In the underwriti
10-03-2012 05:49 PM
Stressful time this is! Submitted our application yesterday - LO said it was gonna go straight to processing that day, and should be in underwriting today or Friday. (Going thru DR Horton, everything from loan app to insurance to title is in same building) Preliminary interest rate of 4% based on my 628 mid score (hubby has a 646). Tentative closing date for 11/15, although we could move it up if we wanted to...but we need a 30 day notice for our apartment.
Do they call our bank and verify account balances? I just made a withdrawl and transferred some to pay off credit card bills this week, so my savings balance is about $300 less than it was and what I stated on Monday. Big deal? Hubby gets paid friday, so it'll be replaced. Bills came out of checking, so that balance is different, too.
And do people buy houses without huge savings accounts? We have enough for about 3 months payment saved up, and since our closing/apprasial/etc will all be paid for by DR Horton, I'm not stressing out about all that...but we just started saving a few months ago (aside from IRA contributions), so I'm a little stressed about that. And, god forbid, if it ever comes to touching the retirement to pay for the house...we'll do it. The IRA can be replaced...the house can't - well, it can, but not without years of bad credit, haha.
I know everyone freaks out during the underwriting process...but good lord!
Starting Score: 492 02/12
Current Score: TU: 668 (FICO), EQ: 668 (FICO). EX: 651(lender pull 9/27/12)
Goal Score: 660