@fixmycred14 wrote:So, are you still going to take the free rent option and hold off on your new home? What happened with the builder and your basement?
ok, I am working on the free rent option now...just got off the phone with my boss. As for the builder(s) and the community I loved so much, I am running away from that deal. They wanted to charge 30k extra for the basement, then we met to discuss options and they were supposed to call me back last week....haven't heard from them since. The community has had 3 different builders in 3 years, there are only 15 homes built and 3-4 of them are unoccupied and don't have basements. I guess they don't want to sell a house to me. I felt deflated at first, but when I got home and saw the email about the new project, I was thinking I may have dodged a bullet. I didn't really want to move down there, it was just affordable and convenient to the Salisbury office.
We will see....I spoke to my boss again today, I think he is willing to let me go to the project, he just wants the project to pay for my housing vs. our department paying for the housing. Sooooooo, I had to submit my level of interest to him today by 12pm and we will see. I am hoping to hear something before the end of the week!!
012019 Fico8/Mortgage Score: 
Oh okay. I had the lot in mind and they pre-approved me. I put the contract on it on Sunday and the loan docs came Monday. So far, no conditions.
Worst case is that they would factor it into my DTI. I think the percentage is 5% of the debt. I will be fighting tooth & nail come May with EQ. They told me it will be off my reports by then. It only shows up on EQ. The LO said either way she thinks it will be ok.
Did you have a realtor or attorney?
Starting Score: FICO TU 591 FICO EX 581 FICO EQ 555
Just a realtor and a broker that I absolutely loved. I think I will drop him an email today and let him know what happened at the community and at work. When I am ready to pull the trigger again, I will call him for sure.
@fixmycred14 wrote:Thanks to myfico, I've made it this far!
However, I am terrified of what's to come. I've been pre-approved for an FHA mortgage. My LO said my scores were higher than I thought! I need to update my signature line. I put a contract on the lot and have selected options. It's new construction with a delivery of Fall 2014. They estimate pouring the foundation in April. I have several months to go before this is all said and done with. I received my loan documents via Fedex yesterday.
How long will underwriting take once they receive the loan documents? I've already submitted my supporting docs.
When will they pull my credit again? When can I expect to close? I put down a small deposit and the builder set up a payment plan for the remainder of the DP. I don't want to lose my money or have my loan fall through. I'm so scared...
First of all congrats! I know how you feel. I put a contract on a new construction back in October and now that I'm a few weeks ago from completion I am getting very scared. I'm sure it will all work out in the end, but just reading that someone else is a little nervous let me know that I'm not alone.
Good luck to you and I hope you fly through with no issues 
@newmomnewme, c4sp14nx & gogotexan --
Thank you all for the support and encouragement! I really appreciate it and wish you all the very best! It's comforting to know that I'm not the only one out there...Anything you can share about your process is welcomed.
@ezdriver wrote:You will get to the closing fine because you are a myFico family member and thus you are educated on credit issues and likely won't do what one of my buyers recently did ... went out and bought a brand new expensive motorcycle 30 days from closing. Her DTI was shot with that purchase so it looks like she won't be closing ... unless she gets rid of the bike. It is amazing to see what some folks do just when at the critical point in their transactions. I know that you will hang tough. Congratulations on getting this far.
You can't be serious?!!?
Oh my goodness!! My loan docs were enclosed with a letter...in huge, bold, red letters it read "DO NOT APPLY FOR NEW CREDIT!"
I pray I make it to the finish line.
So, what happens if you don't close? Does the house automatically become an inventory house? Can you push the date? New lender?
@c4sp14nx wrote:Congratulations on your new home! Your thread caught my attention b/c I am in very nearly the same boat as you -- signed a purchase contract at the end of December, picked out options and whatnot at the end of January, received my conditional mortgage approval about a week later...and now just feel like I'm waiting for the other shoe to drop. Like you, my home is a new build expected to be completed in fall of this year -- and I have a feeling these will be the longest few months of my life!
I'll definitely be checking back with this thread as you continue through the process, and I'm sure that you don't have anything to worry about -- you wouldn't have gotten this far if your file had any show-stopping issues!
I couldn't help but chime in because like you I'm in the process of building a house. I recieved a conditional mortgage approval as well, I did have one condition which was that I be able to obtain PMI which requires my FICO score be 700. The builder is actually a head of schedule and I'm still 11 points from 700. Like you I'm nervous because I put down $50K with the builder but really feel confident it will work out. Just enjoy the ride!