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I did it!!!!! CLOSED, Baby!

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Anonymous
Not applicable

Re: I did it!!!!! CLOSED, Baby!

Absolutely!

 

Breakdown: 

 

Mid FICO of 637 (reduced due to hard pulls from first few banks I "shopped".

 

Purchase price $350k; appraised at same.  (Smaller model down the street just sold for $425 last month)

 

Sellers paid all closing costs, including a point buy-down. (They wanted to net a certain amount; we adjusted the price accordingly).

 

I was the only person on the loan--they weren't able to use my husband at all due to a BK from is previous marriage and student loan lates.  

 

FHA loan, 3% down- out of pocket to me $10,500 for DP, and I paid off my two credit cards so they could approve me.  So a total of about $12,000.

 

My only other debt is a $412 auto loan. 

 

They used my annual salary of $49,000, plus my National Board's increase  that puts me over $60,000. 

 

They added my annual child support (and allowed me to use a range of 6 months instead of three because ex-H has been giving me cash for the last two months) which brought me up to $72k.

 

Compensating Factors:

 

They established "future earnings" because the NB certificate is good for 10 years and I was able to prove that the supplement is slated to continue.

 

We have three months reserves in the bank. 

 

Conservative use of credit (I have 4 revolving accounts, they are kept low, and I paid the last two off yesterday.  Our plan is to use one for gas and groceries and pay it off every month in order to build credit score.)

 

Keep in mind that we would never have done this if we didn't have DH's "invisible" income...they aren't supposed to look at that, but it was on our bank statements, so I know they knew it was there.   

 

We used Suntrust, and they are very conservative.  I really thought it was done on several occasions.  My LO was amazing and she and the underwriter definitely used common sense and thought out of the box to help us out. 

 

Thank you for all the congrats! 

 

Lisa 

 

 

 

 

Message 11 of 17
Anonymous
Not applicable

Re: I did it!!!!! CLOSED, Baby!

Congrats!!!!!  I am schedule to close on MOnday!
Message 12 of 17
GFer
Valued Contributor

Re: I did it!!!!! CLOSED, Baby!

Awesome-->Congratulations!!! Smiley Happy


EQ 817, EX 815, TU 813 (Updated 1/5/18: TU 843

Take the myFICO Fitness Challenge
Message 13 of 17
ShanetheMortgageMan
Super Contributor

Re: I did it!!!!! CLOSED, Baby!

Congrats!!
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 14 of 17
Anonymous
Not applicable

Re: I did it!!!!! CLOSED, Baby!

congrats...new homeowner...you will be in the 700 club in no time.....
Message 15 of 17
Anonymous
Not applicable

Re: I did it!!!!! CLOSED, Baby!

Congrats! Wow. Lots of homeowners posting lately!
Message 16 of 17
ronq
Regular Contributor

Re: I did it!!!!! CLOSED, Baby!

Nice way to go!
EX. 780 TU 794.
Message 17 of 17
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