Approved with Conditions Worries

[Anonymous]

Ok, so is that last credit check after CTC? Also is it a soft check mainly to look for new credit? We had to access and existing card, and not for all of about $1200 that's what we are worried about?

[StartingOver10]

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@Anonymous wrote:
Ok, so is that last credit check after CTC? Also is it a soft check mainly to look for new credit? We had to access and existing card, and not for all of about $1200 that's what we are worried about?

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Usually they are checking to make sure you have not taken on new debt or run up your cc's because this affects your DTI. You should be fine if the extra $1200 doesn't put you over your max ratios. You were fine with your ratios, right?

[Anonymous]

A little high but not bad, but we did have to pay down a few cards before hand to boost our credit. But that was about $2400 dollars

[Anonymous]

I'm sorry we have been at this since January since this a short sale. I had two small personal loan accounts towards the beginning of this that came out to about $450 a month combined that I had to pay off to get my DTI down, which I did. The $2400 paid down on CC's last month was done to boost my credit score. The $1200 I added to my card a few weeks back should add $35-$45 a month to my DTI but I already paid $200 on that card last week. The only this is the extra $1200 (now $1000) hit my FICO score (at least on here) and cost me about 20 points with one credit agency, the other two are still the same roughly. So that's mainly my worry, but my last score by my mortgage broker was in late May immediately before he submitted it to the lending agency.

[Anonymous]

We have submitted everything nearly two weeks ago. Can anyone tell me how long it takes to receive conditions ? Thank you !

[Anonymous]

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@Anonymous wrote:
I just got approved with conditions early last week and for the most part the conditions aren't too bad but I'm worried anyway because the process of buying a house has been anything but simple so far.

My Conditions are:
1 Have Homeowners Insurance before close - Done

2. Proof of Income - Done

3. Proof of Downpayment funds in account - Done

Basically and from what I have read on here I'm getting off real easy but I am so worried anyway.

One major worry is that although I have the Downpayment money in my account, it really close to the required amount, all of about $50 over it actually.

Another is that I have had to use a credit card for a few things too recently. Although my credit was just pulled all of about a week and a half before the approved with conditions and the amounts charged to the card don't really effect my credit score I'm worried anyway.

So am I getting off easy? Am I worrying too much? Please if you can help let me know, I swear I'm getting ulcers from this,

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If you need to use a credit card use one that's closes after your closing date. That way it won't report the the CRAs before and if your Lender do one last pull.   What's your DTI?  One of my conditional approval was to not let my DTI go above 43.  That was good to know for me.  

[Anonymous]

FYI everyone. Everything went ok although it was dicey there for a bit. We closed on June 31st and moved in ASAP. Thank you all for the help, and best wishes!