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@madmann26 wrote:
My wife is now almost 20 weeks pregnant. She called me today and asked me to go ahead and apply for the mortgage.
Tentative numbers (automated) come back with 3.75% financing on a 30-year with a $215k purchase price.
It's late in the day so I'll follow-up with them in the morning.
#breath
Congrats on your baby and the house.
So,
We have a full blown approval now. The conditions are nothing I'm worried about. I've satisfied all the financial stuff, explanations of deposits/credit report, etc.
- Lender to verify the maximum amount of the home equity line of credit secured against the subject property, if one exists, to determine if it exceeds allowable limit.
- Mortgage Insurance is required on this loan and your lender will obtain on your behalf.
- Income must be supported by a paystub and W2 from the prior year or by standard Verification
of Employment.
- Paystub must be dated no earlier than 30 days prior to the initial loan application and must include all yeartodate earnings.
- Additionally, the paystub must include sufficient information to appropriately calculate income; otherwise, additional documentation must be obtained.
- Lender will be required to do a verbal verification of employment 10 business days prior to signing the closing documents and within 30 calendar days prior if using self employed income to qualify. For military income you can provide a Leave and Earnings Statement dated 30 calendar days prior to signing the closing documents.
- All borrowers are required to sign form 4506T which allows lender to obtain transcripts of your prior tax returns.
- Assets must be verified. From the liquid assets listed on the 1003, at a minimum verify those accounts that are needed to satisfy this amount.
- If the assets listed on the application are needed to support the amount of funds required and reserves, your lender will need to verify these assets with a verification of deposit or bank statements covering a twomonth period. A satisfactory explanation and documentation should be provided for large deposits.
- Lender is required to obtain Market Conditions addendum to the Appraisal report.
looks like you are good to go!!!!
Just an update:
We've tentatively found the property we want to make an offer on.
way to go madmann!!!! it's moving along nicely for you!
Just an update.
We've signed the contract for the house after our offer was countered. We accepted their counter offer, which to be honest, is a great deal and I think we still come out ahead.
I've sent the contract to the bank to get the ball rolling on the appraisial and home inspection.
Your re-build thread is so inspirational. Poor credit to 3.75% Morgage in less than 3 years is no joke. Congratulations on your journey.
@dangcredit wrote:Your re-build thread is so inspirational. Poor credit to 3.75% Morgage in less than 3 years is no joke. Congratulations on your journey.
The hardest part is paying off old accounts and gw'ing them.
Update:
Apprasial has been scheduled and the home inspection has been scheduled for March 9th.
Congratulations, I truly hope in the very near future to being approved for a Mortgage! Good job and great commitment, I'm sure you feel pretty good besides the butterflies that are running through your stomach until you close.
BTW, what are your scores at this moment along with the percentage you are putting down?
My mortgage mid-score is 690.
We are putting 5% down and this is a conventional loan.