Ok, I'm going to add to this tread and hopefully join in with all the blessed people who have closed so far.
We thought we had a chance to buy a house in July of 13. After talking to a LO, found out I had scores all in the high 500s. Student loans in default, and a couple of collection accounts. My wife and I attacked my credit an invested a bunch of our savings and income into fixing it up. Never really knew how much of a relief it is to start getting rid of old debt.
By mid November 13, I had my scores up to low 600s score and continued to pay on time and clean up old accounts. Tried again for a mortgage and was told I was close, but not yet.
By the end of January, my scores were in mid to high 600s and we started to look at houses again. Fell in love with one, short sale, and talked tho Lo again.
We finally got a preapproval after going through automated underwriting and the help of a great LO. She agreed with the short sale, because it usually takes longer and we could build my credit up more while we waited for the process. Thinking we would close in late spring or early Summer.
We of course threw her a curve ball and found a perfect foreclosure listed for $329,000. A bit above our comfort level.
On a whim we put in a low offer of $260,000 with them paying closing. The bank countered and eventually we agreed on 302,900 with them paying closing, and closing date 4/9/14.
My credit updated itself faster during the beginning of February and now we are moving full steam ahead.
We locked in rates yesterday ( VA Loan, 4.375 with no origination fee). And today we received the approved and signed contract from the bank. Sent to the LO, and waiting to go to underwriting.
Our LO has been constantly reassuring me that everything looks great and has already been in contact with underwriting.
Now the fun begins! With a lot of hard work and prayer, we are finally seeing the results. We'll keep praying and await any final steps. I'll keep everything posted as we move towards our closing date.
One more note, my wife is now 7 1/2 months pregnant, and has been great even though her crazy husband plans to close on a house a week before her due date.
