Boy! I can tell you, just reviewing posts alone has been incredibly helpful for my husband and I. My apologies on the lengthy background. Let me get down to it:
Scores finally got to where we needed them to be, and did some mortgage shopping in April 2015 (included NFCU, Homebridge, Alcova, etc.) Initially, we preferred NFCU, but the builder insisted on using their 'preferred' lender (1/2 point incentive). Well, we tried to resist initially, because we knew off the bat this guy was not equipped to handle our needs. Nice enough, but not completely knowledgeable. Anyways, conditionally approved thru UW...median scores were 639 and 641...indicated we both needed a 640 to close. During these past few months, I have been checking in with him, more specifically the FHA rules on student loans (eff 9.16.2015). Constantly, he would suggest we were ok...DTI was 28% with the standard student loan payment, but that was b4 upgrades (from 485K to 510K). I had to push the issue to get a case number. Anyways, a lot of family emergencies...CC balances almost maxed out, new small installment loan added. So, we have been freaking out...tried to tell him, but he just blew us off. A few weeks ago, I asked for an appraisal (what was it b4 construction began?) He said it was done...left several voice mail/email messages..no response. Spoke with his mgr, who indicated he did not think an appraisal was done?? He would confirm with our LO when he returned to the office...no response. We are freaking out....SO HERE IS THE REAL QUESTION:
Did an mortgage app w/ NFCU, and he said we were good...as long as we obtained FHA case number b4 9.15.2015. Still unable to get it from our current LO, NFCU were able to retrieve it from HUD system. Great!! Now sending docs and signing disclosures. House is 510K, with 25k down as earnest dep/DP. NFCU needs a copy of the check...WE TOTALLY FORGOT THIS PART!!! My mom was going to gift us the 12K, she will have to do it later....but, in an effort to secure the lot, we got 12K from CC cash advance. The check to the builder (20K) was written on NFCU account and so when we send a copy of the check to the NFCU LO, he will see it and source it back to the bank statements that has the cash advance!!!! What should we do?????? If my mom is able to get the 12k before we close...sometime around JAN/FEB 2016, then we may be ok. But what happens if she can't do it????? Don't wanna go back to preferred lender? He will see the credit score drop....and they have way more fees than NFCU!! The score pull NFCU did last week will last until closing...no more pulls, no more stress!!! The old LO has no idea we are trying to secure financing witgh NFCU...wanted UW approval before we tell him!!!! Can part of the earnest money (13K), be used toward 3.5% DP and we add the rest. And the bulder do an addendum to the contract, where the 12k be used toward closing costs? HELP!!! PLEASE HELP!!!
