In the home stretch

Anonymous · ‎11-09-2011

Been lurking here in the mortgage area for awhile, but decided to post as I near the end of my credit journey - or at least accomplish my main goal of buying my first home.

Over a year ago I started working on improving my credit scores hoping to buy a home by opening some credit accounts based on info from everyone here at MyFico.

Now my scores are up, and I app'd and was pre-approved (instantly online even!) with my local credit union for a conventional 30yr fixed with 3.5% down at 4.25%.

Found a house (new construction), got all my paperwork in order, and today submitted everything to underwriting. I'm supposed to close late December, and already have paystubs/tax returns etc to the lender so crossing my fingers for a smooth ride to the finish line.

Just wanted to thank the MyFico community for all their help, and give a vote of confidence to everyone still working to accomplish their goals. Back when I started I couldn't even get an unsecured credit card through my bank due to lack of history, and now I'm buying a house. With good advice and a little patience, you can make it happen!

Anonymous · ‎11-10-2011

Very cool, congrats! Hope the process goes smoothly for you though it seems it never does, haha!

mocha82 · ‎11-11-2011

@Anonymous wrote:
Very cool, congrats! Hope the process goes smoothly for you though it seems it never does, haha!

+1. Filling out the app is the easy part.

Closed on my 1st home on: 11/30/2011
First Guaranty Mortgage Corporation (FGMC)
Starting Score:Equifax: 490 (01/14/2011)Transunion: 498 (01/14/2011)
Current Score: Equifax: 609(07/09/2012) Transunion: 644 (10/14/2011) Experian: 593 Lender Pull (08/22/2011)

Goal Score: 700

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IOBA · ‎11-11-2011

Congratulations!

Don't forget to share the happy ending with us.

Anonymous · ‎11-21-2011

@IOBA wrote:
Congratulations!

Don't forget to share the happy ending with us.

I will I'm in the appraisal waiting game right now, and I feel like a total basketcase! Since it's new construction not completed there was some confusion on how they wanted to handle the appraisal, but I ok'd a subject to appraisal for an extra fee (since they'll have to go out a final time once completed). They can't lock in my PMI provider until they have the appraisal, but they said as long as it appraises ok that's not an issue I should close on time.

I got my financial conditions back today - all they needed was my corporate work # and a copy of my Q3 401k statement - that was it! Lender told me I am 100% good to go on my credit end (assuming I don't do anything crazy like apply for new credit), just need to send in one more paystub so they'll have one within 30 days of close.

I'm still a month out but it's going to be a loooooong 30 days!

payingoffdebt001 · ‎11-22-2011

Congrats! Sounds great..keep us posted we are pulling for you and your new home!!

drkaje · ‎11-24-2011

Congrats!

Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO

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Anonymous · ‎12-01-2011

Woohoo! Just got my appraisal back, and I'm so happy - appraised for $13K over what I'm paying!

I think (crossing fingers) this was the last hurdle..in a fairly smooth process so far.

Scope27 · ‎12-01-2011

@Anonymous wrote:
Woohoo! Just got my appraisal back, and I'm so happy - appraised for $13K over what I'm paying!
I think (crossing fingers) this was the last hurdle..in a fairly smooth process so far.

Nice...you are almost there.

Anonymous · ‎12-01-2011

Congrats!! Sounds like you are just about done. Love to read success stories like this. Best wishes for a smooth closing.