Good Morning My Fico Community, I would like to share my first home journey so far.
We stumbled upon our perfect home several weeks ago (New Custom Grand Home heavily discounted, which funding fell through for original buyer). We did not intend to buy as I was still in the rebiulding process.
To see our Fico Mortgage scores from this site my midscore was 650 & my wife's was 570, so I went to apply for a mortgage as a individual as my wifes score would not qualify.
Long story short most lenders were asking for 25% minimum down (which was not a option for me), until I ran across Summit Funding. They even went a step further to offer me a FHA loan with my wife at 3.625 interest rate (on condition we would pay 6K of CC and bring her score up 40 points & our combined DTI to acceotaple %). Our closing deadline is 11/30/2016.
So we sumbitted all our documents, signed the disclosures, appraisal has been ordered last Friday. Now we get our Tuesday update call on 11/08/2016 from our loan officer, telling us our application is in underwriting and we should hear back in 48hours with a list of items to submit.
I am so nervous........any advice or experience would be greatly appreciated.
