topic Re: Pre-Approved, so nervous! in Mortgage Loans

Closing Today!!!

3MV — Thu, 31 Oct 2013 16:07:58 GMT

I have been preapproved for $130k, using the section 184 loan, which is an FHA loan guaranteed by HUD. Rate is 4.75%. I also was approved through my Indian tribe for $25K downpayment assistance and a letter has been sent to my lender (who does these loans all the time). I have been looking at houses and am ready to make an offer. I am so nervous! I recently went through a divorce and am living in an expensive apartment (for 16 months). My new mortgage payment including taxes, ins, etc will be almost $200 less than the rent I pay now which is killing me. I live paycheck to paycheck and I am concerned that when they look at my bank statments they will think I am not financially secure enough. I have not had any overdraft charges, but I have used a program my bank offers which is similar to a payday loan. They basically advance me money on my next paycheck and when it is deposited, they deduct the entire amount I owe. So if I borrow $200, when my next paycheck comes in they dedcut $220 out of my account. I have used this a few times when money was getting low or my ex did not pay child support on time. Will this be a concern to them? My understanding is that they mostly look at bank statements to verify your downpayment/closing money and where it came from. In my case, that has already been verified from my Indian tribe. Thoughts?

Re: Pre-Approved, so nervous!

ShanetheMortgageMan — Fri, 30 Aug 2013 16:33:52 GMT

I've never seen anyone get declined for pay day loans unless their credit was poor, i.e. like they borderline qualified on paper but then the underwriter saw the pay day loan and declined. Your scores seem OK enough, and it's normal to be nervous, so I'd assume that your loan will be approved (positive thinking) but wouldn't make any concrete plans until you get the underwriting approval.

Re: Pre-Approved, so nervous!

asgor — Sun, 15 Sep 2013 23:10:13 GMT

How did it go? please update

Re: Pre-Approved, so nervous!

RJA — Mon, 16 Sep 2013 15:04:07 GMT

Congratulations on your pre-approval and finding a house.

Re: Pre-Approved, so nervous!

3MV — Wed, 16 Oct 2013 20:38:11 GMT

I made an offer on a house and it was accepted 9/4. Closing was set for 10/11. Then we found out that since the house I am buying was "flipped", we needed to wait 90 days after it was last sold before I signed contract (something to do with the loan requirements). So we re-dated and signed a new contract, dated 9/25, closing set for 10/21. The bank had all my paperwork since 9/8, but we had to cancel inspections and appraisal to happen after the new contract date which of course, delayed underwriting. Inspection was 9/27, appraisal 10/4, then of course the governement decided to shutdown. Since my loan is backed by HUD, my hands are tied until the government reopens. My loan has been through underwriting and I sent them all my conditions yesterday so I am hoping that as soon as the government opens, they will be able to send my file in for HUD approval. Looks like the end is finally in sight!

Re: Pre-Approved, so nervous!

DallasLoanGuy — Thu, 17 Oct 2013 20:05:18 GMT

@3MV wrote:
I made an offer on a house and it was accepted 9/4. Closing was set for 10/11. Then we found out that since the house I am buying was "flipped", we needed to wait 90 days after it was last sold before I signed contract (something to do with the loan requirements). So we re-dated and signed a new contract, dated 9/25, closing set for 10/21. The bank had all my paperwork since 9/8, but we had to cancel inspections and appraisal to happen after the new contract date which of course, delayed underwriting. Inspection was 9/27, appraisal 10/4, then of course the governement decided to shutdown. Since my loan is backed by HUD, my hands are tied until the government reopens. My loan has been through underwriting and I sent them all my conditions yesterday so I am hoping that as soon as the government opens, they will be able to send my file in for HUD approval. Looks like the end is finally in sight!

section 184 loans are sent to hud for approval? or was the lender waiting for something else.

i have never done a sec 184 loan.... bbut all other fha loans arent sent to hud

Re: Pre-Approved, so nervous!

Anonymous — Wed, 30 Oct 2013 02:46:20 GMT

Have you closed yet? I just got approved for the down payment assistance through the Creek Nation. They said I'm on the waiting list.

Hope you are in your new home.

Re: Pre-Approved, so nervous!

3MV — Wed, 30 Oct 2013 17:48:48 GMT

I finally got my firm commitment from HUD. Closing tentatively set for tomorrow. I have two funding conditions. They need my 2011 tax transcript (no idea how they overlooked ordering this). And then the appraiser noted that water and gas were off during appraisal so they need something from him regarding that (I was not entirely clear on this one). I am on pins and needles over here. I start a new job (same company) on Monday morning so I really need to close before then. Fingers crossed!

Re: Pre-Approved, so nervous!

RJA — Wed, 30 Oct 2013 19:29:40 GMT

Congratulations! You are almost done.

Re: Pre-Approved, so nervous!

3MV — Thu, 31 Oct 2013 16:45:51 GMT

Closing is set for today at 2pm.

I never in my wildest dreams thought that I would be buying my first home at 40yrs old as a single mother. It has been a long process and I have learned so much lurking on these forums. I want anyone reading this to know that things can turn around if you keep faith and work hard. Just 18 months ago I was getting divorced, broke, and struggling to get by. Now I am closing on a home and getting ready to start a new job (same company) on Monday morning. Today marks the beginning of a new chapter in my life and I am feeling so blessed!

Re: Pre-Approved, so nervous!

StartingOver10 — Fri, 01 Nov 2013 21:19:52 GMT

Wow! Congrats on your closing yesterday and your new job to be on Monday!

Re: Closing Today!!!

Anonymous — Wed, 06 Nov 2013 22:56:31 GMT

Congratulations! Really inspirational! Enjoy your new home!