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Regular Contributor
vabound
Posts: 147
Registered: ‎03-21-2012
0

Update: Underwriting!!!! Almost There!!!!

[ Edited ]

Hello all! I know I have been gone for a while but I just wanted to share some updates. 

QUICK RECAP

1-Got preapproved by LO for $225k VAloan

2-went under contract for dream home $185k

3-completed loan apps

4-SILENCE from LO for two weeks

5-Realized that LO had no clue what he was doing

6-Found new AMAZING LO who informed us that due to the deductions on our taxes my income was not helpful for the loan and my husband only qualified for $135k

7-Deal fell through (and my baby broke his leg on the same exact day)

8-My amazing mother offered to gift us $40k

9-We considered purchasing a home for $175k but then decided to offer original sellers of our dream home $175k

10-They countered at $178k!!!!!!

 

So now we are back under contract for our dream home and for $8k less.  Also we are financing $135k so our payments will be considerably less than we anticipated.  The appraisal came in at $180 (which means that our original deal at $185k would have fallen through anyway).  My husband just got an email from the underwriter with her requests for more paperwork.  Our current LO is so awesome.....when my husband told him the quotes we got for HO Ins. he called his contact at state farm to get us a lower rate!!!!  SO now that the loan is in my husbands name only and I worked all year to repair my credit, I am going to get myself a much needed NEW CAR (LO said it was fine).  The only thing is that my husband has a $4k collection from when he cosigned on his exwifes car that she never paid off.  LO said that we may have to pay it but we are PRAYING that the UW will take pity on us and spare us that expense.  It is old but its there none the less.  If all goes well, we will close on or before Jan 30th!!!

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Regular Contributor
vabound
Posts: 147
Registered: ‎03-21-2012
0

Re: Almost There!!!!

oh and the funniest thing is that our old lo just sent my husband an email stating that he was finally able to get our loan pre approved with 5%down.....ummmmm we havent heard from him in months.

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: Almost There!!!!

Congrats on your progress...

 

We are all hoping for your success and to be in your new home shortly.

Good Luck
May all your dreams and wishes become a reality!
New Contributor
HopefulGardner
Posts: 55
Registered: ‎07-09-2012
0

Re: Almost There!!!!

Congratulatios! It all worked out for the best. But how disgusting that he is just responding with a preapproval, he completely forgot about you.


Starting Score: FICO Lender 7/2012: EQ 598 TU 643 EX 640
Current Score: MyFico 04/14/13 EQ 684 TU 650
01/13/13 Lender EX 677
Goal Score:700's All Bureaus


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Regular Contributor
vabound
Posts: 147
Registered: ‎03-21-2012
0

Re: Almost There!!!!

My husband got the email last thursday that his file has been sent to underwriting.  We are soooo nervous.  He has an old charge off for $4k for a car loan that he cosigned on for his ex-wife.  Our LO told us up front that we may have to pay it but he is reccomending that underwriter not make that a requirement since we are brining $40k to closing as a downpayment.  If we have to pay that debt, it puts us in a bit of a tight spot since we have to pay a large amount of money to break our lease. 

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Regular Contributor
whipster
Posts: 105
Registered: ‎01-11-2009
0

Re: Almost There!!!!

Sending positive vibes your way...Good luck!

Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
0

Re: Update: Underwriting!!!! Almost There!!!!

I have been following this saga for awhile and im really praying for you!!!!

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Regular Contributor
vabound
Posts: 147
Registered: ‎03-21-2012
0

Re: Update: Underwriting!!!! Almost There!!!!

Heard from LO today.......the underwriter is requiring that all CA's be paid in full at closing so our LO wants to increase the amount of the loan to cover these costs (anybody ever heard of this?) My husband has two CA's so he called today to find out how much they will settle for.  Also, I had to write a gift letter because the funds for the first EMD came from my savings account.  Initially we were both on the contract so it didn't matter but now that it's just my husband, they want him to verify where the money came from.  We need to provide a statement from the YMCA showing how much we pay for summer camp for our 8yr old, The termite inspection has the wrong township on it so that has to be fixed.  THey asked for rental company info and the last year's bank statements showing our rent being debited monthly since we pay electronically.  WOAH.....mortgage commitment is due TOMORROW and settlement is supposed to be next wed....praying all goes according to plan.

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Frequent Contributor
Sunshine85
Posts: 367
Registered: ‎01-14-2012
0

Re: Update: Underwriting!!!! Almost There!!!!

[ Edited ]

 I don't know if VA works the same as USDA where you can you can borrow 102% of the appraised value. Maybe the LO is looking to increase the loan amount so that you would bring less to closing and have more funds to pay off the debts?

 

Either way, I hope it all works out for you. Let us know what happens.

Regular Contributor
vabound
Posts: 147
Registered: ‎03-21-2012
0

Re: Update: Underwriting!!!! Almost There!!!!

yeah I was just thinking that.......Our sellers are already paying 6% SA which actually covers the closing costs so If we roll those costs into the loan then the money from them can go towards paying the CA's.

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board

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