This Looks Good!!

[Gladius]

Due to a "fluke" on my wife's credit report, our LO told us that the house we planned on building due to close February 2014 was a no go.  Our only other option was to find a new under construction house that we would be able to close out by December 2013 since the credit report the lender has on file will be good for 6 months and they wouldn't have to pull another since they didn't want to take a chance on the "fluke" looking worse (it is currently being disputed).  Well, we found a "better" house in the same subdivision, due to be finished next month.  It was still in the stage where we could add our own personalized upgrades.  Got approved by LO for the increase in cost ($20K more than our original pick). Seller agreed to pay all closing costs.  Property taxes are less than we expected/budgeted.  And we still are under our monthly budget for mortgage payments according to GFE we just received in the mail!!  Next step is trying to get out of current lease early, but we are some happy campers now!!

[StartingOver10]

Congrats! Sounds like you found a way to make lemonade out of lemons! Be careful with the lease termination negotiations and make sure you get the landlord's commitment in writing rather than just a verbal approval.

[Gladius]

Will do. We love this house so much we are actually preparing ourselves to finish paying out our lease (3 months) if our landlord doesn't give in. It will be tight for a few months but well worth it in the long run.

[DallasLoanGuy]

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@Gladius wrote:

Due to a "fluke" on my wife's credit report, our LO told us that the house we planned on building due to close February 2014 was a no go.  Our only other option was to find a new under construction house that we would be able to close out by December 2013 since the credit report the lender has on file will be good for 6 months and they wouldn't have to pull another since they didn't want to take a chance on the "fluke" looking worse (it is currently being disputed).  Well, we found a "better" house in the same subdivision, due to be finished next month.  It was still in the stage where we could add our own personalized upgrades.  Got approved by LO for the increase in cost ($20K more than our original pick). Seller agreed to pay all closing costs.  Property taxes are less than we expected/budgeted.  And we still are under our monthly budget for mortgage payments according to GFE we just received in the mail!!  Next step is trying to get out of current lease early, but we are some happy campers now!!

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credit expires in 90 days.... not 6 months.

why does the fluke not affect the loan on the second house when it affected the loan on the 1st?

[Gladius]

Won't go into detail about the fluke, but it was something that "popped up" on my wife's CR out of the blue that will possibly have a bad impact on our being able to get financing in the near future.  The matter will have to taken care of in the courts to get it off my wife's CR unfortunately.  Her scores haven't been affected (yet), but the negative is there.  I think our LO is just taking precautionary measures to get us through the process early.  I have been working with him and the underwriter and I know it's not concrete until you have the keys in your hand, but they both assured me we were "good to go" since our DTIs were both good (currently).  Don't know about the 6 months information, but it came from his mouth.

*This is information we noticed after our initial loan approval that we brought to the LO and underwriter's attention ourselves.

[DallasLoanGuy]

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@Gladius wrote:

Won't go into detail about the fluke, but it was something that "popped up" on my wife's CR out of the blue that will possibly have a bad impact on our being able to get financing in the near future.  The matter will have to taken care of in the courts to get it off my wife's CR unfortunately.  Her scores haven't been affected (yet), but the negative is there.  I think our LO is just taking precautionary measures to get us through the process early.  I have been working with him and the underwriter and I know it's not concrete until you have the keys in your hand, but they both assured me we were "good to go" since our DTIs were both good (currently).  Don't know about the 6 months information, but it came from his mouth.  they likely just dont want to ding score or pay for additional reports... if this is a conventional or fha loan they will have to pull again when you are close to closing.... underwriter will require it.

*This is information we noticed after our initial loan approval that we brought to the LO and underwriter's attention ourselves.

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