topic Re: DHI Homebuyers Club in Mortgage Loans

DHI Homebuyers Club

Anonymous — Mon, 21 Sep 2020 02:01:05 GMT

My husband and I have been in DHI Homebuyers Club since July. We have completed the items they have requested and they are repulling our credit on Tuesday. I am a nervous wreck! We are under contract on a home and tentative close is early December. We've consulted with our loan originator for every upgrade we've selected and he's assured us that our income is solid... but it just feels so unknown until we graduate. Can anybody relate?

Re: DHI Homebuyers Club

Anonymous — Mon, 21 Sep 2020 02:16:14 GMT

We're in the same boat with Eagle Mortgages home buyer group. They've assured us everything is good to go but we don't close until January. It's nerve wracking not even having a pre_approval at this point, especially with the kids getting so excited for the house.

Re: DHI Homebuyers Club

Anonymous — Mon, 21 Sep 2020 02:26:13 GMT

@Anonymous
we also purchased with DHI and hoping to close in 3 weeks. We went on contract May. Didn't use Homebuyers but tried to work with what they recommended..Yes it's nerve wracking 😊I have creditkarma, creditsesame, myequifax, myfico and Experian to monitor my scores 😆😂 Remember, all is well. I am staying in faith by packing up already 💐keep the faith 💐💐💐

Re: DHI Homebuyers Club

Anonymous — Tue, 10 Nov 2020 11:57:40 GMT

Hi @Anonymous @Anonymous @Anonymous ! How are you? How did everything go when DHI repulled your report? Were you guys able to be pre-approved? My husband and I just joined the Homebuyers Club also this month and I am a nervous wrack on hoping everything is looking better for us when repull in January. Any pointers you can give on being in the DHI Club? Thank y

Re: DHI Homebuyers Club

Anonymous — Tue, 10 Nov 2020 17:50:41 GMT

@Anonymous Welcome! Everything went well when they re-pulled our credit. We were able to get preapproved. Our tentative close date is 12/10. We received conditional approval two weeks ago and are just working on providing whatever documents they are requesting

My best advice is: follow whatever gameplan your consultant gives you. I feel like they're able to target what will get you the most points possible, so we tried to follow what she laid out for us. We also made sure to sign up for credit alerts through FICO and Experian. If something unexpected popped up, we knew about it right away and were able to take care of it right away.

For example, prior to working with Homebuyers, we were working with another credit repair company (long story). I'm not sure exactly what they did, but an old debt of my husband's randomly popped up on his credit report (it had already fallen off and reappeared) while we were in Homebuyers and waiting to finish out our contract with the other company. I don't think it was intentional; I think it was the methods they used. We received an alert that a new debt popped up and we were able to quickly identify it. We reached out to our consultant who was able to give us the best advice and we were able to take care of it without having it show up and potentially set us back.

I would also recommend keeping within the limits they suggest on your open/available credit. We followed AZEO and kept our balances to less than 5%. This paid off for us. In the end, our consultant identified an opportunity for us to gain a few more points. We did what she requested and then she submitted the info to the bureaus to get it updated. So even in the end, there's still an opportunity! Hope this helps!

Re: DHI Homebuyers Club

Anonymous — Tue, 10 Nov 2020 17:56:48 GMT

Yes it sure! Thank you so much for sharing! And congratulations on your big achievement next month ☺️! All hard work pays off. Wish me luck!

Re: DHI Homebuyers Club

Anonymous — Fri, 13 Nov 2020 02:41:02 GMT

@Anonymous

Hi. I didn't sign up with homebuyers club but followed some of their advice and those in here to reduce debts. My score was where it needed to be when we closed. We closed our loan last week of October with DHI 😊 Wishing you the best!

Re: DHI Homebuyers Club

Anonymous — Fri, 13 Nov 2020 12:35:14 GMT

Thank you for your response! And congratulations on your new home!

Re: DHI Homebuyers Club

Anonymous — Sun, 15 Nov 2020 13:54:28 GMT

Congratulations! Were you also able to get a great rate with DHI? My wife and I will be using my VA Loan but curious if their are somewhat reasonable....

Re: DHI Homebuyers Club

Anonymous — Tue, 01 Dec 2020 13:23:57 GMT

Hi again @Anonymous @Anonymous @! I'm back again 😌. I just have a few things I would like to know if you've experienced while going threw the Homebuyers Club. As I mentioned, ny husband and I are both gonna be on the same application, he's in the Homebuyers Club. We've completed all items except one so far for his "to do" list. Do you happen to remember how long after completing items that you saw that big point increase? I suffer from anxiety and is very anxious that we'll be where we need to be by January when we repull our credit scores. Do you know what will possibly happen of we're not quite there by our expected time? He's had some increase I must admit but one of the account removals that we thought he would gain points from he ended up not getting anything from that account being removed. Any help? Thank you

Re: DHI Homebuyers Club

Anonymous — Tue, 01 Dec 2020 20:51:47 GMT

@Anonymous Hi! We started in Homebuyers in July and they repulled our credit in September. We monitored our credit on FICO and on the free services available to us through our bank/credit card company. We completed all the items they requested by early August and saw our credit increase slowly. Some items we didn't see increases on, but I think they had us pay them so that our credit profile looked cleaner.

