Only 2 conditions left...should close next Friday

[C_DUBYA]

Original closing date was today, but Thanksgiving took a week off.  Ugh.

So today we got the word all conditions are accepted but there are 2 left.  

1. Need paper from seller saying they will install SOD and put money in escrow until spring. (Buying from a builder)

2.  Appraiser needs to resubmit the appraisal form as he used one for condos, and ours is a single family.  

UGH!  Waiting on 2 items, that having nothing to do with me.  Im so impatient. lol

Hopefully these move quickly next week!!  Need them both by EOD Tuesday to close Friday.

[DallasLoanGuy]

congrats

[J_G]

Did you get approved with those 500 scores? If so who is your lender and where do you live if you don't mind me asking. I have been waiting to apply until my scores were over 620. But, this will be great news for a lot of us on here. Thank you

[C_DUBYA]

Yes.  My middle score was 597 when I was preapproved, and still that way later when I got full approval and commitment.  Lender pull had me at 611 TU, 597 EX, and 580 EQ.

Some lenders go as low as 580 middle score for FHA.  I found two that preapproved me and went with this one.

My lender is located in Michigan where I am.  The two that preapproved me were Aim Financial, and Prospect Mortgage is who I went with.  My rate is 5% though when others are getting much lower.  

Keep in mind, the score isn't all they care about.  In my case, I have a lot in savings(More than 50k), long term employment (10 years+) with the reason for my low score being some 120+ days late in the past 3 months due to some personal issues/miscommunication with wife (essentially, we split for a bit and I took over bills and 2 were "missed").   As of the time of applying I had 0 collections, and all bills were up to date with 0 balances, and utilization of 1% on all open credit.  And what hurt me more was my house I owned I closed on in September and my score dropped over 20 points on EX alone once it showed as paid.  

I bring this up because someone with the same score may be declined even with these lenders.  Expect to be looked into much deeper if you are applying with this kind of score.

Good luck!!