This morning I sent in all of my requested documentation and now it is all in processing.
Last night I came across an overdraft from March, where I got it cleared up through the bank, and they reversed the charges.
I told my LO last night about it, and he said it is not a good thing to have, but I will be alright. Should I be freaking out?
We are going FHA, already gave the builder 3.5% dated back in September, and have awaited our house to be completed since. We are scheduled to close May 15th, should I be freaking out, or let an exhaustive sigh of relief now that my documentation is in process? I would hate for this not to go through..
Scores-
- My Mid score is 658
- Wife's mid score is 679
DTI-
- with the new payment will be 22%
House Payment
- will be $2k
Income-
- 153K a year
No lates on a mortgage in over 2 years, no lates on tradelines in over a year
I've been employed 16 years in the same industry, 4 years at this job
Wife has been employed for 10.5 years all at same job
We have 40K in reserves
I feel like we should be alright, I just don't like the uncertainty of having our future decided by someone I can't even see, talk to, or meet!!
Auughhghghghg...I'm a ball of stress!!
This was much easier 10 years ago when we bought our first home!!
*UPDATE 4/13/13 WE ARE CONDITIONALLY APPROVED!!*
Starting Score:2/1/16 565
Thank you keyelove for the support!!
Looks like things are moving in the right direction!! I updated my first post!!! We are moving on to the next step!! Wahooo!!!
Last evening after we drove out to see our house, the nerve bug bit me because I never really realized that it could be entirely possible that we might get denied for whatever reason. Because of this, I was stressed to no end and chewing the inside of my cheeks like I was a cannibal or something. My wife told me to relax, and we figured we should get a bite to eat. As we were driving, my iPhone beeped and said I have a message. It was from my loan officer and said "Congratulations, you have been Conditionally Approved for a Mortgage!"
When I read "conditionally approved" I got nervous about the conditions, so I had to pull over to read them...They were
-Proof of assets-Prove I have $2500 in liquid funds to cover closing costs
-Proof of Deposits- Prove where I obtained funding for our intial deposit
-Letter stating all checks written to the builder
-Certification of Occupancy
-Provide the Building Permit or signed letter from a local or state authority confirming all fees are paid.
-FHA requires a licensed Pest Controller to certify all required soil treatments to prevent termites were applied.
-Your Builder must complete the Subterranean Termite Soil Treatment Builder's Guarantee form indicating the type of treatment used
-Warranty of Completion of Construction
They look pretty do-able to me....now to see what other conditions come out of this!!
Aughghghghgh!! The madness!!
Pretty light condition list!
Stop stressing and get planning for the move!