cancel
Showing results for 
Search instead for 
Did you mean: 

Pre-Approval Process Soon - Questions

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Highlighted
Community Leader
Super Contributor

Re: Pre-Approval Process Soon - Questions

You are welcome.  Well... everything else you've told me about sounds OK, but you really haven't gone over everything that is needed to fully evaluate your situation (see link in my signature).

Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Orange County, CA and lending in all 50 states
Message 11 of 16
Highlighted
Established Contributor

Re: Pre-Approval Process Soon - Questions

Ah well I am $90K Salary.  No other credit negatives outside a collection that was paid immediately a couple of years ago, and were medical and minimal ($50; moved from NE back to Texas and mail non-received so never knew old insurance didnt pay a portion).  And the collection we just spoke about, also paid.

 

Harris or Fort Bend County (Texas)

SF or Townhome

Primary Residence

Monthly debt to card:  None.  PIF.  I had a couple of balances, low, but I just paid them all down to 0.00

 

 

 

Message 12 of 16
Highlighted
Community Leader
Super Contributor

Re: Pre-Approval Process Soon - Questions

Everything looks pretty good.  As far as max purchasing power, if you have no discretionary debt (meaning no debt at all), or you do have a small amount of debt but would have 3 months PITI in reserves available after closing, then you could purchase up to the FHA loan limit in Fort Bend County with just 3.5% down (translates to about a $343k sales price).  Worst case your sales price limit would be about $300k.  That's using a 3% tax rate & $1,200/year for homeowners insurance.  If you have more than 3.5% down, then that'd increase the sales price you could qualify for.

Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Orange County, CA and lending in all 50 states
Message 13 of 16
Highlighted
Established Contributor

Re: Pre-Approval Process Soon - Questions

Hi Shane!  I didnt see this until now (offline all weekend). 

 

I talked (in length and detail) to another lender on Saturday (preferred lender of homebuilder) and we went ahead and ran my credit (he convinced me now, or a month from now wouldnt really matter but to answer the questions I had,  he needed cold, hard facts) and I GOT A PREAPPROVAL WITH NO CONTINGENCIES! 

 

So yesterday I went back to the area (Harris County) with my realtor and we got it done!  I JUST BOUGHT A HOUSE!  It wont be built and ready for move in/close till prob June which works in my favor as well.  If the lender has all my info, and now the contract when can I expect them to call me to start the loan commitment process????  I am kinda wanting them to call NOW.  lol

Message 14 of 16
Highlighted
Community Leader
Super Contributor

Re: Pre-Approval Process Soon - Questions

On a new build, usually the loan process begins about 60 days prior to completion.

Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Orange County, CA and lending in all 50 states
Message 15 of 16
Highlighted
Established Contributor

Re: Pre-Approval Process Soon - Questions


@ShanetheMortgageMan wrote:

On a new build, usually the loan process begins about 60 days prior to completion.


Well we are actually about to go into processing per communication with the lender yesterday.  I thought we were already in processing since they are putting together my file with all the documentation. LOL. The builder requires a loan commitment within 21 days of contract. Figure we will lock in a rate closer to the time frame you mentioned.

Message 16 of 16
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.