07-04-2014 07:13 AM
Hey Everyone, So... It's one of those stories.. We're now in the underwriting phase of everything and after I have been working night and day to get them ever form they've asked for.. I now have nothing to do. It's not only abrupt, but unnerving. It's the not knowing that kills me. We are getting a Mortgage for a house we really love and this has been a dream for 7 years. As I said, everything is done. Appraisal is good, Inspection came back with issues but all fixed now, septic tank is good - the house is worth what it is being asked for. We have secured money for closing.
Our credit has never been the best, but we worked very hard to clear all our debts and the car payments for the last 1-2 years were always on time (though before that we missed quite a bit). We paid off the cars this year and so our DTI is stellar.
I did have one last credit issue we didn't know about, and I did something fool hardy - which was to use our secured loan to pay it (It was my money, and I just wasn't thinking how this reflected on the credit score after they ran it). I talked to my LO and she reassured me it's fine. IT was 2k, but our DTI is so stellar that the increased payment wont do anything. I also have the funds to instantly pay it back now, which she encouraged me not to do just yet.
Our Front End of the DTI is 18%.. The back end will be about ~30%. Our credit score is 660 (Though it may take a slight dip due to using that secured loan, though shouldn't stop us).
Now it's going to the banks Underwriting and then the USDA loan underwriting. But, they made it seem to me that really if I get past the banks underwriting - then the USDA is a formality as they are as stringent and meet all our requirements.
Sorry for the rambling, I'm just nervous and want this to go with out a hitch and so decided to get the nervous energy out here - where I've been reading encouraging stories and staying away from the horror ones.
A positive note about this is that I can tell you all you want to know about Underwriters from a layman's perspective due to my reading up. For instance, most underwriters are female! This is due to the fact they start out as Administrative assistants. They are pressured to approve loans, but its them on the line if it defaults with in 12 months.. ... Yea....
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