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PreApproved for FHA mortgage! Next steps...

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bjg1205
Established Member

PreApproved for FHA mortgage! Next steps...

First, Thanks to everyone on this board for all your help.  This place is a great resource and I'm glad to find everyone here willing to contribute their wealth of knowledge.  I spoke to a lender today and confirmed via email that I am preapproved and as soon as I find a property, he will send a property specfic preapproval letter.  He ran my scores using Avantus and came up with the following:  TU04: 696  EX: 666 and EQ: 649.  My score pulls from here were TU: 658, EX: 643(from Experians website) and EQ: 649 so the ones he pulled were higher.  Woohoo! I'm going house hunting this weekend.  Also, he said that this credit pull is valid for 90 days so if I can find a house and close, they won't have to pull again.  He has already sent me his checklist for documents which I already have most of.   So what next steps should I be preparing for? 

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Heavanly1
Regular Contributor

Re: PreApproved for FHA mortgage! Next steps...

The next step is finding a home to purchase!

 

In the meantime, continue to pay your bills on-time, don't apply for any new credit, and don't make any large purchases. Once you get to underwriting, the UW will scrutinize all your records and they'll want to know things like why you spent you $400 at Wal-Mart and whether you do things like that all the time.

 

Continue to save money and be prepared for all the great things being a homeowner brings! Good luck and congratulations!

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