Hey guys, my wife & I are starting our USDA First time Home Buying process, after paying insane amounts of rent the past few years. We're looking at a new manufactured home, own our own land, zero down loan. The home that we're in the process on is at $120,000. Basically a stick built home on a frame, permanent foundation required due to the weight and build quality. We're just in a time crunch, so doing a manufactured vs site built.
Our lender, American Mortgage Service Co is who we're working through. We had my credit pulled the other day, and you can see the scores in my sig. I've came a long way in a year, from the sub 500's, so we're excited. She said we're good to go on the scores, no issues. She has to get in contact with her processor tomorrow morning to see if our property is in a flood plain, and if so, what eleveation the home needs to be at to be out of it. (Property has never flooded in 100+ years)
I'm meeting with her tomorrow, so pretty excited. Just not sure what to expect. Looking for any thoughts on what to expect. I've sent her my 2 years tax returns, 1 month of pay stubs, and student loan payments (only thing I owe on, $226 monthly total). My income is decent, $36,000 salary plus commissions and bonuses. I'll be at $68,000 this year total.
We're excited, but nervous at the same time. Especially with rates rising, we're wanting to get it done, and soon. What can I expect to have happen?
No, we're getting a manufactured home from Deer Valley. We're in KY.
I have a collection from 4 months ago on a fraudulent account that was paid to the OC at the urging of our first mortgage officer, then subsequently found to be fraud after I launched an investigation with the OC. The Original creditor recalled the account from the collection agency, but thus far, it's still there on the report.
My median score is a 669. My low is a 645. I may not have updated my sig, ha. That's w/ my utilization at 18% which has been paid down to 1% at the moment. Should be due another increase when the CC reports.
I'll keep everyone updated. Hopefully can have some resolve by the end of this week on what to expect.
No update as of yet. Waiting to hear back from our Loan Officer today. Found our builder after 2 others backed out. Had a setback with our property being in a flood zone. Hopefully 'll be able to update this afternoon or tomorrow.
Congratulations! You have been pre-qualified for purchase financing, subject to the following conditions:
Satisfactory documentation of information provided,
Satisfactory purchase agreement/contract, appraisal, title examination and flood certification, and
No adverse change to employment, income, credit, finances or lending guidelines.
This
pre-qualification is based upon my review of information you have provided and of your credit report.
This pre-qualification expires on 10/3/2013
Please contact me at or my cell should you have any questions or at any time I may be of assistance. Our lending team at American Mortgage appreciates the opportunity to provide home financing and we look forward to another successful loan closing.
Sincerely,
Woooohooo. Also, we're doing a Modular home vs manufactured. Preapproved for $205,000!