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well I got my preapproval

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granny031350
Established Contributor

well I got my preapproval

I was just sweating bullets all weekend because of the unfortunate move my a local credit union (relisting an account discharged in my bk in 2001 as newly charged off)

 

I filed complaints with the state attorney general and also with the NCUA administration.  Will see what happens with all of that.

 

But anyways I was preapproved for USDA RD 110000 at 5.5 percent (can lock in lower rate with signed offer)

 

I have a chapter 13 bk discharged on 3/2/09 (applied on 3/3/09)

I have a chapter 7 bk discharged on 7/2001

and inbetween the 2  2 dismissed chapter 13's 

 

my scores were TU 694  Ex 604(with charged off account) and Equifax was 647.

 

Because I was over the 620, I was preapproved.

 

I live on a pension with income of 37067 a year (3088.89 an month) and it goes up 80.00 a month beginning every October.

 

Now I am waiting for my realtor to call me back so I can go house hunting!!!!!!! 

 

 

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: well I got my preapproval

Super Congrats granny!!! Smiley Happy

 

You can't do much better than 5.5% fixed

for 30 years for 100% financing. You are now

in a much stronger position than other prospective

buyers who are simply looking but not preapproved.

This will definitely give you a leg up on the competition

and help speed up the closing process.

 

Once again, Congratulations on the preapproval.

Happy shopping!!!!! Smiley Very Happy

 

CanDo

 

"The right attitude is everything"

Message 2 of 6
Regular Contributor

Re: well I got my preapproval

Congrats!!!
Message 3 of 6
msnabs
Valued Member

Re: well I got my preapproval

Congrats Granny!

 

 

Just one question, well a couple of questions: How long did the process take and did you do the loan through a lender or through the local USDA office? I got the application in the mail and am going to fill it out tonite. Wish me luck!

Experience is the best teacher........sometimes you have to pay for it with your youth.
Message 4 of 6
WannaHouse
Valued Contributor

Re: well I got my preapproval

WooHoo...Congrats granny.  Good luck finding that dream home.  Smiley Happy

Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Message 5 of 6
WannaHouse
Valued Contributor

Re: well I got my preapproval


@msnabs wrote:

Congrats Granny!

 

 

Just one question, well a couple of questions: How long did the process take and did you do the loan through a lender or through the local USDA office? I got the application in the mail and am going to fill it out tonite. Wish me luck!


If you are getting an application in the mail, then you would be applying for the Direct loan. It is totally different than the Guaranteed loan that granny is getting.

 

The DIRECT loan comes directly from the USDA for very low and low income buyers, and requires more time and stricter guidelines.

 

 


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Message 6 of 6
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