Ugh!! Stressful process!!

[Muschock]

LO gave me a pre-approval after going over my financials on 3/13. I made an offer on a home the same day. On 3/14 LO called and said there was a problem with my credit and I needed proof the 2 medical judgements were paid. He told me not to call him until I had them. On 3/15 my offer was accepted. I told my realtor I didnt like the LO personality...I know, thats probably a girl thing, lol. Anyhow, she gave me a couple other guys...I picked one and called him. I sent him my info...w2's etc. He pulled my credit and told me I should not have been pre-approved by the other guy but I am under contract so he was willing to fight for me. I spent a week tracking down everything he needed including paying off some medical collections. He had me write a letter about the medical judgements and medical collections to explain why they were not paid (controlling ex-husband who paid the bills...or said he did!) this morning the LO emailed me and said he does not think we will have any issues! Whew!! My DTI is on the high side because of a car loan I co-signed but I provided proof from the bank that in 22 months I have never had to make a payment so maybe it wont be counted. Im also on income-based student loan repayment and hoping SallieMae will process my renewal sooner than later!
Im sharing with everyone cause what has kept me sane the last couple weeks is coming here and reading others triumphs and issues!!
Fingers crossed that I can close on 5/1/14!!!!

[CelesteR]

I'm going insane right there with you! I was preapproved, put in contract, paid earnest money, paid inspection, and paid for apprasial then my loan officer called and said he made a mistake and didn't realize my twins were 2 and my child support would be need to be cut by 2/3! He was worried my DTI would be too high without it. I nearly had a break down! Thankfully after sending in tons of paperwork come to find out he was using my divorce decree for child support and not the modification that was done years later. Thankfully he was able to take the 2/3 out and my DTI is 43% which he says is fine for USDA loan. I'm still not feeling comfortable yet. I won't till I have the papers signed and keys in my hand! I did get a conditioned approval from the underwriter today. Just waiting now for the processor to email me the conditions.

Maybe we can keep each other sane!

[Muschock]

Oh Celeste! The child support thing has given me a bit of grief too because I couldnt find my papers!! Luckily the attorney could send me a signed copy!
When are you supposed to close??

[CelesteR]

My close date is 4/21. We put in our contract 3/10. Seller agreed and signed on 3/12, had inspection on 3/17, apprasial ordered 3/18, went to underwritters 3/21, and got a conditioned approval today We're doing USDA loan so we have to meet underwriters conditions, have the apprasial happen, and then be sent to USDA for their underwriters. Right now they are behind 12 days. Hoping we close in time! I'm glad my realator told me to set the close date so far in advanced. She said USDA can take longer sometimes.

[fot1]

The process can be soo stressfull. I had to switch lenders and start over less the 3 weeks from closing.. Hang in there.. it is so worth it in the end..

[Muschock]

I was hoping to go USDA also but my DTI was too high from co-signing a loan (even though I gave proof since 7/12 of not making the payments) and my student loan is on income based repayment and I guess they still take 1% of total into your DTI...so FHA it is. Praying they dont require reserves cause that will kill me as I will not have that after the 3.5% down.
I will definitley hang in there! Thanks for the encouragement!! I figure I am doing anything and everything I can so at some point it will be out of my hands!!!

[CelesteR]

I'm also a full time student and work 16 hour shifts on the weekend so I'm trying to keep myself from stressing out too much but it's a constant worry. I do feel a little better since I got the approval today but still worrying about everything I can think of. Have you started packing yet? I'm debating if I should start packing or not.

[Muschock]

Not yet. We will not move until the first weekend in June because I dont want to move schools for my youngest 2 just for one month. That will make it a better process for moving...we can take our time. The house has a pool so as long as we can enjoy that for the summer I can wait!!

[CelesteR]

The pool will be nice! We're on a month to month lease right now and our rent is due on the 25th so we'll go ahead and pay rent through May 25. That will give us a month to move after closing. Finals week at school starts May 5th so I'm hoping to do the bulk of the move after then.

[Muschock]

Completed my application today and it is headed to the underwriter tomorrow. And he is trying for USDA and thinks because my middle score is 656 it will be smooth but he did say to expect conditions cause there always are. Still not going to get excited yet but...one step closer!!