Mortgage Loans

[foofighter74]

We actually are trying to add a morning room off the kitchen. It's an 11,000 upgrade, along with a pricey ceiling fan, but most of the rest of the house is essentially the base home.  We have maybe $2500 in upgrades, and we were pre-approved with the initial numbers.  Now we're adding $12,000 in upgrades. Or, at least, we are trying to.  The extra down payment, closing costs, etc, aren't really any issue, and the monthly payment increase wouldn't have much impact on our DTI ratio's, we are still way under...but our file is not the strongest because we are waiting out my wife's 2 year post-bankruptcy discharge period.  We need to get her credit score to 640, and i'm extremely confident we can do that needing only 10 points in two months, but i have no idea how our lender is going to react to the upgrades. One other positive is that my wife is probably going to be getting a job, within the same industry, that is straight salary and at least an $8,000 raise.  Could be as much as $11,000 more a year. 

[MovingForward_2012]

That is good news about your wife's salary increase. The breakfast nook sounds very nice! We had that in our first home and really enjoyed it.

As far as getting those 10 pts in 2 months, if you are doing it based in part on lowering credit card utility, be sure that you know when your statement cuts as credit agencies typically update your credit report once a month, which is usually a couple of days after they issue the statement. So be sure your payment posts before they cut the statement. Some creditors report in the middle of the month and if your creditor is one of those, you'll want your payment posted a couple of days before the creditor reports your updated account to your credit reports. This will ensure your lower balance will be reflected on your credit report.

Best of luck to you and your wife and I hope things start to go more smoothly soon. :-)