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Update: Contract approved by builder!

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thankfulheart
Established Contributor

Update: Contract approved by builder!

I finally did it and signed a contract to build a home this year.  EQ has been slowly climbing here and my FAKOs are on their way up.  I have a few things that I'm waiting on: student loan consolidation/payment plan, a medical collection to come off of EQ, and an IRS lien withdrawal on TU.  Working on getting 3 months of checks received on a promissory note (still dicey on whether they will allow it for income, LO seems to think it's good, but I'm OK if they don't, just tight).  We are shooting for an early July app and a late July start with an October close.  I can't believe I was choosing granite and paint colors! The dream is becoming a reality, finally, after pulling my head out of the sand last year.  

 

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

Message 1 of 5
4 REPLIES 4
Catacam
Frequent Contributor

Re: Contract goes to the builders for approval tomorrow

Congratulations!!!

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


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Message 2 of 5
thankfulheart
Established Contributor

Re: Update: Contract approved by builder!

UPDATE: I received my copy of the builder-approved contract today!  Still waiting on the student loan situation and the medical collection to come off EQ.  Don't know what's taking them so long; it came off EX right away.  Lien came off of TU, so I BBBed it with EX and EQ as well to see if that takes me anywhere.  I've sent another GW letter to the mortgage company on the "marital home" for a series of bad lates back in 2007 and also to remove 2 hard inquiries they put on my report last year (don't know why and I didn't authorize them).  Other than that, it's a matter of waiting and paying down the 0% interest CCs to 9% and I should be good to go.

 

UPDATE2: LO wanted to know when I wanted her to pull the credit for another "look-see".  I said, ummmmm, when I'm ready to app, no more inquiries, thankyouverymuch.  The TU score that was pulled from a lender last year was within 10 points of the TU score here and it's only gotten better, so once my two scores here are where they need to be, that's when I'll pull the trigger, EX can be what it is.  She's been very credit-savvy so far, so I was surprised at the suggestion for another HP.

 
Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

Message 3 of 5
DallasLoanGuy
Super Contributor

Re: Update: Contract approved by builder!


thankfulheart wrote:  She's been very credit-savvy so far, so I was surprised at the suggestion for another HP.
 


is it the builder's lender?

 

 

Retired Lender
Message 4 of 5
thankfulheart
Established Contributor

Re: Update: Contract approved by builder!

Yes, it is one of the builder's lenders. She has been spot on with her credit advice so far (and always impressed that I already know what she's telling me, thanks to MyFICO Smiley Happy ) which is why I was surprised she was jonesing for another HP.  I'm already in range for the midscore, but being the overachiever, I'm gunning for 660 by app time.  I have the contract set up for an August start, so I still have time to tweak.

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

Message 5 of 5
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