Went to the builder :) Realtor seemed bored :(

[Beasley12]

I have waited for this day for a LONG time.  I went to the builder, completed paperwork, picked out a lot, etc. I was soooo excited until a few things happened:

1. My realtor seemed uninterested in everything unless it involved writing down his name.  He didnt ask for anything or negotiate ANYTHING! I tried....but the reason why I got a realtor is to negotiate because I know negotiating is not a skilll I possess.  Ok....on to the next.

2. My application was submitted to the loan company....Yes prequalified....no...did not qualify for the downpayment assistance.  The last one left me with anxiety that caused me to sweat profusely. I proceeded with everything thinking that the 3.5% that FHA requires wouldnt be that much. 

Throughout the whole ordeal my realtor was in the corner quiet, on the phone, or seemed to be staring into la la land. Awesome! Oh, but let me not forget....he helped pick out my killer tile!

I signed all of my paperwork and left thinking....the realtor was HIGHLY reccommended and how can a woman with over 3 kids NOT qualify for down payment assistance.  I got home and googled and googled and googled.  I knew I qualified.  I used the mortgage qualifier tool and as I mentioned, I have a lot of kids. So I emailed the loan officer because I also saw that she neglected to include my kids' information on the loan application.  Guess what? I AM QUALIFIED....somehow someway she forgot to add them in.  As happy as I am about that (God is good!) I cant help but wonder why these people would think that a single woman with no dependents would want a six bedroom house....  really?

So....I also emailed my realtor because I do not understand all of the loan documents.  He suggested that we meet tomorrow.  If he doesnt want to work...fine...I dug my own hole hiring him but i plan to MAKE HIM WORK.

Last year around this time my Equifax fico was 561.  Today, Equifax was my middle score....at 673. I qualified for 3.75% rate. And so the path to homeownership begins......

[Mike_B03]

Are you going with the builder's preferred lender? Did they offer any incentives to do so?

[Beasley12]

Yes it is their preferred lender. They offered $500 in closing costs, paid year of homeowners insurance, and mortgage title policy paid.

[Mike_B03]

Hmm, doesn't seem very aggressive, where are you located? Our builder offered 3% of the base purchase price toward closing, which ended up being a $7500 credit.

[Beasley12]

I'm in Houston.

[swtneka]

How is your loan process going? any updates

[Beasley12]

Yes there is......My loan went through underwriting and was approved with two minor conditions. The conditions have since been cleared. There was a delay in getting started because for some strange reason the LO did not tell the builder that I was approved until 9 days after they told me. I found out about their error after asking what was the hold up.

Anyways, I have been impatiently waiting and I just learned yesterday that the build will start next week. They are building a house right next to mine so I suspect they delayed my build until the house got to a certain point. That house is scheduled to be finished on June 30th. I figure mine will be mid August because once they get started, they are quick.

[Beasley12]

My loan still has to go through underwriting for the down payment assistance program but I am not worried about that. The loan processor said that begins 45 days from closing.

[fdiggy]

Its news to me how people with no down payment of their own can even get new construction.

Why not a foreclosure if needing to ask someone else to pay the down because you have kids.

[NyssaHoney]

Good luck to you.  I hope everything works out.  If DH and I qualified for downpayment assistance, we would be able to buy down our rate.