This is such a nail biting, hair pulling, overhwelming experiene - as if most of you reading this didn't already know that.
Here's our story:
DH and I currently own a small home, have been looking for bigger one for a couple of years. I messed up our credit three years ago by trusting a debt consolidation company that robbed us of a few thousand dollars and then had three credit cards charged off due to lack of payment by the company who ripped us off. Anyway, knowing that, I was hoping our scores would be high enough for a loan (and I check them monthly), but unfortunately we're still "just" under the threshold.
So the home of our dreams came across my email three weeks ago - we went and looked at it the next day and made an offer. The next day, the offer was accepted! Now the fun part.
We found out after a week 'n a half of trying that we could not get approved no matter which route we took. I was devasted and DH was frustrated. He was okay with it though knowing we had a roof over our heads and that time will make it better and we can look again. I didn't stop there - I really want this house. That didn't suit me 
So I went to father-in-law, with the approval of DH, and asked if he would co-sign. He of course said yes!!! He has a middle score of 820, makes over $80,000 per year and no debt for over 20 years. I told him we could refinance and kick him off the mortgage as soon as our credit scores came up, about 6 months is all we need. We were told we should do a conventional loan with 10% down - I said okay.
So I got all the paperwork on my father-in-law over to the LO and the appraisal was completed last week - it's been in UW since last week and he says we should have an approval by the middle of this week or know if there are any conditions to satisfy.
I'm really nervous because my father-in-law was temporarily laid off since the beginning of November as he ALWAYS is this time of year by his employer (he also volunteers for it so he can go hunting without feeling guilty of missing so much work). He is scheduled to go back next week - his employer wrote a very nice letter for the file ensuring this is temporary, always happens this time of year, and he would be back in the very near future. I can't see how anyone would NOT want my father-in-law having this mortgage. He has more money in the bank than what the actual price of the house is - he could purchase it in cash if he absolutely needed to and wanted to take some penalties on early withdrawl's from CD's. . .wow, this got long. . . I'm just praying nothing goes wrong. Set to close December 29th and LO says we could probably do it way before that and is aiming for the 15th. Just gonna have to wait and see where we're spending Christmas! Does anyone foresee this getting denied??
