Our FHA Story

[bluevalentine78]

Sent in application on Monday, November 28th to a local lender in San Antonio, Tx and pre-approved for $145k that next day but lender suggested staying closer to $135k to get payments where we want them (around $1050 including taxes, insurance and PMI)

My midscore - 671.  Husbands, 683

Combined annual income: ~45000.  Job allows us to telecommute so no issues with job and relocation

~11,000 in the bank

Debt - 340 car note, 75/month total across 2 credit cards, 100/month IRS bill

Since we are relocating from Dallas, we were going to wait until the end of the month to head down to San Antonio and start looking, but it seems like the houses we like arent staying on the market long and not much new inventory so we are hopefully headed down sometime in the next 7-10 days.

I had a question -- can our lender or real estate agent let us know if we are able to get any sort of down payment assistance or any other programs we might qualify for as first time homebuyers?  I'm kind of afraid to ask for fear it makes us seem like we wont have the money we say we will.  

[Anonymous]

Definitely ask your loan officer. They can advise you on any loan programs you might qualify for. They are not the one who approves/denies your file that is the underwriter.

[Anonymous]

I had a great experience with my Mortgage Banker and my real estate agent.  They were very proactive in finding us what we were looking for and they made the process very easy.  My husband and I are in the San Antonio area as well.  If you would like a reference you can PM me and I'll give you their information.  I wish I would have found them first before going through the hasle of talking to other real estate agents and mortgage brokers.  There were alot of them that gave us bad advice and didn't know much in the San Antonio area.  We are closing on our home on Wednesday!   

[Anonymous]

No harm in asking your lender. They will not think anything different of you, especially since you have already been pre-approved based on your current assets.

[bluevalentine78]

Friday we went down to San Antonio from Dallas.  We found a great house and after some quick back and forth with the seller, we are officially under contract for 134,900 with seller paying $3800 towards closing costs plus cost of home warantee, new survey and title insurance.  Our lender feels confident that should cover just about everything except down payment, appraisal and inspection.  Lender says our file looks really good and that the process should be relatively easy for us unless we do something dumb like quit or get fired from our job or open new credit or run up a bunch of debt or anything.  

Of course, nothing guaranteed until everything gets sent back to underwriting and appraisal comes in, but looks like we will be closing on January 13th

[CreditScoreChallenged]

Congratulations on your approval.

[bluevalentine78]

Thanks.  I'm still sure something will come up in underwriting but I remain hopeful.  I'll be on pins until we have keys

[Anonymous]

Im in the same situation!! I got a pre approval, found a home, did the inspection, LO is re running my credit report tomorrow. ( I paid off a lot of debt that was showing on the 1st report) and i hate the way im feeling right now!! I feel like something will come up and ruin my chances!! I have a lot of credit cards 18 to be excact and all combined, I have maybe 2500 in debt with them, with avaliable credit of over 20K. I hope to god ill be okay! She tells me to stop worring (the LO) but I cant help but to worry! This is so stressfull! Also, Im in a lease and luckily they are going to let me out of it as long as I pay Jan rent, and forfit my deposit....but im scared because they already placed a for rent sign in my yard!!  I truely cant wait till this is over and I can finally breathe

[bluevalentine78]

Inspection done.  Still waiting on FHA appraisal but we were told they'll have it in by Thursday.  

Today was asked for list of bank transactions from 11/30 to today, a letter saying why we are relocating and a letter saying how relocation will impact the side business I run (it wont).  they asked for landlord info as well to verify rent.  

Still totally terrified

[Anonymous]

BlueValentine....Im right there with you!!! I have been a nervous wreck ALL DAY!!! I sent my LO an email asking if all looked a lot better than the first credit report...Havent heard anything! Do these people not understand how stressful this is to us?!?!   I mean I know they have a job and im just being a butt, but omg this is so nerve racking! I wish you all the best and i hope you get your load! Matter a fact we will claim it in Jesus name!

AMEN!!!!!

I will keep this post updated as I hear more :-)