02-15-2013 07:25 PM
When you close on the loan the Lender will only give you the selling price or the appraisal price whichever is lower. The numbers they give you for pre approval are your maximum buying power. Your buying power will be well above what you wanted to spend.
You do not get to put money in your pocket from your purchase.
With 90K a year and very little debt, you shouldnt be thinking about borrowing money for furnishings or anything, You should be able to purchase it outright.
As an idea off the top of my head without doing the numbers officially on FHA...
900 month principle
45 month homeowners insurance
150 month MIP (same as PMI)
166 month taxes (based on 2000 a year)
Totals = 1261
These are hypertheticals, but probably not to far off, except maybe taxes, and principle (depends on rate, but could be a few dollars more or less). Which is probably a little lower then one weeks salary between the two of you. You should be able to buy your furnishings without the added expense of interest, even if it takes you a few months to furnish the entire house. Just my 3 cents...
02-16-2013 01:28 PM - edited 02-16-2013 01:30 PM
Wee! My score went to from 607 to 611 from the mortgage inquiry, lol Finace's hasn't changed at all so no loss for him, exciting! Both or cc statements havn't cut yet so we'll get the boost from that also
02-16-2013 04:59 PM
02-16-2013 05:00 PM
I almost wonder if an inquiry or account aged and that cause a slight increase... I don't think inquiries make your score go up, sometimes they don't cause a hit..But going up...weird.
02-16-2013 05:17 PM
It might be an aged account thing but my cc's are not a full year old yet. I did get added as an AU on my fiance's card that is over 1 year old but haven't gotten any alert for it and it's not on my reports. Here's the only alert I recieved in the last 2 weeks:
February 16, 2013
|Alert:||Applying for new credit has added an inquiry to your credit report|
Score Watch alert/Changes to your FICO® Score
|Your FICO® score has gone up to 611 on February 16, 2013.|
02-16-2013 05:18 PM
02-27-2013 04:12 PM - edited 02-27-2013 04:14 PM
Just an update: my scores are now at fico EQ 618 and Fico TU 630 in 10 days from EQ 611 and TU 597, and I still have a cc stament that hasn't hit reports yet that put util to under 9%. Fiancee is at Fico TU 619 and EQ at 597 with 2 cc's that have yet to hit reports paid to 2% util! Almost there, and on top of that my mom said she willa dd both of us an an au on her card when she does a balance transfer to help. Yay! We've got until the end of March to get to 620 mid at least so I'm pretty excited about how much progress we have made in just 10 days