cancel
Showing results for 
Search instead for 
Did you mean: 

My step by step adventure to buying my first home....to be updated

tag
frio
Frequent Contributor

My step by step adventure to buying my first home....to be updated

Whats up everyone ?

 

On May 12 my Fiance and I were pre approved for a 300k home loan via FHA at 3.7% fixed interest rate and 3.5k down payment.  We were also approved for a MA Housing loan at 275k with no PMI at 4.1% fixed and a 3% downpayment.

 

6/7/12:  Put an offer on a Home that we really loved after looking for almost 1 month

 

6/8/12:  Offer was Accepted by seller and agreement signed.  (paper work started to get the closing started)

 

6/14/12:  Home inspection booked for 6/14/12 ...we'll wait and see what happens.


Starting Score: 589 / TU: 600
Current Score: 696 / TU: 696
Goal Score: 700 / TU: 700


Take the FICO Fitness Challenge
Message 1 of 5
4 REPLIES 4
boomhower
Valued Contributor

Re: My step by step adventure to buying my first home....to be updated

What term on the loan? Any points being paid to you?   What lender?  Good luck!

Message 2 of 5
dmbtay
Regular Contributor

Re: My step by step adventure to buying my first home....to be updated

congrats, not bad terms (assume 30 year?)!! 

 

My wife and I are workin on the pre-approval right now on a $500k loan.  Thought this would go more smoothly, but her self-employment is making it really difficult ! 

Message 3 of 5
kingmidas
New Contributor

Re: My step by step adventure to buying my first home....to be updated


@frio wrote:

Whats up everyone ?

 

On May 12 my Fiance and I were pre approved for a 300k home loan via FHA at 3.7% fixed interest rate and 3.5k down payment.  We were also approved for a MA Housing loan at 275k with no PMI at 4.1% fixed and a 3% downpayment.

 

6/7/12:  Put an offer on a Home that we really loved after looking for almost 1 month

 

6/8/12:  Offer was Accepted by seller and agreement signed.  (paper work started to get the closing started)

 

6/14/12:  Home inspection booked for 6/14/12 ...we'll wait and see what happens.


First: Congratulations!!! I am looking for a home loan around 250-300,000 and if you don't mind sharing what annual income equal to and did you guys have any derogatories on you credit report. I am just trying to get an idea of qualifying factors. Thanks!


Starting Score: myfico.comEQ 570 TU 614 EX (fako/experian.com) 565 5/24/12
Current Score: lender pulled EQ 672 TU 722 EX 692 as of 7/2/13
Goal Score: 700 across the board

Take the FICO Fitness Challenge
Message 4 of 5
frio
Frequent Contributor

Re: My step by step adventure to buying my first home....to be updated


@kingmidas wrote:

@frio wrote:

Whats up everyone ?

 

On May 12 my Fiance and I were pre approved for a 300k home loan via FHA at 3.7% fixed interest rate and 3.5k down payment.  We were also approved for a MA Housing loan at 275k with no PMI at 4.1% fixed and a 3% downpayment.

 

6/7/12:  Put an offer on a Home that we really loved after looking for almost 1 month

 

6/8/12:  Offer was Accepted by seller and agreement signed.  (paper work started to get the closing started)

 

6/14/12:  Home inspection booked for 6/14/12 ...we'll wait and see what happens.


First: Congratulations!!! I am looking for a home loan around 250-300,000 and if you don't mind sharing what annual income equal to and did you guys have any derogatories on you credit report. I am just trying to get an idea of qualifying factors. Thanks!



Thank You All, My fingers are crossed, we should have all our paper work submitted end of this week.  First to answer some questions.   It is a 30 yr loan we make about 95-100k yearly combined.  My mid score was 695 and she is a 760 accross the board.  No derogs at all.  I have a judgement that is satisfied.


Starting Score: 589 / TU: 600
Current Score: 696 / TU: 696
Goal Score: 700 / TU: 700


Take the FICO Fitness Challenge
Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.