I can have my life back!!!

I wish smooth sailing to you during your process!

[Anonymous]

---

@Anonymous wrote:

Loan Pre Approved, Contract with KB Home signed and final options to be chosen in the next two weeks. Now I am waiting on Cardinal Financial to put my loan through full underwriting (already received FHA Approve/Eligible) so hopefully I fly through that quickly!. My understanding is that with desktop underwritten approval with no BKO, Foreclosure, delinquency last 2 years, liens or judgements I should be OK. I do have open collections all falling off this year but they are my credit now so the capacity analysis still needs to be done I guess.

I really appreciate being able to share our journey on this board.... process is so stressful mostly becuase we havent had decent credit in a very long time so I am not used to being approved for anything, lol.

Purchase Price - $340,000

Loan- $287,500  (FHA)

Interest Rate- 3.75 

Lender- Cardinal Financial 

New Construction in Henderson, NV

Qualifying credit score- 648

Ratios 24%/45%

3/10/15 - FHA Approve/Eligible and Pre Approval Letter provided

3/12/15- Purchase contract signed with KB Home

3/19/15- All loan documents submitted to LO and we are in underwriting...

---

Wow your situation sounds alot like ours. DU approve/eligible. DH has one collection falling off this year. No late pays on anything in over 6 years. They also did the capacity analysis. Even with that our DTI is still 12/45. Our new mortgage payment would be $350.00 LESS than what we have been paying rent the last 5 years. We submitted our second round of  conditions on Thursday the 19th. (FHA) We are supposed to close April 1, but they are trying to close us early, maybe next week.

Now just waiting to hear if we cleared the second round, (they were pretty easy) didn't make too much sense to me. But oh, well. I really have started to dislike the weekends during this process. Cannot wait to have our life back.  LOL

[Anonymous]

Congrats, looks like you are a step ahead of us!

So, your conditions were nothing outrageous at first and auto approve really is legit.. I know it is, but stress and anxiety about it all clouds my perspective I think.

[Anonymous]

BARTVegas wrote:

Loan Pre Approved, Contract with KB Home signed and final options to be chosen in the next two weeks. Now I am waiting on Cardinal Financial to put my loan through full underwriting (already received FHA Approve/Eligible) so hopefully I fly through that quickly!. My understanding is that with desktop underwritten approval with no BKO, Foreclosure, delinquency last 2 years, liens or judgements I should be OK. I do have open collections all falling off this year but they are my credit now so the capacity analysis still needs to be done I guess.

I really appreciate being able to share our journey on this board.... process is so stressful mostly becuase we havent had decent credit in a very long time so I am not used to being approved for anything, lol.

Purchase Price - $340,000

Loan- $287,500  (FHA)

Interest Rate- 3.75 

Lender- Cardinal Financial 

New Construction in Henderson, NV

Qualifying credit score- 648

Ratios 24%/45%

3/10/15 - FHA Approve/Eligible and Pre Approval Letter provided

3/12/15- Purchase contract signed with KB Home

3/19/15- All loan documents submitted to LO and we are in underwriting...

3/31/15 Mortgage Commitment received and sent to builder!!!!

[Anonymous]

Purchase Price - $340,000

Loan- $287,500  (FHA)

Interest Rate- 3.75 

Lender- Cardinal Financial 

New Construction in Henderson, NV

Qualifying credit score- 648

Ratios 24%/45%

3/10/15 - FHA Approve/Eligible and Pre Approval Letter provided

3/12/15- Purchase contract signed with KB Home

3/19/15- All loan documents submitted to LO and we are in underwriting...

3/31/15 Mortgage Commitment received and sent to builder!!!!

4/7/15  KB Home accepts approval letter and construction should begin shortly

Hoping to in the new house by Mid June. KB puts up houses mighty quick I believe.