It's like waiting for the rug to be pulled out from under me...

[Anonymous]

A brief summary of my journey. (FHA, husband not on loan)

• Got preapproval in late October from lender, started house hunting.
• Mid December, made an offer that was accepted 12/17, paid earnest money
• Sent in all requested stuff (pay stubs, bank statements etc)
• Loan apllication signed & turned in, received GFE & other assorted documents.
• LO requested LOE for bankruptcy & copy of Sherriffs deed from forclosure after my divorce 10 yrs ago, sent those in
• Had my own inspection done (this was optional)
• FHA appraisal is scheduled for today
• Paid the application fee, to be credited back to me in closing costs

It seems like its going rather smoothly, but I still feel like any minute they're going to say "sorry, you're denied". I am not worried about the appraisal. My inspector was pretty thorough and the house is in great shape. And according to my realtor it is priced lower than other houses in that area, even the smaller ones. The sellers are just really motivated because its part of an estate, its just sitting empty & they don't want to bother with it.

My biggest fear is underwriting. Don't ask me why. I think the term "Underwriter" reminds me of "Undertaker" LOL!

I was upfront from the beginning that I was applying alone because my husband has credit issues, including his current mortgage (that I am not on. I used to be on the deed but I quitclaimed that away before I started house hunting). We are NOT in a community property state, so they can't lump our debts together. And so far they haven' asked me ANYTHING about him, not even his name. I did have to turn in his pay stubs but only because they wanted to know what the non-direct deposits were in my bank account, which were his payhecks (his employer doesnt do direct deposit).

So.....now I am just waiting for the appraisal to be done today and hopefully have results by the middle of next week, then I suppose I enter the wonderful world of Underwriting. I am excited, but trying hard not to be too hopeful in case it all blows up in my face.

For anyone wondering why I want to buy a home when my husband is having trouble with his, you have to understand the situation. He bought this house years ago when his life was going great. Good job, no other debts, good health. It was a bad deal though. Now its severly underwater, he has developed a health condition that has impaired his ability to earn the income he used to, he has TONS of medical bills & is on the verge of applying for disability, and the payments on his mortgage are over $800 a month, much more than my budget alone can afford. The home I am hoping to close on is just as nice but a much better deal. With taxes & insurance included my total monthly payment will be $337, I can afford that on my salary alone  no problem

So glad I found this board, I have been afraid to tell friends and family whats going on because I don't want to explain WHY it fell through if it doesn't work out.

Happy waiting everyone!!!

[JM-AM]

It seems you are on a successful journey and closing projection of 30 days.

Good luck and keep us updated.

[Anonymous]

I know exactly how you are feeling. Best of luck to you and I hope things go smooth for you.

[jandj80]

I am also in the middle of FHA. Just got an email that we are in underwriting AGAIN. How many times do they do this, lol. I want them to give me something to go on, I feel in the dark all the time. Glad I am not alone. Our appraisal is due back to the bank the 23rd, and our closing is the 28th. I am sick over this whole thing. I wish I could be put under anesthesia till the closing date!

[Anonymous]

jandj80, I am so confused, maybe different lenders do things differently. You said you're in UW a second time, but your appraisals not even in yet? I didn't think they would UW without having the appraisal. Thats why I assume my underwriting will start next week, when my appraisal is turned in. Also, when you say your closing is the 28th, is that just the estimate from your contract, or did they tell you that date is for sure? I didn't think they could set a date when it hasn't been fully approved through UW.  My contract says we are supposed to close on or before the 20th, but I don't count on that because its written up by the realtor, not the lender, and its all depending on appraisal, underwriting etc. I'm really just confused about the process I guess. And do you mind me asking what threw you back into underwriting a second time? I am trying to brace myself for whatever they might throw at me. Thanks!