Re: In the underwriti
10-08-2012 07:56 AM
Oh and to answer your question with regards to bank accounts, we too are in the same predicament. We've had to use our credit cards a couple of times since we needed to have at least 2-3 months of mortgage payment to show at closing, so our funidng has been a little tight to say the least. However, since this has been dragginout far more than expected, we now needed to dip our hands into that money since we had to pay our final rent on top of a penalty that we were unable to get out of since we are breaking our lease. Let me just say our rent is far more higher than what we'll be paying for mortgage so that really took a chunck out of our savings.
Furthermore, the other concern we have is that our Credit Report will expire end of next month. It was pulled in early May. The way things have been going with our file not reaching USDA, and their turn-around time not being "rapid" enough, we fear our last credit pull will expire and they will need to pull another one. Just so happens I had an old medical bill I have been paying monthly on, but the hospital decided to send it to collections! I lost 10 points because of that and now I am below the requirement for USDA. THAT right there as me really shaking in my boots!!!!
Our LO KNOWS where we stand but sometimes acts as if these things are not a big deal!! I just don't get it! We pay our debts, we work hard, we demonstrate how responsible we have been with our landlord, we have excellent income and it still is not enough for the lenders!! They have us jumping through hoops and sometimes end up blowing a bomb on us by not approving the application!! I just hope this gets done and gets done properly!!!!