Thanks to this board I was able to close on my house using a VA morgage with NFCU. A couple of things I found hard to find on this board and advice I wish I had known before the process:
Let me know if you wan to know anyting else.
Congratulations on that!!! Would you share any other data points please? Purchase price, interest, down payment (if any),credit scores. Thanks and a 30 day closing is awesome!!
Thank you! Here you go, let me know if you need any others.
Thank you so much for your post. We are just waiting for two tradelines to report them my wifes scores will be golden to apply. A couple of questions. Did your seller contribute any to closing costs in the contract? What will they accept as verified funds available for closing? How long for pre-approval? What docs will thay ask for? Do you have any high Utilization cards or accounts? What was your DTI if you don't mind sharing? Thanks again for the information I have been searching for. Congrats on your new home!
You can definitely ask a seller to pay closing costs. They may or may not but it's part of negotiating a contract.
I don't know what USDA will accept as verified funds.
Preapproval is useless in my opinion. All it tells you is if you can fill out an application. You can skip that part and just ask for an app. What you really want is the Certificate of Eligibility, which is generated after they review your app and tells you exactly how much loan they approve you for and allows you to make an offer on a house.
Timing is different for every office. It should occur around 2 weeks after they pull your credit. Mine took two months.
They ask for 3 months of check stubs, 2 years of tax returns and 2 months of bank statements. My highest utilization on a card is around 66%. My dti is 17%.
Thanks, I'm still searching, not under contract yet.