First time home buyer. Huge props to this forum for helping me builed my credit from 650 to 750+ on my mortgage scores in order to pre-qualify for a great rate. We started shopping in march or so but it was so competitive it was insane. houses having multiple offers the same day listed. twice our realitor called us as we were on our way to a showing saying an offer was accepted. (this is like day 2 on the market). We were discouraged but we switched to a realitor in that town who also sells in that town and had alot of "ins". we found out about a home before it hit the market and had an offer ready the day it listed.
and our offer was accepted!!! We somehow beat out an all cash offer. sellers realitor said our heartfelt letter helped and it was close.
Anyhow, purchase price of $490,000. We put 5% down ($24,500).
-purchase of sale executed
-Inspection done, no issues, us and seller both signed off
-appraiser went out on tuesday, we are supposed to hear on monday
-We signed off on homeowners insurance
-we have a real estate lawyer (our mortgage broker uses the same lawyer so it should be smooth there)
-We locked in our rate yestarday (2.5% after paying 1/8 point for $585.00)
-Closing date is 11/19
So what is next? assuming the appraisal comes in at our price (which we assume it will, given comps in the area) then what? They ran our credit a second time and it still checked out (both our middle scores at 760+). We dont have anything funky going on financially. we did not borrow money or get gift money for the down payment its all from our savings. our combined DTI is 19%. Both of us individually are under 25% DTI. Our credit reports are thick/clean/aged. 0 missed payments for either of us. 0 collections for either of us.
only thing that i can think of being an issue is wifes student loan is in forebearance (she didnt ask for it, they just did it its a federal loan). 1% of the loan comes to $335/mo. which we already factored in to the 19% DTI.
how long before we know that everything is 100% locked in and its just waiting/paperwork? will the mortgage/underwriter tell us once we are good or will it come down to the 19th?
this is so nerve racking!? every day that goes by we get more invested emotionally. it would be crushing to lose the house at this point!
