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New Contributor
HopefulGardner
Posts: 55
Registered: ‎07-09-2012

Re: January and February

Congratualtions! That sound amazing I am soo jealous. I live in the DC Metro area I doubt I could find a garage for 45k,.. amazed!

Best of luck with closing and moving in to your new home!!


Starting Score: FICO Lender 7/2012: EQ 598 TU 643 EX 640
Current Score: MyFico 04/14/13 EQ 684 TU 650
01/13/13 Lender EX 677
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Contributor
leppy2
Posts: 127
Registered: ‎12-11-2012

Re: January and February

Congrats BH! And to everyone. Enjoy your new homes.
Valued Member
BetterHalf
Posts: 65
Registered: ‎12-15-2012

Re: January and February


HopefulGardner wrote:

Congratualtions! That sound amazing I am soo jealous. I live in the DC Metro area I doubt I could find a garage for 45k,.. amazed!

Best of luck with closing and moving in to your new home!!


HAHA, I know right? I sometimes read these posts and see houses selling for 300-400 thousand and up, and the monthly payments they post are more than I gross in a month! Around here (central Indiana) a $300,000 home would be a mansion, and only a Doctor, lawyer etc would make that kind of money.

It's the one positive thing about living in the middle of nowhere in an economically depressed area, even the really nice homes are less than $100,000.

My monthly payment will be $337, but before you get jealous you have to understand thats almost 20% of my gross monthly income.

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: January and February

I have an update:
Purchase Price: $347,900
Property: Single Family Home, new construction (ready!), 4 bd, 3 1/2 ba, study, 2500 sq ft finished, 1000 sq ft unfinished walkout basement, deck built in backyard on main level, has a covered patio in front, 2 car garage
Toured house : 1/2/13
Submitted offer on: 1/2/13
Signed Purchased Contract On : 1/5/13
Type of loan: 1st mortgage CFHA (no longer FHA), 2nd mortgage CHFA for 3% down
Loan rate: 4.125% (rate went up a pt due to CHFA servicing the loan and it is based on income and my income is at the max...higher income equals higher interest so my payment went up $100 a month, still no where near the DTI cap, DTI is about 30% with full mortgage only, 39% with car payment & student loans)
Loan application submitted: first loan app on 12/31, second loan app on 1/7/13 (had to switch to builder's lender to get $15K incentives which pays our closing costs and dropped the home price $5,000)
Loan approved: still in underwriting
Closing date: hopefully end of this month, loan has been expedited due to landlord filing eviction notice on Feb 1st due to us not purchasing her home and we are renting month to month. I will be hiring an attorney on Monday.
Closed on: n/a
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Member
mullo_2
Posts: 18
Registered: ‎05-30-2012

Re: January and February

 

  • Purchase Price:  $218k  - Fannie Mae Foreclosure Formely sold for 375k
  • Property: 3500 sq Ft  with 4BDR/4BTH 3CG plus den and upstairs bonus game room 
  • and bed room with full bath additional 748 sqft
  • Year Built: 2007 Former Taylor Morrison model home all upgrades imaginable
  • Submitted Offer on: 11-29-2012
  • Signed Purchased Contract on : 12-05-2012
  • Type of Loan:Homepath
  • Loan Rate: 4.2%
  • Loan Application submitted:  12-05-2012
  • Loan Approved: 12-7-2013
  • Closing Date: 2-13-2013
  • Closed On: 1-11-2013
  • LO said this is the easiest loan shes ever done this is our second home we are upgrading and renting out current home thx myfico family
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: January and February

Wow! That was a quick approval! Congrats! Only two days...your post gives me hope that I may close by end of Jan.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Member
mullo_2
Posts: 18
Registered: ‎05-30-2012

Re: January and February

Yeah I know I've been reading on here since January 2011 so I'm surprised they turned around so fast plus I wrote a bunch of  LOE long before time 

so when I applied I was ready for them I have an underwriter friend who reviewed my stuff ahead of time and so he fine tooth my stuff thoroughly from different angles don't worry your coming up right behind me soon I used to think about all the folks closing and got excited keep the fire burning

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: January and February

Thanks so much for the additional info! I got some requests for LOEs from the lender so I will call my LO today and verify that those LOEs are likely to be requested with the current loan and also ask if there are any others he can think of. Then I will start writing the LOEs today and get them submitted by Monday. I never thought that I could write them ahead of time so I will do that. Thanks again for the tip!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
New Contributor
HopefulGardner
Posts: 55
Registered: ‎07-09-2012

Re: January and February

My father and aunt live in Fishers, IN. My dad has the biggest house in his and he paid 200k I think and he moved from NJ with an 800+k house so he was satisfied lol. My aunt just closed last week on a very nice home there for 95k. I told her I hate her lol

Starting Score: FICO Lender 7/2012: EQ 598 TU 643 EX 640
Current Score: MyFico 04/14/13 EQ 684 TU 650
01/13/13 Lender EX 677
Goal Score:700's All Bureaus


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New Contributor
HopefulGardner
Posts: 55
Registered: ‎07-09-2012

Re: January and February

But your right his income took a big hit

Starting Score: FICO Lender 7/2012: EQ 598 TU 643 EX 640
Current Score: MyFico 04/14/13 EQ 684 TU 650
01/13/13 Lender EX 677
Goal Score:700's All Bureaus


Take the FICO Fitness Challenge

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