09-20-2012 01:59 PM - edited 09-20-2012 02:01 PM
Everything will be fine Chbraswell... this is just a test to see how bad you want it. I have full faith in you. If they are still asking for documents then they are still looking at your file... which is good. Tell me more about the gift award and the account with overdraft fees... I'm in the same boat but they have not requested updated bank statements yet because I haven't found a house but I know they will. I have a second account that I rarely use but it also has a few overdrafts that I do not want exposed. Good luck all!
UPDATE: I received my preapproval letter in the mail with my conditions... it looked a mile long until I noticed that some of it was repeated and most of it had to do with finding a home.. the one that stuck out to me was that I have an open collection from a past due university loan... I have been making payments on it and supplied supporting documentation... but the conditions state that it has to be paid off! When I spoke to the LO before I received the letter she stated I just needed to update the documentation and now I read this! It sucks because I have $2200 outstanding and if I pay this off, not only will it probably drop my score, but I won't have enough for downpayment and closing... I am waiting to hear back from her if this is the case... To top that off, they dropped my affordability because they claim that the findings of the DU states that all debts must be included even ones that have less than ten months... We have a second car that will be paid off in a couple of months and that screws me... Of course if I pay that off and the collection I can forget about money for downpayment and closing costs.... I want to scream!
09-25-2012 10:31 AM
They were not kidding about stating that this is a stressful time where they???? I would see what your LO says and what needs to be done to work it out. Maybe they can look at another option. From what i was told is that NSFs on your bankruptcy could potentially kill your loan review. They could see that as you not paying a bill. So it is just less hassle to do that. A gift letter just shows your parents or another immediate relative I believe is giving you the additional funds for your down payment. They have to go to the bank and may need the bank to stamp that the funds are there. Then they may want a copy of the check given to you as well as the deposit slip. I hope so for you! I want you to get this home!!!
Today all that is needed is my copy of the gift certified check and the copy of the deposit slip. Unfortunately my mother will not be able to give it to me until the 28th. So, hopefully we are at the end. My LO just sent me an email asking me for the disclosures, but i thought i had already given those to him unless i didnt scan the pages up correctly. The hardest things for me to get was my tax returns, the guy who did them just fell off the planet but i contacted his home office because i needed the 1040 form. When i reviewed it he spelled my name wrong several times, and then did my p & ls as a business so i could get some type of credit. Had i known i would have told him no. What he explained to me when he did my taxes was not what he did. So I will not be going to him again, and i made sure i did a LOE for the schedule C on my taxes as i have never owned a business. I tried to be ahead of the game. Next was my documents for my bankrutpcy which i did not have, so i had to find this site called Pacer which has your bankruptcy documents housed there. I paid $5 for those and he said they were good. Now let's see what else is next.....
09-28-2012 09:46 AM
okay, so i have a new closing date of 10/19, three weeks away!! But still havent received my final approval of the loan. Today i submitted the proof of the deposit of my gift check as well the front and back of it. So hopefully I can get an approval today.
09-28-2012 06:52 PM
10-02-2012 08:31 AM
no news yet TTR79, but i am going crazy myself!! i just want it to be over!! I emailed the LO because I couldnt wait any longer. Last time I was still in u/w which was as of last week, Friday morning. I was trying to give him time to do his thing. I'll let you know what i get back, i'm pulling for you too!
10-05-2012 12:48 PM
I submitted all my docs last weeks including my 1040 2011 tax returns. PreviousIy, used a tax person who lived in cleveland and i live in columbus. He came highly recommended. He explained that I could get a credit for depreciation of my car and that it's perfectly okay. So he did my taxes and few of my friends and relatives, and sent me some of my docs and that was the end of it. Several months later (which is now) i decide to get a home and of course, they want my 1040. So first i tried to find this guy and he was not responding, so i called the corporate office that he works for and advised that i need my 1040s and he is not being responsive. So the lady from corporate sends them to me, and to my surprise i see tons of errors. First off he spelled my name wrong like 10 times(minor and exaggerated numbers) he spelled my car wrong and had the details wrong. But most importantly he did a profit and loss statement and had my car depreciated at a loss of $31,000!!! I was livid so i wrote an LOE explaining that I have never owned a business and that i was unaware that he did my taxes in this manner. So now my LO is questioning me about it and I don’t know what to do.my realtor recommended an amendment and is going to speak to the LO. He said because the amount they showed that I made matched the amount on my W2s, we still have a leg to stand on. As of right now, my LO said it has been escalated to a credit committee review and he explained the situation to the U/W. I dont even know what that is??? But realtor said that they know that i make good money they will just want more explanation regarding the loss. Keeping hope alive!!
10-05-2012 06:20 PM
10-09-2012 09:54 AM
So i talked to my Realtor who has been talking to the LO and it seems as if they are stuck on this taxes. I havent heard anything else, but it isnt looking good. I was pretty sad because i really want this home, but I have learn that sometimes it isnt your time. So i have started looking at some apartments that I am really liking as a back up. I'm hoping to hear a yay or nay this week. I am happy from all the new stuff I have learned on this site and will always recommend it, but i dont think i want to get a home for a very long time after this lol.
10-11-2012 10:51 AM
Well it looks like they are going to deny me. Based upon that tax return they want to count it as income which means because of the loss I make less than what I stated. So it looks i wont get it now, and because of several pulls, my score went down. well it's okay you win some and lose some, i am in the process of getting into this cool apartment community so it's A okay! Thank you everyone for your help! I greatly appreciate it!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO