Thought id share my story of our home buying experience
Late 2011 we just had our 3rd child, my Wife was out of work for a while and I was looking to cut some costs down. Looked at refinancing our house with the lower rates and I was shocked at the difference so I asked him what could I get if I wanted a new house. Well my jaw hit the floor after that convo and we put the house up for sale.
A few big things happened, the house sold fast with a bidding war and during this time my Wifes employeer would not take her back because they had to fill her role and on top of it all we ran into insurance issues and they refused to cover all the medical costs for our daughter being born.
Since my Wife was the only one on the mortgage, we let a couple payments go late not thinking it would have an effect on me to get the medical bills taken care of. Well couple months later and a big fight the insurance company fixed the problem and they covered everything. And my Wifes employeer begged for her to come back lol
Well it was time to close on the new house we built, we were pre-approved and good to go to underwriting. Well we got denied because we are in a community property state and they saw the lates on my Wifes credit even with her as a non-purchasing spouse.
We were told we had to wait 12 months for the lates.
So we went on a contract to build another house but this time they sent us to underwriting before they started building. Well we made it with almost no conditions. The house got built and we went to underwriting again, same story way way easy and we closed.
Big lesson learned here, dont mess up my credit anymore!!!!
