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I had no plans on purchasing a home anytime soon but wanted to share my experience as I did a lot of things that people do not recommend you do when trying to purchase a home. Before having my LO pull my credit we did discuss my concerns which are below.
1.) I had a lot of new inquires in the past year, around 16 as I was in a rebuild.
2.) I still had a charge off (auto loan) showing on my Equifax report but it was scheduled to fall off at anytime.
3.) I had just opened 2 new credit cards and 1 hadn't even reported.
4.) My DTI was close to 42% but I had been planning on paying down some balances but being I had a middle score of 700 my LO advised against doing so and told me to hang onto my cash.
So with all that my credit was run and I was pre-approved without any issues. I did have to provide a lot of paperwork for a few days but once that was done I did get an accept through GUS. Now when it came for the home inspection the guy I choose liked to be paid via Paypal. Well when I logged into my Paypal account I was greeted with apply for Paypal credit. Everyone will tell you to not apply for any new credit while under going the underwritting process, I did anyways for two reasons. My score was going to drop a tad when my new Amex card finally hit my reports and my LO informed me my hard credit pull was good for a few months and they don't do a softpull before close. I did inform my LO after I was approved for the Paypal line of credit and he said it was not a big deal. He said if I had gone out an purchased a boat, then it would be a big deal but one new credit line wasn't.
I was able to get the seller to pay $2000 towards closing and I took an 8 hour class that cost $30 dollars which gave me another $3500 towards closing. While I did have to pay 1% of the loan at closing I was able to apply the cost of the home inspection towards so after giving $500 in earnest money I had to take a check for a whopping $45 dollars to closing yesterday.
So that is my very unorthodox USDA RD loan approval so if anyone else finds theirselves in a simliar boat, talk to your LO. I had a 5 year plan for a house, not a 7 week one. Now the fun of moving begins.
Lol! That's cool!!!!
Enjoy your new home and tl's.
Congratulations!
Congrats on the new home!!
The stars were aligned for you! Thanks for sharing. Congrats on the new home.
Whoa, definitely unorthadox. Congrats on your success and new Home!
Would you share the closing assistant program? Also would you share the purchase amount. This gives us great hope. Did you have to set up a escrow account?