Posting in hopes of helping others that may have had the same questions as I when beginning this process:
2013 - spent 9 months cleaning up my credit and gaining the 'required' 3 lines of positive credit
My stats:
income: 50K - combined income with spouse is 73,735.12
savings: none
retirement: 6K
debt: 356 car payment, 370/mo in credit card minimums
scores: TU 590, EQ 657, EX 672 lender pull
collections/baddies: 2 unpaid medical under 500.00 older than 3 years, 1 paid medical, ten 30 day lates older than 2 years.
January:
found local realtor who referred me to Guild Mortgage
prequaled for 200K
NSF on bank account - bank reversed this
completed 2013 taxes and filed in person
sent documentation to lender: w2s, bank statements, check stubs, 401K statement, tax returns
viewed about 20 homes and decided on new build
February:
lender required payoff of 4 credit cards. paid off 3.
lender didnt calculate my salary correctly and came up 7K short - got this corrected
troubles with realtor communication almost got him fired
quote negotiations with builder
picked a lot
sent updated docs to lender (check stubs, bank statements)
March:
signed contract
closing set for may 30 - builder requires 90 days
ratified contract and addendum signed
paid earnest money to builder
paid 4th credit card off
April:
conditional approval received - conditions were: online homebuyer class, close 4 credit cards, husbands check stubs and a few other standard items
lender requesting removal as AU on some accounts
closed 4 accounts per lender condition
house is coming along
picked options with the builder rep
May:
appraisal received
signed USDA loan guarantee form
sent in updated docs to lender (bank statements, check stubs)
loan officer called to say we are over the limit - had me making a mad dash to get updated husbands check stubs to him to prove we arent over the limit
walk - thru completed
sent to USDA on 5/14
call from LO on 5/15 - USDA approval confirmed
final appraisal ordered
There was some other things in there regarding communications with realtor, options, a few hiccups, ect. Mostly my LO has been fantastic and its been a smooth process. He is closing 15 loans on the 30th of this month, and the way he handles his clients is astonishing. I feel like I am his only client. He called me on 5/15 as I had just landed in Miami, was still on the plane, to say "We sent your file to USDA yesterday and I know I told you we would get it back before the 30th right?" I almost had a heart attack right then and there. But, he then said "we got it back in under 24 hours, you are good to go".
Just waiting on final appraisal - closing on May 30th.
