My offer was accepted... Now for the scary part.

[mwv813]

 The wife and I have been looking at houses for the last few months.  My credit is not that great, hers is much better - but she doesn't work so her score doesn't matter.

Current Mortgage Scores:

EQ: 619

TU: 647

EX: 539

I am brought to these forums after hiring a credit repair guy in February to quickly fix my score so I could get approved for an FHA loan.  At the time, Experian was my high score of 664, then TransUnion with a 617 and Equifax with 593.  He promised the world in only a few weeks.  The goal was to move my TU score up 10-15pts to give me some breathing room.  When it came time for my mortgage score to update, my high score with EX crashed over 100pts causing me to back out of the existing offer I had on a house.   The credit repair guy has since become unreachable, and my wife more frustrated with my poor decision to hire this guy ($500 fee).

Fast forward totoday, I have lurked on this forum for a month or so now and have paid my CC's down to about 15% utilization.  This brought my scores up to where they are now.  I have 1 point more to go on my EQ score, so the mortgage guy suggested we are good to go ahead and make an offer on a house again.  1 point can't be that hard to achieve, right?  Lol

Why am I wanting to move on a house now vs later this year?  My lease is up at the end of May and my Landlord already told me the house is going up for sale.  If I don't buy now, I will be stuck in a lease for another year wasting money...  And waiting for higher interest rates and home prices.  

I am more nervous than ever right now.  I don't even want to talk to my friends or family about our offer being accepted for fear it might not actually go through.  

I guess thats what so many others have gone through as well...

[Anonymous]

What on earth did he do to your reports? That's rough. 

[mwv813]

He disputed everything possible - even good things.  Well, thats the way it looked to me.  I haven't been able to get him on the phone to discuss why he did what he did. 

The only good that came of it was he had a medical collection removed from my TransUnion report.  

I had one collection account that wasn't showing on Experian show up - After he disputed it with the other bureaus - showing even more derogetory remarks than it had originally..  

[PdxGirl]

I feel your pain...my offer was accepted today too.

I have a couple of judgements which are on payment plans and the lender says he can makeit work, but I'm not telling any friends or family either.  I'm going to be so embarrassed if my credit isn't good enough.

Holding my breath...right there with you!

[mwv813]

This will be a stressful month for sure.

[Anonymous]

Well, I feel your pain.  We've got similar scores and a lease ending in July.  We're in house-hunting and pre-qual phase while we wait on the last of the paid judgment paperwork and pay down UTI and hope we've done enough to bring DH's scores up.  (Like your wife, mine are higher, but only one of three lenders we work with counts my scores.)  I absolutely can't imagine putting in an offer before we get our pre-qualification (most RE's here won't even show you homes without one in hand).  But we aren't sharing with anyone but very very very close family until we've got keys. 

[ak_7vytr0]

i feel ya ... im in a similar boat.. was planning to rent my current place for 2 or so more years. ( till my lady finishes her degree ) but our neighbors.. ( live in a duplex ) are buying the building.. who wants to live next to their landlord...uhhh nobody lol.. so decided to go for it.. good luck and keep us updated

[frugalQ]

Congrats on you guys making the decision to be homeowners!  it is a very stressful process, but it is WELL WORTH IT in the end!!!  So, just take a bunch of deep breaths and stock up on your favorite bottle of wine!!

good luck to you!

[mwv813]

frugalQ wrote:

Congrats on you guys making the decision to be homeowners!  it is a very stressful process, but it is WELL WORTH IT in the end!!!  So, just take a bunch of deep breaths and stock up on your favorite bottle of wine!!

good luck to you!

---

Thanks!  I'm now starting the process of hunting for an inspector, home owners insurance, etc.  I guess this is  real now.  Ha!

We were pre-approved for an FHA Mortgage with the contingency of my median score increasing 1 additional point.  I received an update from MyFico that my FICO 08 score incrwased by 12points, so I assume my mortgage score increased as well.  I guess I will find out soon.  My mortgage broker is preparing the paperwork now and will have it to me tomorrow.  

[PdxGirl]

Going to sign the mortgage app today.  My mortgage broker has it all filled out and says he will write the LOE for me, and I will sign. He's making the paperwork part easy. I'm nervous as heck though.

Good news is, the scores pulled exactly match the ones I purchased here.  The MYFICO mortgage scores are a really fantastic tool.