SO excited to be 10 days away from closing! This process feels like it's taken forever! I was worried every step of the way that my debt (credit cards and SUBSTATIAL student loans) was going to be a problem. I still am worried actually. I also had to unexpectedly purchase a car in November which was not ideal. I had stopped tracking my actual FICO to save some money so I was happy to find out that it's higher than the free sites had told me. Because we live in a community property state the only way my husband can buy a home without me (ie without my worse credit) is if I sign a quit claim deed. I was not willing to do this so if we hadn't been approved at this point we would have probably had to wait a whole year or more to buy. Thankfully November was also when I started a new position with my employer and got a significant raise. Without the additional income our DTI would have been too high (including my student loans which I am not paying on yet because I'm still in school).
Home Location: Central WI
Purchase Price: $139,900
Property: Single-family, 3 bedrooms (2 "bonus" rooms that had been used as bedrooms in the basement), 2 full bath, 2 half bath, 3 car detached garage
Mortgage Scores: 680, 639 and 681.
His: 710, 716, and 719.
Pre-Qualified : 3/11/15 (didn't end up using this bank)
Offer Submitted: April 4, 2015
Offer Accepted: April 6, 2015
Earnest (Deposit) Money: $1,000.00
Lender Name: Associated Bank
Notes about Lender: LO has been good to work although like others have said we've felt in the dark. Maybe it's just because we are first time buyers and also because we gave her everything they needed at the time of application
Type of Loan: 30 year conventional
Inspection: April 13, 2015
Contingencies: we added water testing for lead and radon testing due to the age of the home (1905). They had to do radon mitigation. They also repaired 3 broken windows (2 with broken seals and 1 a pane was cracked).
Loan Rate: 3.857% (we are paying points to get it down from 4.0% when we locked in)
Appraisal Ordered: April 11, 2015
Appraisal Completed: April 16, 2015
Went to underwriting: ???? I'm not sure when it was actually sent 4/21 would be my best guess
Underwriting Complete: May 4, 2015
Final Approval: May 5th, 2015
Walk Through: TBD
Closing Date: May 29, 2015 8 AM!!!!
Derogatories on Reports: my husband has a late payment or two but neither of us have any collections
Starting Score: 580
Love it!
