I have two different places working to get me a good estimate and things like that. My realtor told me he liked one guy that I was working with and I may lean towards him. I say this because the program I want is supposed to have the same rate all around. He then says I have some outstanding judgements which I had never heard before seeing as though I filed BK about 5 years ago and those amounts should have been included. He said the court may still have the outstanding lien which again before I had never heard anything about it and I went through this process 2-3 years ago. Also I had to do an estimate for my student loans, although they are deffered. Definitely have some questions! But at least I have the score to qualify and there is hope! #homebuyinghope
So I checked with two other places for the program I want and they can't approve me for it because of the following:
they are conventional loans which are more stringent by nature (and they are jerks)
with that being said, although my student loans are deferred, they add them in and it looks like i have a payment of $1500 with those loans with puts my DTI at 54% and they need it below 45%. That's really the main issue.
I can do an FHA but the house wont qualify for it and I really want the house. So i'm going to try Wesbanco, they seem like they would accept a lot of my shortcomings. It kinda sucks because for the past 4 years I worked my booty off to improve my credit and make sure I can do what is necessary, but hey we make choices and have to live with the consequences. #homebuyerhope
Alright so after freaking out about not know if I have to bring a lot to the table, I only have to bring about 3396 which is awesome. But because i didnt take into account the extra 2% needed I have some gift funds coming from my parents! Yay!!!! I have all my documents in except for the proof of the full down payment which I should have by the end of the day today. I also had to submit my proof of my deferment for my student loans. I'm not going to lie i'm a little nervous about using wesbanco and the mortgagor she just seemed...odd but we are going for it. I also don't like how they charge you for the appraisal upfront, if I get denied for some B.S then I lose money and that's not okay to me. I also asked her based on her experience, what issues from my credit do you see may be an issue? and she says I look pretty good, but i've heard that before and was denied based on my taxes (which should be okay this time around) Very hopeful, and she said the process should take a month which may mean that I should hear somethign a little before my closing date, if it pushes out to august, i'm fine with that because I still have to pay on my apt where the lease isn't up until 10/30. #homebuyinghope
At this point they are collecting my docs and trying to prove my gift which is soo hard!!! lol well not hard, just with my parents they do not like to put all their cash in the bank. But it looks like that is going okay. They have charged me for the appraisal so that should be happening any day now and i have had the inspection and it has gone pretty good. It was things that we knew needed to be fix, and some extras. We sent the addedums to the seller and are waiting to hear back from them. I feel a bit nervous but i think i have a good chance, here's why:
I have the 5% dwn pymtn saved- From gift and my own savings
I have a 693 Score
No lates since my BK
Make 62,000 (house is 69,900)
AGI per tax is $58,000
Worked at my job for almost 6 years
I have a BK that was discharged 4 years ago
Issue with proving where my parents money came from regarding the gift funds (they are latin and hate banks)
We will see where it goes #homebuyinghope
Everything is all quiet on the home front. I know it can take about a month. I submitted all docs to my LO on Thursday so I'll follow up 7/15 to see if there is any updates if I haven't heard anything. Still waiting for the seller's to identify if they are going to fix the remedies that we requested. Even if they do not do the big things like fix the garage door, i'm okay with what they originally agreed to. I'm trying to stay busy so that I don't worry myself to death, but it's hard!!! Lol How long is the process taking for people once the documents have been forwarded to the processor?
After my documents were submitted to the loan processor, I was in contact with her in two days. It may be because my loan officer didn't collect all of the necessary documents for her to submit my file to underwriting. Within three days she had everything she needed for my file to be submitted to the underwriter. FYI- I'm using citibank.
Well I submitted all my docs on 6/26. I heard from my realtor about the remedies we want them to fix. At firs tthey didn't want to fix it, but I told them that I would walk away and then they jumped to fix it. So that's a victory now i'm hoping that those fixes aren't in vain because we still are going through the u/w process. I emailed my LO today to see if I needed anything else, and she said that they are waiting on the appraisal and will get back to me when it gets it. Can't they start the u/w first? Just to see if I can qualify based on what I have and then bring the appraisal in later? This waiting process is for the birds!! I'm thinking It should be done by 7/15. That's about 8 more days. at least I hope!!!
Okay now we are in the game! It's crunch time! I received an email from my LO that we have received the appraisal(which she sent to me) and now the loan is being forwarded to u/w and should be done by early next week. The appraisal was the exact price of the home, so we should be good there right? I'm a bit nervous to see what the conditions will be especially about the aforemention $2000 that's been given to me by my parents who don't trust banks. Prayers!! #homebuyinghope