04-13-2012 07:52 PM
04-13-2012 09:22 PM
We bought a homepath last summer and I can't say enough good things about that program. But i didn't use the financing bc FHA was a better route to go,even without having to pay the PMI. The interest rate was about a point higher than FHA>
04-13-2012 10:10 PM
04-14-2012 07:59 AM
You don't need your down payment til closing, and LOOORRDD knows, it takes that long to get to closing. Have you thought about starting the offer process (are you preapproved?) and just make sure closing is pushed out that long?
04-14-2012 10:12 AM
04-15-2012 09:01 AM
The scores that are from August when we closed on the house were my final scores, yes.
The only money you need to make an offer is "Earnest Money" - probably not more than 1000.00.
Where is the DP money coming from? In order to get a "clear to close" you are going to have to have that money - so technically, you need the money before the file goes to the Underwriter - which is only about a week to tend days prior to the clear to close. From the time I had a signed purchase agreement w/ Fannie Mae to closing, was less than a month. But I guess the "usual" is 60 days. I had been sitting on a short sale and ended up with this house, so we were ready in the loan department end. My LO just finalized things up, sent it off to the UW (After the appraisal). I had a post of every single day's accounts of buying the house you should read. I'm going to go bump it for you.
If you are SURE you will have the downpayment and closing costs come Underwriting, then Yes, I Absolutely Think You Are Ready!!!
Mind you, you will need 400-450 for an appraisal, and 350-400 for an inspection -and if the inspector refers you to a specialist (Plumber, electrician) you've got those bills, too.
Definitely have your LO Decide if FHA is
04-15-2012 10:32 AM
Booner, you are a tremendous help. Thanks so much for continuing to reply!
Because we've recently paid off all our credit card debt, we have approximately y$3,000 leftover each month after rent, utilities, insurance,car notes, gas, food, etc. to put towards the down payment and out of pocket costs, like the appraisal.
Right now we have about $3k, by then end of this week we'll have $6k, mid-May $9k, mid-June $12k, and $15k by July if closing takes that long.
It's exciting to be getting closer and closer!
04-16-2012 04:38 PM
WOW! 3k is a lkot of extra money to not throw away on bills! WooHoo for you!!
04-17-2012 01:51 PM
Offer Schmoffer. The house we got was under contract the whole time we were under contract w/ the short sale. i kept admiring it and looking at it and wanting it but never thinking I had a chance. Just when we were out looking, up it popped again! Keep your eye on it. They also have things like "Back up offers" - that way if something falls through with #1, you're right there.
But if this isn't the one, then it isnt'. The one you are meant to get you will get.
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