Regular Contributor
vabound
Posts: 147
Registered: ‎03-21-2012
Update: Underwriting!!!! Almost There!!!!
[ Edited ]

Hello all! I know I have been gone for a while but I just wanted to share some updates. 

QUICK RECAP

1-Got preapproved by LO for $225k VAloan

2-went under contract for dream home $185k

3-completed loan apps

4-SILENCE from LO for two weeks

5-Realized that LO had no clue what he was doing

6-Found new AMAZING LO who informed us that due to the deductions on our taxes my income was not helpful for the loan and my husband only qualified for $135k

7-Deal fell through (and my baby broke his leg on the same exact day)

8-My amazing mother offered to gift us $40k

9-We considered purchasing a home for $175k but then decided to offer original sellers of our dream home $175k

10-They countered at $178k!!!!!!

 

So now we are back under contract for our dream home and for $8k less.  Also we are financing $135k so our payments will be considerably less than we anticipated.  The appraisal came in at $180 (which means that our original deal at $185k would have fallen through anyway).  My husband just got an email from the underwriter with her requests for more paperwork.  Our current LO is so awesome.....when my husband told him the quotes we got for HO Ins. he called his contact at state farm to get us a lower rate!!!!  SO now that the loan is in my husbands name only and I worked all year to repair my credit, I am going to get myself a much needed NEW CAR (LO said it was fine).  The only thing is that my husband has a $4k collection from when he cosigned on his exwifes car that she never paid off.  LO said that we may have to pay it but we are PRAYING that the UW will take pity on us and spare us that expense.  It is old but its there none the less.  If all goes well, we will close on or before Jan 30th!!!

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board