When I paid off the items that were requested, I always asked how they reported those items to the credit bureau - do they report twice a month? do they report in different parts? Some items did come off in parts, meaning in one cycle they reported as PIF, but they deleted the following cycle.

I have a lot of anxiety, but I think they have access to simulators that help them to develop your credit plan. Be sure to keep all documentation for completed payments. Our specialist told us specifically to request letters that the items had been paid in full. When they re-pulled our credit, they saw an opportunity for my husband to gain a few points. We paid what they had asked us to pay and sent them a letter from our credit card company stating the current balance (they wanted it paid off completely; my husband had accidentally used it and it reported a $50 balance). Our consultant took the letter and submitted it to the credit bureaus on our behalf and they updated it. I think that if you have the documentation that the items requested have been paid, they will submit those letters to the credit bureaus for you so that it all reports correctly.

Trust the process! Again, I have a lot of anxiety, so I understand how you may be feeling. But I fully believe they would not put you through all this if it wasn't going to help get you where you need to be. I had to keep reminding myself of that throughout this whole process.

Re: DHI Homebuyers Club

Anonymous — Tue, 01 Dec 2020 21:12:54 GMT

@Anonymous thank you so much for that reassurance. We're going to pay our last item within two weeks so that it can go ahead and report. I'll be sure to keep you posted on what happens in January. Wish me luck! Again, thank you so much for responding. It's a big help

Re: DHI Homebuyers Club

Anonymous — Tue, 15 Dec 2020 15:51:57 GMT

Hi @Anonymous !! I hope all is well! So, good news my husband and I have finally went under contract over the weekend. As I mentioned before, we are supposed to do another pull in January. Do you happen to know what the process will be after they repull? Thank you

Re: DHI Homebuyers Club

Anonymous — Thu, 24 Dec 2020 00:10:58 GMT

@Anonymous Hi! Sorry for the late reply - we CLOSED on our NEW HOME! I know you will get there, too!

So once they repull, they'll see if they have other opportunities to gain credit points. You'll then graduate and be back in contact with your loan originator. Ours followed back up with us, but you can follow up with them if you don't hear back.

From there, you'll supply them with documents like updated bank statements, 401k, etc. Once they have completed your application, it'll move onto processing and you'll get more documents to supply. For us, we received conditional approval shortly after we submitted our loan and had to supply them with requested documents, like an LOE for an overdraft that was reflected in the YTD portion of one of our bank statements. You'll work with your loan processor to get everything they need to be able to submit to the underwriter. It may go back and forth between processing and underwriting - our underwriter asked for more explanation on our overdraft LOE. Our processor was FABULOUS. She really tried to anticipate what the underwriter would ask for and prepped us on that. Once it's done with processing, it will move to underwriting and from there, you will hopefully receive final approval.

We received final approval about three weeks from closing. We tried to keep our ducks in a row and do everything they requested of us. We did not open any new credit or have large charges in our bank accounts. We kept documentation for all check deposits we made so that we could explain where the money came from.

Don't be afraid to ask questions or for help! They are on your team and they have a vested interest in your success!

Re: DHI Homebuyers Club

Anonymous — Thu, 24 Dec 2020 14:13:30 GMT

@Anonymous Congratulations!!! That is wonderful news! I'm happy everything worked as smooth as possible. Also, thank you for the breakdown of steps it took. I will be sure to keep you updated on my journey to homeownership 😁. Congratulations against! And Happy Holidays!

Re: DHI Homebuyers Club

Anonymous — Thu, 21 Jan 2021 00:29:04 GMT

@Anonymous Hi!! It's me again! Lol Again, Congratulations on your new home😉.I have a question about the underwriting and getting a pre-approval. When it's time to upload documents do they give a hard time about certain information? For exampy, do they Not like to see things like cash app transactions on bank statements or that doesn't matter to them? Also, do you happen to know if the buyer HAVE to have the complete amount of down pahmuand closing costs in their account at the time of underwriting? Thank you!!

Re: DHI Homebuyers Club

Anonymous — Thu, 21 Jan 2021 15:18:05 GMT

Typically one of the main reasons for seeing statements is to trace the source of your downpayment/closing costs. They like to see that money in your account for at least two months unless you're declaring that it was a gift which is a different process.

Re: DHI Homebuyers Club

Anonymous — Thu, 25 Mar 2021 22:03:30 GMT

Hi @Anonymous! How are things going with your new home?! I wanted to let you know my husband and I were able to get Pre-approved 😁. We are currently under the process of supplying needed documents. Do you remember how long the underwriting process took for you? Also how long did it take for your home to be built? We still don't have a closing date.

Re: DHI Homebuyers Club

Anonymous — Tue, 30 Mar 2021 18:19:20 GMT

@Anonymous CONGRATS! That is fabulous. Sorry I haven't replied sooner.

Underwriting took about six weeks. We graduated from Homebuyers end of September and then went into underwriting shortly after. We received final approval right before Thanksgiving. From there, it was just a waiting game until we could actually close.

Our home started construction in August and it was completed middle of December. It should give you a tentative close date on your purchase agreement. They gave us a tentative close of December 10th and we ended up closing a week later on the 16th. You can also reach out to your reps who should have a timeline for you!