What are the chances....?

Anonymous · ‎09-30-2009

Of the FHA requiring another credit pull after we already got our pre-approval? We close on our house on the 30th and my husband made a boo-boo with his credit card because he forgot he signed up for the identity theft protection on his credit card (limit 300 dollars) and it hit the same day as another charge and put him over the limit by 91 cents and Orchard reports to credit bureaus on the last day of the month.

My lender said they dont typically do that unless they find out about additional income or debts that you previously did not disclose... Which I don't think we have??

My husband is going to call the credit card company today and try to rectify it but he is worried it will drop his score below 620 with it being maxed out and 91 cents over the limit with a potential fee tacked on? The only reason it is maxed out is because we use them for household bills and expenditures and pay them off in full the week before they are due...

I have to give 30 days notice today to my landlord since we close on the 30th and I dont want to end up homeless if everything falls through...

Please tell me everything will be ok and everything that could go wrong to halt my FHA funding....? We've already invested a lot of time and money into this and fallen in love with this house..

Anonymous · ‎09-30-2009

This is so frustrating, there are so many factors with an FHA that could yank the rug out from under us without any notice, without enough time...etc

it's just really unfair and I'm under a serious amount of stress...

Anonymous · ‎09-30-2009

I just signed papers today and I asked my LO if they would have to pull mine again and she quickly said no. She said my approval was good for 120 days. Now, If only I felt assured the appraisal would be where it needs to be....that seems to be my last worry. I hate this!!!! The gusy said he "thinks" he can get it there. I am very stressed too and just want this over with so I can have my life back.

Message Edited by forevergroovy on 09-30-2009 03:29 PM

Anonymous · ‎09-30-2009

I'm just so bent out of shape... I have to give my landlord notice today and if the deal falls through, I'm heartbroken, and homeless and my life will be packed in boxes...

The only thing I feel glad about is that the current owners had all of these FHA inspections and appraisals less than 18 months ago for THEIR loan. They bought the house and then decided to upsize after renovating the house.

I'm worried about everything and I'm severely scared and depressed.

Anonymous · ‎09-30-2009

I hear your frustration I was going through the same thing a week or so ago when the lender I'd been working with since July decided he couldn't write for my loan. New lender is moving swiftly, hope everything goes smoothly for you..

Anonymous · ‎09-30-2009

it just doesn't make sense how this can be legal to not give borrower peace of mind until darn near closing!... I'm going to need xanax.

Anonymous · ‎09-30-2009

One of the most common reasons a new credit report would need to be pulled is if it has expired. FHA requires a new credit report to be pulled if you do not close (and fund) within 4 months of it being pulled. A credit supplement may be requested if the U/W believes you have a new undisclosed debt (ie: a new credit card or auto loan) - I wouldn't sweat that though if you have nothing.

Anonymous · ‎10-01-2009

Well when they pulled my hubby's CR it was not showing his 300 dollar unsecured orchard bank card. We pay it off in full every month, but its maxed out by the last day of the month when they report it to the CRA's.

We told the lender this and he's like "that's small fries" and moved on like it wasn't a big deal...

::shrug::