topic Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas?? in Mortgage Loans

I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

Anonymous — Thu, 09 Feb 2012 05:51:53 GMT

I was preapproved yesterday for an FHA loan and heading out with my realtor on Monday to check out some houses!! Ugh! I'm so excited I can't stand it! Anyone have any thoughts to what might hinder the process? What to expect now?

I've paid all my utilities for the next 3 months and my cc balance is $13. I won't pay it off because my analyzer says my score will drop by 15 points if I pay it in full, so I'm just keeping a tiny balance on it.

Also, I know preapproved doesn't mean that I am actually guaranteed a loan, but percentage wise, how are my chances? Lender pulled my credit went through my employment and taxes up to 2009. Even went over my year unemployment that streched from June 2009 to June 2010, and was still preapproved... what should I expect?

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

boomhower — Thu, 09 Feb 2012 09:54:40 GMT

Just have your ducks in a row and your paperwork ready to go. As long as you were honest with the LO and there's nothing big and ugly in your reports it should be fine. As long as the LO did there job right and your reports and other docs are good to go the process shouldn't be to bad. Congrats and good luck!

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

Anonymous — Thu, 09 Feb 2012 11:18:51 GMT

I'm going to be gathering my paperwork together over the next few weeks. Everything I told the lender as far as income and work history was right on point. I had previously contacted Quicken Loans the first week of Jan and lender said that my credit scores were fine, wanted me to pay a couple medical bills that date back from 2005, and see 6 more payments on my credit card. My curent LO works with my relator and I had told him what Quicken said. He did a hard pull of my credit and said there's nothing on my report that I should be required to repay. I have 4 medical bills, 3 from 2005 but one of those reports as 2006 and another as 2007, but they were from an injury I received while at work - was hit in the ribs with a steel door, but I also had bronchitis at the time, so the hospital treated me for the bruised ribs and build workers comp then charged me for "diagnosing me" with bronchitis. One bill is for $3200, another is for $1100, and the other is for $800, and 2 of those (I think the highest 2) are scheduled to fall off between March/April this year. I have one other bill from 2007 that is reporting as 2006 for Embarq, for services that I had continuously paid for (charged a month in advance) and then after a year, opted to switch back to Cox, so I cancelled. They never disconnected my service I guess? I didn't know because I had other service. Charge is $365, but after calling Century Link (bought out Embarq) they said their records show $207. I received notice after a dispute that it was removed from one credit report. I just don't remember which one. Also have a paid (released) tax lien (IRS), paid student loan, and paid VA debt all paid off in 2009. My credit score is a 668 right now, and my current CC is the first one I've had in 11 years... with a little $350 limit and at the time of the credit pull a $41 debt, paid on time since I got it 6 months ago, and now has a balance of $13. I'm a single mom of 3 kids and had some rocky points with the economy. I don't make much but it's steady and stable. Also, my oldest child is disabled and receives disability which I'm not having them factor any of that into income. Just my income and child support. It's been a long road getting my credit up to a decent score, and this all just seems too good to be true. *someone pinch me!*

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

mlearma — Thu, 09 Feb 2012 13:29:46 GMT

Good Luck....I am at the end of the underwriting process. I remember getting my pre-approval and thought to myself...whew...all my hard work on my scores and re-establishing has really paid off. It was very exciting. It took me 18 months to get 150 point increase with myfico.com. I was in a previous marriage and the divorce really hurt my score.

Just prepare yourself for a ton of questions and additional documentation. My new husband and I are going with a VA loan and I have literally had to give them blood. We are 1-2 days from clear to close and I have faxed well over 150 pages.

Congratulations, I hope your broker/lender is more efficient than mine. Enjoy the new home.

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

Anonymous — Thu, 09 Feb 2012 14:14:54 GMT

I've worked hard and without any family support this will be a major accomplishment on my "to do" list. Being able to supply my children with a permanent home will be a great feeling. I have rented for the past 10 years through the most expensive prices in Vegas history and I hope it's finally my time to have my dream. I will feel like a million bucks when all is said and done! I don't care if they ask for 1000 more papers, just get me in my house!

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

K_J — Thu, 09 Feb 2012 19:59:22 GMT

Congratulations! I hope all goes well. now go and start house shopping.

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

missdre — Thu, 09 Feb 2012 20:55:38 GMT

Just wanted to say congrats!!!!

We'll be trying to get preapproved in a few weeks so it's exciting to see someone else with some success!!

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

Anonymous — Thu, 09 Feb 2012 22:33:04 GMT

My realtor has already been sending me listings and we're going out looking on Monday at several homes in the area. I've been emailing him homes that I've found (almost all of them already have offers on them, Vegas is a busy busy market right now) so he has an idea of what I'm looking for. I also emailed him a description of my "perfect" home, then told him what I will and won't compromise on so he knows exactly where I stand. I'm not picky and am open to all areas in town, but would prefer a newer built home, 2 car garage, 2 story, and a big enough back yard for the kids to play, add a patio if it doesn't have one, and maybe an area for a hottub/above ground pool (homes built after 2000 here usually have a VERY small backyard and smaller sq footage because land cost so much during that time). Willing to do a 1 car garage if the price is right, other "wants" are met, and neighborhood. Also hoping to find one without an HOA but willing to go with HOA if the house is in the lower range of price. Told him today that I'll also consider a condo if it's a newer build and a low price with low HOA and a garage. (3 bedroom 2 bath condos are going for around 35k to 75k here, if I land one for 40k, newer build I'll be pretty happy - they made a lot of them with hard wood or laminant floors/granite counters/recessed lighting/and average about 1200 sq feet) I was so certain of what I wanted and where before this process, now I'm so indicisive it's funny.

Thank you everyone for the well wishes!!! I don't have anyone else to share this experience with !!

