I am still in shock right now because I actually closed on my new home today! What a long bumpy road. I had everything against me when beginning this process. I was preapproved through my lender with only a 615 fico. My credit report has multiple post BK paid collections, including one that was less than a year old. My dti was on the higher side for the home I purchased. Although I did have 3 positive tradelines, 2 of them were open for less than 12 months. I have only been employed at my current job for 6 months. And to top things off, a new collection posted to my account during my mortgage process! The positive things that worked in my favor are my 12 months of positive rental history (also my rent payment was very close to my future mortgage payment). I am a recent college grad (which helped to overcome my short employment history). My student loans are all deferred until 2015 and I am currently in school (which i assume helped to overcome dti), and I had about 3 months of cash reserve left over after I paid my down payment and closing costs. My lender did not pull my credit again before closing (although i did manage to pull my mid fico up to 623 after the fact). For some reason even though I had all the negatives, it still worked out. I just chalk it up to God looking out for me. I joined this forum four months ago with pretty low fico scores and I just would have never in life imagined being able to reach my goal so soon. This site has been very informative, and although many of the information I read on here freaked me out to the point where all I did was worry about whether or not my mortgage would actually get approved, I definately gained invaluable information that I can take with me into my future homebuying endeavors.
I can't describe the feeling of accomplishment I have in my heart right now. I have worked extremely hard over the last 6 months saving up as much as I can, paying off debts and credit repairing. Thank you myfico and to all of you who have shared your knowledge, experience, and encouragement. To those of you beginning or enduring the mortgage journey, I wish you the best of luck. keep your goal in your heart and it will happen. If I can do it, anyone can!
