USDA Guaranteed Loan Journey (so far)
10/08 Submitted Offer
10/09 Received Counteroffer from Seller
10/10 Countered/Received Counter/Accepted (under contract)
10/15 Home Inspection
10/19 Met with loan officer; reviewed/signed all mortgage applications; provided all docs requested
10/19 Home Inspection report received (long story, but our home inspector was terrible, complete waste of money)
10/22 Received request from loan officer for additional documents (one of which is a bank statement for August (so that they have 2 months—I’ve already provided the September statement))
And, we’re still waiting for a LOMA to be granted from FEMA; decision has been made, so expecting it any day—all indications are that the home will be removed from the flood zone.
My dilemma—that stupid August bank statement.
Here’s the deal—hubby and I had separate bank accounts until the end of August; we then opened a joint account at a local credit union and closed the other accounts. My previous bank account (for the month of August) shows a large student aid refund from the university I attend; and a huge payoff of credit cards, collections, etc…It also shows access to a check advance account (through the bank); I know, stupid on my part. Here’s the dilemma—on November 1st; I’ll have a bank statement from the credit union (that is in pristine condition). Could not waiting 10 days to use this statement cost us the house? Major stressing here.
Here's some more info:
Total Monthly Income: $5,550
Total Monthly Debt: $1,145 (student loans, car payment)
We had around $1,000 in savings--but the home inspection, earnest money, and appraisal fee devoured that (but, hey--that's the point of the USDA Guaranteed Loan program, right? We can save...but the past year or so we've dedicated extra funds to paying off old collection accounts and credit cards)
Purchase price of home is $163,500. Estimated total payment (incl. taxes, etc...): $1,116; which puts us well below the 29% dti (actual is around 25%).
I also have close to $10k in state retirement (for what that's worth--loan officer did include it in assets); and a statement from my employer that some of my tuition costs will be reimbursed (the letter also states promotion potential).
This rebuilding journey has been tough and long--I'd really just hate for it to come down to a darn bank statement that I won't have for 10 days.