Reply
Regular Contributor
deg757
Posts: 118
Registered: ‎08-13-2012
0

My home buying thread!!

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.

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
Regular Contributor
indecison
Posts: 226
Registered: ‎05-24-2012
0

Re: My home buying thread!!

Good luck! Keep us posted!

Regular Contributor
deg757
Posts: 118
Registered: ‎08-13-2012
0

Re: My home buying thread!!

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.

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
New Contributor
ceva02
Posts: 61
Registered: ‎01-09-2010
0

Re: My home buying thread!!

Good luck and hang in there!


Starting Score: EQ 613
Current Score: EQ 632 TU 647
Goal Score: 700


Take the FICO Fitness Challenge
Contributor
vlaw1084
Posts: 85
Registered: ‎04-09-2012
0

Re: My home buying thread!!

Yes hang in there!  I think you can do it, you have gotten to this point, so you might as well get er done before the end of the year!!!  I will be watching your progress :smileyhappy:

Regular Contributor
deg757
Posts: 118
Registered: ‎08-13-2012
0

Re: My home buying thread!!

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.

 

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
Regular Contributor
deg757
Posts: 118
Registered: ‎08-13-2012
0

Re: My home buying thread!!

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!

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
Regular Contributor
indecison
Posts: 226
Registered: ‎05-24-2012
0

Re: My home buying thread!!

Congrats!!!

Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012
0

Re: My home buying thread!!

Awesome!
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
Member
teamduncan
Posts: 7
Registered: ‎08-20-2012
0

Re: My home buying thread!!

Congratulations!!!!!!!!!!!!!!!!!!!!!!!


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+