I Pulled The Trigger!!! New Pics!!

dragonfly66 · ‎03-20-2017

I can't believe this day has arrived, but I finally pulled the trigger on a mortgage app last week. Today I just got an email from the mortgage company that my loan is in processing. I should be hearing from the loan processor about any additional paperwork that is needed, and then it's on to underwriting.

This has been a long, hard journey. I sold my first house a couple of years ago and tried to buy another house at the same time. The purchase of the new house got derailed at the absolute last second, when my entire house was packed up and on a moving truck, and I was left scrambling to find a place to rent while I was being charged $250/day by the moving company until I found something. I didn't want to rush into buying another house, so I found a place to rent and initially thought I would try it again in a year. After I got settled into the rental I gave it some more thought and I realized I would be better off if I waited another year because my credit wasn't at it's best when i initially applied and hadn't improved enough after 1 year.

I'm so glad I had the patience and the foresight to wait. After the 2nd year my credit is now much better because all of the negatives have fallen off (EQ will drop my BK13 by the end of this month, and that's the absolute last thing). Now all of my FICO8 scores are over 700, and my FICO mortgage scores are all over 700 as well. I put a contract on a new construction home that is slated to close towards the end of July and my lease is up the first week in August.

To top it all off, I just found out today that I got a new job that I had applied for! It'll be paying me $11,000 more per year in base salary plus an annual bonus (Don't worry, I let the loan officer know that this was coming and she is fine with it since it's the exact same job I do now, just more money).

Needless to say, I am a little more than excited. I keep driving by the lot that the house will be built on waiting to see when they start construction. Right now every day feels like the night before Christmas. As devastating as this whole journey has been there were definitely some lessons learned:

Be patient, look ahead and plan - This is probably the hardest thing for me. When I want something I want it now. Thinking ahead, formulating a plan and having the patience to deal with my bad credit issues over time got me to the place I am now. The information on this forum was instrumental in helping me tackle my credit issues. Yes, it's a lot of information to wade through but it's so worth the time and effort it takes because you learn so much about what to do and what not to do. This forum will give you the tools you need to get your credit back on track.

Things do happen for a reason - In hindsight, I'm glad I didn't buy that house that I initially tried for. The one I'm buying now is actually in a better location because it puts me closer to the city, and I'm in an area where my house will hold its value better. I was familiar with the area before, but couldn't find anything I could afford, then this new development came along, and my salary increased in my current job. In addition, I found out that other neighborhood was fighting with their developer who won't turn over the HOA to the homeowners.

For those that are working towards homeownership, keep plugging away. I'm living proof you can get there.

Current - FICO 3/2019: EX(753); EQ(763); TU(749)
Beginning - FICO 7/2014: EX(630); EQ(608); TU(581)
Credit: Wells Fargo Home Projects Charge Card ($7,800); Wells Fargo Home Rebate Visa ($4,000); Capital One Quicksilver ($10,000); Capital One Venture ($6,000); Discover it ($7,900); Macy's ($20,000); BrandsMart ($4,000); Banana Republic ($1,200); Lowes ($12,000); Amex Everyday ($30,000); Macy's Amex ($15,000); Amex Platinum (NPSL); Citi Diamond Preferred ($9,000); Chase Freedom ($9,000); Wells Fargo Outdoor Solutions ($10,000); SunTrust HELOC ($25,000)

Fleuriste · ‎03-21-2017

Fingers and toes crossed for you for a smooth closing and congratulations on the new job!

I'm in underwriting on a refi which needs to close by Friday. This is nerve-wracking and down to the wire. I really hope that it works out.

Starting FICO 8's (7/2016) EQ 715|| TU 743 || EX 762
Current FICO 8's (10/2022) EQ 838|| TU 828|| EX 826
Goal FICO 8's: 780 across the board - Goal met 9/2018;
Next Goal FICO 8's: 800 across the board - Goal met 10/2022

Anonymous · ‎03-21-2017

What great news all around! I hope all goes smoothly for you. I agree - things happen for a reason/work out in the end. Many times it takes a bit of distance to see that.

Sbrooks1 · ‎03-21-2017

Great things happening for you!!! Congratulations

dragonfly66 · ‎03-21-2017

@Fleuriste wrote:
Fingers and toes crossed for you for a smooth closing and congratulations on the new job!

I'm in underwriting on a refi which needs to close by Friday. This is nerve-wracking and down to the wire. I really hope that it works out.

Thanks, Fleuriste. Good luck to you as well.

