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CLOSED -- Clueless but I would like to buy a home - USDA Direct

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Member

Re: Clueless but I would like to buy a home

Fingers crossed this works out for you!

Message 61 of 122
Established Contributor

Re: Clueless but I would like to buy a home

Just got the notice that my mortgage scores were pulled ! Go USDA ! Next step is the Certificate of Eligibility. I take this form to put an offer in on my new home. Woo hoo !

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 62 of 122
New Member

Re: Clueless but I would like to buy a home

Thank You. Well I guess I will go to the monroe office. You have helped me a lot because we have similliar situations. I'm very low income self employed and have food stamps.

Message 63 of 122
Established Contributor

Re: Clueless but I would like to buy a home


@Corjae wrote:

Thank You. Well I guess I will go to the monroe office. You have helped me a lot because we have similliar situations. I'm very low income self employed and have food stamps.


I think that's the first office I applied to last July. The guy who was working with me retired so hopefully the other people are more helpful.

 

Have you used their income calculator to figure out what you will qualify for ? If you need any help or have questions, you can pm me or post here.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 64 of 122
Established Contributor

Re: Clueless but I would like to buy a home

Well, I'm still waiting to hear about my certificate of eligibility. My debt has reduced even more when they pulled my credit report so I'm hoping that increases my affordability.

 

I'm going to look at houses with my realtors tonight and the next day. I've checked out most of the neighborhoods in advance so I don't waste anyone's time. Most of the places I looked at a week ago are already gone.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 65 of 122
Established Contributor

Re: Clueless but I would like to buy a home

So this happened - the house I'm renting was "sold", a new management company took over and mailed me a 60 day notice !

 

I have been receiving housing assistance so I'm pretty sure they are required to abide by federal guidelines and give me 90 days. That would be enough time I hope, to close with USDA.

 

I actually found a house and my realtor encouraged me to make an offer. The seller agreed to pay all clsosing costs. Still waiting on that COE.

 

 

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 66 of 122
Established Contributor

Re: Clueless but I would like to buy a home

Time for an update. Sigh.

 

The good news is the new owner where I rent agreed to give me 90 days notice. So no need to fight them to follow the law.

 

I was finally able to reach the UW and he tells me there may be a problem with my dti because USDA just changed the policy on income based student loans. He has to find the document but to call him the next day at 11. I call him and he still hasn’t found the new policy and will let me know. Meanwhile, my tax returns and check stubs are unreadable. He had asked my packager to send a fresh copy but he never did.

 

I sent him my scanned pdf of tax returns and check stubs plus the notice from the landlord. Oh, I am so mad at the packager ! He is the one telling me to be patient ! I am done sitting back and waiting. I will be checking on a regular basis.

 

Meanwhile, the offer has expired. I can’t be sad if I lose that house; I will find another if it doesn’t work out. The important thing is getting that doggone COE !

 

BTW, my mortgage scores are:  708, 692, 686. I love myfico !

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 67 of 122
Established Contributor

Re: Clueless but I would like to buy a home

I finally spoke to the UW today and this is the issue: they accept 0 IBR student loans but only under certain conditions. The only condition that is iffy for me is the fact that my payment shock is 245%.

 

Except, if you remember a few pages back, I was worried about that and looked up the policy. Policy states if my score is 680, payment shock can be waived. So that is what UW psaid he was going to ask his director for a waiver.

 

He asked for my 1099s for last year and he said there is a possibility I will need to file taxes for 2018 in order for them to use my income for last year. So I am getting suggestions from friends for self employment tax preparers, just in case.

 

So that's where we are at. Not quite moving but very much alive !

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 68 of 122
New Member

Re: Clueless but I would like to buy a home

Hi-I've been preparing for my first house purchase too. I'm looking to buy next year this time. Right now it's all about saving, paying debt down and getting my score up. I've never been more stressed.

Message 69 of 122
Established Contributor

Re: Clueless but I would like to buy a home


@UnicornPrincess wrote:

Hi-I've been preparing for my first house purchase too. I'm looking to buy next year this time. Right now it's all about saving, paying debt down and getting my score up. I've never been more stressed.


Hang in there ! It can be stressful but it is very rewarding to gain control of your finances.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 70 of 122