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Established Contributor
gbishere
Posts: 736
Registered: ‎07-07-2010
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(Updated - Closed) Starting the fha loan process!

[ Edited ]

We closed today! Feels great!! Had to guess the keypad for the front door to get in because seller agent was a jerk. We changed the lock and put his stuff on the front porch for when he comes by. Oh boy wish I could be there lol.

 

Hello Everyone. Figured I would start a thread I can vent on for the next 30 days :-)

 

My DW and I got our pre qual last week at 3.625 FHA with 3.5% down. The house is just over 200k.

 

To our delight, the only house we were really looking at we were able to get our bid accepted and were now under contract offically last friday. I am depositing some gift money on monday because the official application will begin on tuesday. I am nervous about everything but I calculated our ratios and looks like we are at 24/36 and I believe FHA si 31/41 or about that.

 

This is our first home and we are very excited to get through the loan process. It is a little nerve racking so it is nice to be on this forum with some fellow people going through the same ordeal.

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justjunie928
Posts: 73
Registered: ‎07-29-2012
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Re: Starting the fha loan process!

Good luck and congrats on your road to home ownership..... You are in the right place to get the support that this road will take you on!

Established Contributor
gbishere
Posts: 736
Registered: ‎07-07-2010
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DRe: Starting the fha loan process!

My lender requested only the last statement from each of our checking/savings account to get the application started(to verify we have enough funds to close) . My question is do they recheck your statements farther into the loan process?

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Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
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Re: DRe: Starting the fha loan process!


gbishere wrote:

My lender requested only the last statement from each of our checking/savings account to get the application started(to verify we have enough funds to close) . My question is do they recheck your statements farther into the loan process?


They may check depending on how long it takes to get to closing. But they may also check again for underwriter approval. If you have nothing to worry about in your statements I personally would just give them copies of the last 2 months anyway. No reason to give them reasons to delay your loan or underwriter approval. 

 

Congrats and good luck!

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May all your dreams and wishes become a reality!
Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012
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Re: Starting the fha loan process!


gbishere wrote:

Hello Everyone. Figured I would start a thread I can vent on for the next 30 days :-)

 

My DW and I got our pre qual last week at 3.625 FHA with 3.5% down. The house is just over 200k.

 

To our delight, the only house we were really looking at we were able to get our bid accepted and were now under contract offically last friday. I am depositing some gift money on monday because the official application will begin on tuesday. I am nervous about everything but I calculated our ratios and looks like we are at 24/36 and I believe FHA si 31/41 or about that.

 

This is our first home and we are very excited to get through the loan process. It is a little nerve racking so it is nice to be on this forum with some fellow people going through the same ordeal.


You should be fine. If anything, the underwriter may request copies of your bank statements.

 

Bear in mind that FHA mandates that your downpayment must be buyer sourced. Gifts or seller concessions (up to a limit) can be applied to closing costs, but the downpayment itself must originate from your own funds.

 

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StartingOver10
Posts: 4,529
Registered: ‎03-06-2010
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Re: Starting the fha loan process!

Small correction: FHA allows gift funds for the down payment. You have to source the funds if they are gift funds. FHA is the only loan product of which I am aware that allows gift funds for your down payment.

Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012
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Re: Starting the fha loan process!

Sorry, you are correct. Looks like I was given bad info by a loan officer (imagine that ...)

 

FHA allows gifts to be used as downpayments IF they come from a relative, employer or labor union, a close friend with a clearly defined and documented interest in the borrower, a charitable organization or a government agency / public entity which provides home ownership assistance to first time buyers or low to moderate income buyers.

 

My apologies for the bad info.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Established Contributor
gbishere
Posts: 736
Registered: ‎07-07-2010
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Re: Starting the fha loan process!

bump! just wanted to say we closed... we are both working tho a lot today and toamrrow we cant offically sleep there once we move bed and stuff on saturday!

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Regular Contributor
User273165
Posts: 133
Registered: ‎03-29-2009
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Re: Starting the fha loan process!

congratulations

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MissKay
Posts: 111
Registered: ‎02-05-2012
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Re: (Updated - Closed) Starting the fha loan process!

Congrats!!!

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