Current - FICO 3/2019: EX(753); EQ(763); TU(749)
Beginning - FICO 7/2014: EX(630); EQ(608); TU(581)
Credit: Wells Fargo Home Projects Charge Card ($7,800); Wells Fargo Home Rebate Visa ($4,000); Capital One Quicksilver ($10,000); Capital One Venture ($6,000); Discover it ($7,900); Macy's ($20,000); BrandsMart ($4,000); Banana Republic ($1,200); Lowes ($12,000); Amex Everyday ($30,000); Macy's Amex ($15,000); Amex Platinum (NPSL); Citi Diamond Preferred ($9,000); Chase Freedom ($9,000); Wells Fargo Outdoor Solutions ($10,000); SunTrust HELOC ($25,000)

Anonymous · ‎03-21-2017

Congrats on pulling the trigger. We have done the new construction home thing twice, it adds some complexity and stress watching the progress or lackthereof at times but it is great to move into a brand new house and make it totally your own. We are spoiled now and my wife won't entertain anything but new construction for our new home.

dragonfly66 · ‎03-28-2017

OK, so I had to give a quick update. Below is a snapshot of the e-mail I received yesterday from my loan officer.

Congratulations, your loan application has been credit approved!

You will be receiving an approval letter from your Mortgage Loan Processor that details additional documents necessary to achieve final approval. Please be aware that some documents you submit may create requests for further clarification and documentation. Just a reminder, be sure to respond to any requests within 24-48 hours. Delays in your response could affect your approval and closing.

I'm one step closer! Now if they would just start construction already!

I'm also going through the background check for the new job I was just offered. Once I get the "all clear" from that (which I'm certain I will) I will be giving my notice to my current job. Still trying to act like I'm dedicated at the current job. Lots happening right now.

Current - FICO 3/2019: EX(753); EQ(763); TU(749)
Beginning - FICO 7/2014: EX(630); EQ(608); TU(581)
Credit: Wells Fargo Home Projects Charge Card ($7,800); Wells Fargo Home Rebate Visa ($4,000); Capital One Quicksilver ($10,000); Capital One Venture ($6,000); Discover it ($7,900); Macy's ($20,000); BrandsMart ($4,000); Banana Republic ($1,200); Lowes ($12,000); Amex Everyday ($30,000); Macy's Amex ($15,000); Amex Platinum (NPSL); Citi Diamond Preferred ($9,000); Chase Freedom ($9,000); Wells Fargo Outdoor Solutions ($10,000); SunTrust HELOC ($25,000)

Anonymous · ‎03-28-2017

Congrats on the new job and the new home construction!

@dragonfly66 wrote:
OK, so I had to give a quick update. Below is a snapshot of the e-mail I received yesterday from my loan officer.

Congratulations, your loan application has been credit approved!
You will be receiving an approval letter from your Mortgage Loan Processor that details additional documents necessary to achieve final approval. Please be aware that some documents you submit may create requests for further clarification and documentation. Just a reminder, be sure to respond to any requests within 24-48 hours. Delays in your response could affect your approval and closing.

I'm one step closer! Now if they would just start construction already!

I'm also going through the background check for the new job I was just offered. Once I get the "all clear" from that (which I'm certain I will) I will be giving my notice to my current job. Still trying to act like I'm dedicated at the current job. Lots happening right now.

Anonymous · ‎04-01-2017

Congratulations! I pulled the trigger as well and am also in processing 😊😊😊 hoping for the best !

dragonfly66 · ‎05-12-2017

So I finally have an update on this saga. First the bad news. My EQ credit profile contains the last bad item on my credit and it's a BK13 that was dismissed (not discharged) in 2010. Both EX and TU have graciously dropped it from my credit profile with them, but EQ is being hardheaded and telling me it has to stay on for 10 years instead of dropping it at 7 years like the other two CRB's. All of my FICO8 and FICO mortgage scores are above 700, but the mortgage scores are just barely above 700 (like 705 when I last checked). I had thought about fighting with EQ about it, but I've decided not to take any chances of possibly screwing up my score since I'm in the middle of this mortgage app. I guess I'll just work on lowering some credit card balances.

Now the good news. They have finally started grading the lot for my new house! Now I'm finally starting to get excited. Here is what the lot looks like as of today. Based on the string they have around those wooden posts (it's hard to see in the pic), it appears that they are measuring the "footprint" for the house (maybe)? When it's finished it's going to be a 5 bedroom/3 bath home wth an in-law suite and full bath on the main level, and it's 2,476 sq. ft. Now this finally feels real. This is the most beautiful patch of dirt I've ever seen. LOL! I'm looking forward to this phase of the journey.

Current - FICO 3/2019: EX(753); EQ(763); TU(749)
Beginning - FICO 7/2014: EX(630); EQ(608); TU(581)
Credit: Wells Fargo Home Projects Charge Card ($7,800); Wells Fargo Home Rebate Visa ($4,000); Capital One Quicksilver ($10,000); Capital One Venture ($6,000); Discover it ($7,900); Macy's ($20,000); BrandsMart ($4,000); Banana Republic ($1,200); Lowes ($12,000); Amex Everyday ($30,000); Macy's Amex ($15,000); Amex Platinum (NPSL); Citi Diamond Preferred ($9,000); Chase Freedom ($9,000); Wells Fargo Outdoor Solutions ($10,000); SunTrust HELOC ($25,000)