09-05-2012 02:27 PM
For anyone that is interested, here is our home buying journey.
A little background into how we got into the mess we are in. My husband used to be the executive director for a non-profit that he dearly loved and was very passionate about. As small non-profits tend to go, they were barely scraping by. In 2007 he decided that he could no longer pull a salary and the business continue to run. So he stopped getting paid. I was working so we were able to feed ourselves at least. He thought this would be temporary. It was not. He continued working for free for three years. Hence, the horrible credit, collections, and awful payment history. I have managed in the last two years to pay off every debt we owed and rebuild my credit to the point we are now. We moved in with my parents, all of us. Me and my husband, our daughter, two dogs and a cat. It has been an awful two years.
Now my credit has recovered enough that we can hopefully purchase our dream home. I talked to the lender today, he will be pulling credit in the morning and will let me know. I am so nervous. Hopefully we will be well on our way to pre-approval tomorrow.
We have pretty much decided on the house we want. We fell in love with a house that was new construction but already completed. Someone bought it two weeks ago. We are going to talk to that builder about building the same home on one of the lots that is still available in that neighborhood. This house is 1,890 square feet, 3 bedrooms and 2 bathrooms. Oh, and it is perfect. It has everything on both of our wish lists. The only problem is the home that just sold went for $255k and we wanted our max to be $245k I am hoping that building our own might come out a little cheaper. But I would definitely still buy it at $255k.
Wish us luck! Hoping to have some good news tomorrow. I don't think we will have any problem with pre-approval as long as the credit scores are there. DTI and income are all good.
09-06-2012 07:52 AM
It is almost 10:00 am here. No word from the mortgage guy yet but he promised he would call today. I can't even concentrate on work right now.
09-07-2012 06:27 AM
So he never called yesterday. Big disappointment. He did pull the credit reports though because there is a new inquiry on my reports. Maybe today.
09-07-2012 09:09 AM
Just talked to the mortgage broker. My mid score was a 645. Exactly what Equifax on here said. He is sending over a request for documents to verify everything I told him and he said there should be no problem with pre-approval. Should only take about an hour once he receives everything. Yayyyyyyyyyyyy!
For those of you who are curious, my TU score from myFico was 655 and my actual lender pulled TU was 663.
I can't believe this is happening!
Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.