Vacation Home search

[hshearer]

Next month I will be heading to Arizona to look for a vacation home.  I am looking for around 130,000.  My only debt is my mortgage that I only have 36,000 left on with a monthly payment of 774 including escrow.  They said my average score was 805 , salary of 78K and 20% down in checking and 189k in 401k, 20 years with the same company.  I  contacted Chase to get pre-approved.  They gave me a Mortgage Conditional approval letter.  

What I found interesting is they gave me a list of information needed and they only want 1 checking account statement, 30 days worth of paystubs and the latest statement from my 401k.  They also gave me a request for transcript of tax return for 2011, 2010 and 2009.  The loan officer just said for me to let him know when I found something and they will finish the process.  

They also gave me and estimate of closing costs and total due at closing.  So is it as easy as they are making it seem?

[Booner72]

Your credit score is as good as it gets, so I wouldn't espect trouble on the lending front.   it could be pretty smooth as long as there are no crazy things that show up.  Remember, house hunting, the appraisal, the inspection etc can all be stressful, too.

But, hopefully yours IS as easy as it sounds. 

[Anonymous]

With your credit score, downpayment and 401k reserves, you will probably have the easiest buying experience ever. I wouldn't worry one bit. Best of luck!

[hshearer]

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@Booner72 wrote:

Your credit score is as good as it gets, so I wouldn't espect trouble on the lending front.   it could be pretty smooth as long as there are no crazy things that show up.  Remember, house hunting, the appraisal, the inspection etc can all be stressful, too.

But, hopefully yours IS as easy as it sounds. 

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Thanks.  I am preparing for the stress!!  Luckily my sister-in-law is a real estate agent so she sent a referral in for me and I got lucky with a great agent.  He contacted my SIL first and then spent over an hour with me on the phone just getting a feel for what I was looking for.  He told me he was more likely to point out the negatives in order for me to find my perfect home.  He then sent me a link so I can look out the homes for sale then as I find ones I like he checks them out and lets me know the good and bad about each one.  Also I think it helps that I visit Tucson a lot so I know the areas I like and I own 20 acres of land southeast of Tucson that I bought aboout 10 years ago so I know some of the process.

Hopefully I will be able to spend New Years in my new home!