Starting my home purchase voyage

Marleygirl1 · ‎07-02-2019

I started the application/prequalification process on a home loan yesterday with New American Funding. The loan officer sent my info through the automated system and it came back preapproved. He asked me for my documents and is in the process of verifying my employment and then will be sending my info to manual underwriting for approval. Keeping my fingers crossed!!

Some background
My mortgage scores are 654/630/612. I have a $15,000 car loan and a $16,000 student loan. 5 credit cards that are all below 15% utilization. I have one paid off collection from January of this year. I make about $45,000 a year.

We are now in the process of getting hooked up with a real estate agent and I also have a house in mind for $170,000 which the loan officer said it wouldn’t be a problem. Guess I’ll find out hopefully soon! Wish there wasn’t a holiday this week.

What are the chances of not passing manual underwriting?

I will update this post as I progress through the process

Marleygirl1 · ‎07-03-2019

I really like that they do a manual underwritten prequalification. That way there’s hopefully no surprises once we get into the actual loan phase of the home buying

Fico82 · ‎07-03-2019

Goodluck in your process! , I'll definitely be subscribing to follow your progress being that I will soon be going through this . Keep us updated!

Marleygirl1 · ‎07-04-2019

We heard back and the LO said that they are in the process of getting my job verification done. In the meantime, we found out from him that we qualify for an FHA loan and some first time homebuyers programs.

I found out the name of my real estate agent that they hooked me up with, but haven’t heard from him yet due to the holiday.

I just can’t believe this dream of mine might actually happen! I’ll keep everyone updated.

Happy 4th of July!

Marleygirl1 · ‎07-21-2019

July 21st- everything was preapproved for the loan and I was able to make an offer on a home and it was accepted! We are officially under contract! The agent will be calling tomorrow to schedule the inspection and appraisal after that.

We found a home we really liked about a week ago and had put in an offer but the seller took someone else’s offer. We were so bummed out, thought it was the perfect place. One week later something even better came along. We are beyond excited!!

Mrs_A · ‎07-21-2019

Good luck! We’re in the same process at similar points - best of luck!

Marleygirl1 · ‎08-04-2019

Hi all. Inspection is done, and passed. Appraisal is done and no repairs needed! It appraised for $20,000 more than what we are paying!!
Had to sign a letter of explanation for a car accident that I had last year, it caused me to miss 6 months of work so my income was half of what I made the year before.
Already have our home insurance binder set up. Also have a lawyer set up for the title search and closing. Things are moving along!
Closing date is August 30th. Would have been sooner but the homeowners are moving out of state and need this month to get prepared.
I can’t believe it’s really happening. I’ve worked so hard these past 2.5 years building up my credit score and paying off debt. I feel like it’s all a dream!