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

Anonymous — Thu, 09 Feb 2012 23:14:08 GMT

Phoenix Metro is busy too. But, it is all cash buyers with very low offers. Be ready to move quickly and don't be afraid to ask your realtor to do back up offers

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

Anonymous — Thu, 09 Feb 2012 23:25:36 GMT

I have the funds ready and available for an earnest deposit and live less than a 5 minute drive from my bank I'm scheduled to take a first time home buyer class at the end of March and my pre-approval is up the first week of April. This class can give me upto 20k for a downpayment through their funding that would only have to be paid back if I sell the home. Anyone have experience with a program like this? I'm anxious to buy, but If I wait a couple more months, I might be in a better spot. Also considering my landlord won't allow me to break the lease without $1500. I've lived here for 5 years, paid on time each month, have gone all winter without heat because they don't complete work orders (I'm from the midwest so it isn't that big of a deal to me, but I can make it a big deal if it allows me to break the lease w/o paying $1500), and to make matters worse, the complex I live in is pretty ghetto. It has become a lot better over the years but when I first moved in there were a couple shootings and I've been robbed 4 times (yay for renters insurance - I put notes on the backs of my TVs that say "If you take me, please take everything or burn the place down". Total downside to cheap rent, being a working single mom, and living in a field of SSI and S8 neighbors that don't work and get to know your schedule. *sigh* I won't miss this place one bit!

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

fused — Fri, 10 Feb 2012 03:26:28 GMT

Hi LondonMassey!

In the future, please use paragraphs when making lengthy post. It will make things a lot easier to read.

Thanks,

--fused, myfico moderator

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

Anonymous — Fri, 10 Feb 2012 06:53:01 GMT

I'm sorry! I had a 3 and 4 year old climbing the walls so I was typing as fast as I could!

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

Anonymous — Tue, 14 Feb 2012 12:05:33 GMT

I went out with my realtor yesterday looking at houses. There are a lot of fixer uppers due to my price range, but we found one that is turn-key ready, 1350 sq feet, decent back yard (for Las Vegas), 3 bedroom, 2 1/2 bath, 2 car garage, laminate and tile flooring, and built in 1995. It's been on the market since Oct and just had a 10k price drop.

I also completed a first time home buyer class and am eligible to receive assistance towards my purchase. One program matches 3 x's what I put down up to 5k and if I stay in the home for at least 5 years, I won't have to pay anything back. House is priced at $59,900, and I plan to put in the 5k to get the extra 15k, which will bring my mortgage to under 40k AND HOA fees in the neighborhood are run quarterly... at $45, so I'd be paying less than $20/mo.

My realtor is going to call me tomorrow so I know what to do from here, but I plan on putting in an offer for asking price but requesting seller pays closing costs and that the appraisal fee be rolled into my mortgage, that way if the deal falls through, I don't have to cover that expense out of pocket.

**I was nervous about my credit scores when I had them pulled for the pre-approval. Even more so when the qualifying score for the assistance program requires a score of 640. I received a letter in the mail yesterday from the lender where they have to report your credit scores, Equifax is a 614 (was a 598 in Jan), Experian is a 653, and Trans Union is a whopping 680!! I was told that with a qualifying score at 640 or above, I'd be receiving the same interest rate as if my score was in the 700's. Here in Vegas, that means I'm looking at about 3.85%! I'm super excited!

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

Anonymous — Tue, 14 Feb 2012 15:58:16 GMT

I'm in the Vegas valley too. Henderson. I wasn't actually looking for a house when I typed in a couple numbers on the FHA web site. Two days later I got several calls with rep-qualifying. I am now preapproved and have picked a Townhouse. I'm 40 days into the process since putting earnest money down on a short sale. I fully expect to get this house. I wish you the very best of luck.

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

Anonymous — Tue, 14 Feb 2012 16:11:50 GMT

Thank you!! I can't believe the market out here right now... well, I mean, I can because of how things exploded over the years, but we're at the bottom. I don't make much money and my approval was only for 60k, but I'm just amazed that I can get a home now that sold 5 years ago for 230k. I considered a condo or townhouse but I have 3 kids that need room to run (perhaps in circles given the size of backyards here).

Congrats to you!!! I should be putting earnest down soon. Small issue with having to switch lenders because of the assitance program, so we're trying to use the initial approval to begin the process then go through with the required lender for the assistance to close.

I hope all goes smooth for you and enjoy your new home!!

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

Anonymous — Tue, 14 Feb 2012 16:14:35 GMT

Almost 60,000?

I think I need to get out of New Jersey.

Congrats.

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

MissKay — Wed, 15 Feb 2012 00:23:46 GMT

I'm in Jerey too, Frugal. Yea, I def need to move to Vegas lol. I am looking to buy a home in South Jersey vs North where I live now. More land for the money, but nothing like Vegas. Congrats on ur houses in Vegas and good luck

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

Anonymous — Wed, 15 Feb 2012 01:59:49 GMT

There was a huge housing boom over the past 10 years, and people were buying homes at the most ridiculous prices.... Now that we're #1 in the country for unemployment, we're #1 in the country for foreclosure. The market is simply flooded with houses that are only "worth" a fraction of what they were initially bought for. Homes that were built in 2000 and up are everywhere foreclosed/short sale but they just don't have the space that a somewhat older home does because land cost was so high in that time. I'm really hoping I get this house.... meeting with the realtor tomorrow

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

Anonymous — Wed, 15 Feb 2012 03:51:09 GMT

Congratulations!!!!! I am cheering for you and hopping that all goes well. Let me know how the rest of your journey goes because in a couple of weeks I will be looking for my preapproval as well.

Re: I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

guydiver — Wed, 15 Feb 2012 08:59:03 GMT

Congratulations to you, and good luck with your house shopping!