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Contributor
leppy2
Posts: 127
Registered: ‎12-11-2012

scared witless, help

My journey...
My first grandson was born in January. He started crawling in October. We realized we wanted a nice home for grandbabies to visit Nonna and Papa. Had a LO pull credit. My husband was preapproved for a loan. I needed to raise my score as everything was in my husbands name. Started looking for a home and working on my fico score. Found the perfect home that every country grandparent should have. We are from upstate SC y'all. :smileyhappy: Its an old complely remodeled farm house. Just beautiful. Unfortunately it will take both our incomes for purchase price. Lender, real estate agent, and homeowner encourage us to make an offer as my score is close. We make an offer toward the end of October. Offer is acceptecd. Closing is set for 12-28-12 with homeowner agreeing to extension if needed. Loan officer pulls credit on 12-14-12. Score needs just 5 points to quailify. Scramble to get a past medical deleted. Pull it off thanks to this site! Total of 63 points added since first pull in October. Wow. Filled out app with LO and faxed requested documents 12-20-12. Whew. I've had no sleep, stalking this website. Obsessing over this.
Any of you wonderfully knowledgeable people know what happens next and any guesses on timelines. I know LO has to process everyrhing and I think she will be the one to approve or deny it to be sent on to underwriter. I feel like I worked so hard and now I'm helplessly waiting.
So, for those who read my long winded story I thank you.
Contributor
leppy2
Posts: 127
Registered: ‎12-11-2012

Re: scared witless, help

I forgot to say we are doing usda.
And for anyone out there it is possible to take control of your credit! If I can do it you can do it. I didn't have a clue about such things but I'm learning.
Moderator
Shogun
Posts: 12,902
Registered: ‎04-15-2011

Re: scared witless, help

I read it, your LO should be holding your hand every step of the way.  Looks like you've done what you can do.  Hopefully this will be a done deal.  Wishing the best and a Merry Christmas.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Frequent Contributor
germaine47
Posts: 305
Registered: ‎07-05-2011

Re: scared witless, help

You are on your way.  I went USDA Guaranteed in Alabama and  once I put a contract on a home everything went relatively quick after that.  With appraisal, inspection,Lender Underwriting and USDA Underwriting it took approximately one month.  What helped was the fact that what ever documentation that was requested I had it to them immediately,  Some of the stuff was fustrating but well worth the headache once you close and move in, so don't be afraid because any prize is worth the fight.

 

Happy Home Buying

Fico September 2012; TU 681, EX 674, EQ 652
Fako October 2012: TU 706, EX 641,
Contributor
leppy2
Posts: 127
Registered: ‎12-11-2012

Re: scared witless, help

Thanks guys. Congratultions Germaine! I am so excited. I'm hoping the appraisal happens next week after Christmas of course.
I've certainly been a faxing machine and have listened to y'alls advice on saving every copy in case I need to resend.
Merry Christmas!
Valued Member
BetterHalf
Posts: 65
Registered: ‎12-15-2012

lRe: scared witless, help

leppy I just want to say you're not alone. I'm in a similar situation, although it's my husband who can't qualify, and I am carrying the entire burden of securing the mortgage myself. Mine is an FHA loan. 

At this point things are running smoothly, but I have a huge (hopefully irrational) fear that when it goes to underwriting they will find something to shoot it down. I am not in a community property state, and from everything I've read they can't use my husbands problems against me, but I still worry. My LO is an angel who is in constant contact. She has worked so hard, I keep telling myself she would't dedicate this much work to something she didn't think would fly. My estimated closing date is on or before January 20th, but I have about 95% of eveything theyve asked for turned in.

The next few days will be hard, everything is at a halt for the holidays. I'm hoping they go into high gear when the holidays over. Best of luck to you, hopefully we will both end our stories with a happy new home! :smileyhappy:

Contributor
leppy2
Posts: 127
Registered: ‎12-11-2012

Re: scared witless, help

Aww that's wonderful BH. I'm terrified of underwriting and find myself waiting for the rug to be pulled out from underneath. I keep saying the same thing about my LO! Our closing will be around the 22nd. Oh boy I sure hope we will both living our dream this.time next month!
Keep me posted and Ill update for you so we can compare notes and offer encouragement.
MERRY CHRISTMAS
Regular Contributor
maluba
Posts: 142
Registered: ‎12-16-2012

Re: scared witless, help

@germaine, may I ask who you used as a lender? We're planning on going USDA too and we're also in AL.




Starting Score: 588
Current Score: 610
Goal Score: 650


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Frequent Contributor
germaine47
Posts: 305
Registered: ‎07-05-2011

Re: scared witless, help

Maluba I have PM you the information from my MB I hope this help, they are grea bunch of people.

Fico September 2012; TU 681, EX 674, EQ 652
Fako October 2012: TU 706, EX 641,
Contributor
leppy2
Posts: 127
Registered: ‎12-11-2012

Re: scared witless, help

Update.
Appraisal is set for Monday. LO says things look fine for underwriting and she sees no reason for concern. :smileyhappy:

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