Closing on Tuesday 11/9!!!!!!!!!!!!!!!!!!!!

[Anonymous]

Whew! What a LONG mortgage journey it has been!

I am finally closing on a mortgage! I started this journey 2 years ago with LOTS of credit issues and after hard work and discipline, it is finally going to pay off! I was denied by the first lender, tried N.A.C.A, and did some hoop jumping to obtain the mortgage with this lender. I started with scores of  501 EQ and 525 TU in May 2009. I got a FP card (i know, I know) and became an authorized user on a card. Between having perfect payments on the 2 cards for 8 months and cleaning up my credit report, I was able to bring my score up to 622 EX and 625 TU. I was pre approved last December, but was denied in Febuary because old collections started to "re-age" and they said I needed to establish more credit. So I regrouped and came back and decided try to and negotiate my 6 collections. I was successful in getting 3 PFDs (pay for delete), which raised my score to 638 EX, 638 TU and 622 (that was making a long story short-It took one credit bureau 3 months to delete an account which delayed the process 90 days). There was much stress and sacrifice and I almost gave up a few times, but it is finally gonna happen. After 2 realtors and 3 lenders I was able to obtain a loan. And my only underwriting woes were I had to write an explanation for the remaining 3 collections and they would not allow a lender paid closing costs of $1000.00, so I have to come up with an extra grand in addition to the 3.5 % down payment. So thats it! There is my story (the SUPER short version). I got a FHA mortgage with a 4.75% interest rate ( I locked my rate too soon). BTW, My scores are now 664 TU, 638 EX and 630 EQ. Im on my way to the 700 club! This board was SUPER helpful over the last 2.5 years! Thank you everyone for sharing your stories and advice!!!!!

[workingmyway]

Congratulations. I wish you the best of luck in your new home. You earned it. I have also been going through pretty much the same thing for the past few years, and also have a contract on a home. Hopefully, it will pay off for me too. What a long journey, but well worth the trip.. Best of luck..

[life101]

Congrats :-) and Enjoy your new home.

[happy0510]

Congratulations! A true success story!

[Anonymous]

Thanks everyone for your well wishes!!!!! I wish everyone the best in their housing journey! I promise to post a pic of the house soon!

[preciousjoys]

Congrats!!!!!!!!!

[superdesi]

Congratulations.   So you went with another lender after you tried NACA?

[Anonymous]

Thank you and Yes, while NACA is a great program, it was just too much hoop jumping for me, but thats was me, every situation is different so you have to do what best for you...good Luck with NACA and hang in there if you can!

[Anonymous]

So happy for you.

I'm doing FHA30 with est $21K closing costs.   Already put in $10,000 in earnest deposits and home inspection is today.   Got $25,000 in cash but my fear is the bank will ask for more of a cushion, and they might not permit me to simply just tap a line to show more cash and then put the money back into the line after closing, and I got a gap of 2 months where I'll have a rent payment AND a mortgage payment going on at the same time---which I planned to tap the line after closing to pay the landlord off in a lump sum and repay the line with income tax refund, and use the remainder of my housing cash to do the moving, and when it's all said, go to Navy and get a fixed signature loan to finance a few appliances I need [house is in excellent move-in condition].

If you can make things work, that makes me feel a teensy bit less nervous!   I bet you were on an emotional roller coaster for over a year!

[Anonymous]

Good Luck PhillyGuy You are in better shape than I was and I made it happen so im sending good vibes your way!!!!!!! Sounds like you have a good plan in place. Yes, it was an emotional roller coaster and the last month was the scariest of the ride! LOL But its a happy ending. I love my home!!!!!!!!!!!!!!!!!!