UPDATE: I completely forgot that i posted this in April.. I bookmarked it and forgot all about it.
With all the info i got on here I took a big risk and sold my old house in May. We moved in with my dad and did what we had to in order to get our scores above 640 as requested by my lender.
I decided to go through a new builder's lender and when my score was 641 and my wifes was 670 (mid scores) we went ahead and made an offer on a home that was halfway built. We were able to make a few decor options but the house came with all of our must haves thanks to the good taste of the previous buyer who had backed out.
We submitted all paperwork July 23rd. We recieved only two conditions.
To clear up a recent hard pull from a collector who had pulled our credit. This was interesting they just had a credit report company call me and then the collector on 3 way, it was nerve racking but they finalyy admitted that it was NOT for new credit. Then the credit guy hung up on him... LMAO!!! I was cracking up.
The second condition was simply our 2009 tax return from the IRS. Cost me all but 20 bucs.
Went smooth through underwriting and i was informed August 13th that it was good to go .... as long as it went through USDA underwriting with no issues.
THis was the hard part.. Heard nothing.. NOTHING!!!!!!! Until September 2nd, clear to close!!!!!
We closed September 9th, they did pull our credit on September 1st and there was a new inquiry from an old old collector but it didn't bother anything. Thank goodness!
We moved in September 10th and have been settleing in ever since. Absolutly no regrets, we love our home, so glad we chose a gated community it's so peacfull, minus the construction noise and scorpions which should settle down once the homes are all complete.
I wanted to respond to let everyone know out there.. One repo from 2 1/2 years ago unpaid, tons of medical bills and charge offs totally over $10,000 and we still got approved. I guess our stable job history, no late payments in 2 1/2 years and good variety of different kinds of on time debt made up for the risk factor. Our mortgage of $190,000 was since sold to Chase , we locked in 3.75 and with the lower PMI i pay less than my neighbors for the same model.. which is a great plus! If you get your score to over 640 and go through your builders lender i think it does really open up some extra options that may not have been there otherwise.
Good luck to everyone out there i know this was the most stressfull time in my life, the selling, the waiting..the buying ... but just keep your head up and follow the great advise on these boards!
