Under contract but honestly is there any chance of approval? *UDPATE after inspection*

[amh783]

veggs - 

I'm right here with you! We're going to a final showing of our house tonight. Expecting to make an offer sometime in the next 3 days. We have our USDA preapproval, but we're in the middle of rapid rescoring. I settled my one unpaid collection and we are hoping I get the boost from 614 to 620. My middle score is TU and I can tell on myFico that TU is factoring the $5k CO into my overall utilization, so I'm hoping and praying that it helps. My LO said it would have to be paid either way, which is why i settled and took the documentation from the Attorney CA and my LO submitted for rapid rescore.

If its conditional to pay the collection, are you able to do so?

Keep me posted on your situation!

[Anonymous]

amh783 - it won't let me quote for some reason but as far as paying the collections, the total of all of them is $1062 which we could easily pay at closing. That is what our LO said may be the case. We wanted to pay them this summer but our LO said do NOT do a thing with them or it may hurt our score.

[Booner72]

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@Anonymous wrote:

Thanks.

I picked apart my credit report and all the collections/charge-offs, etc. are 2/2009 or older except that one cable bill.  I'm just so nervous I keep going over everything again and again in my head.

The LO said we couldn't do anything without a signed contract?!?  I don't get it.

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Technically that is what happened in our case, but not really.  All the legwork was done.  Everything was ready to go weeks ago - we did have to wait to "lock in" until we got an accepted offer.   We had to wait to order the appraisal until we had the official signed offer.  I'm ROOTING FOR YOU!!  Posting here is therapeutic.  I figure, if nobody wants to read my babbling, then don't!  I like to refer back to see where I was and where I am during this process.

[Anonymous]

UW came back today (LO said they had never seen it so fast!) and only wants a statement saying how my wife is related to me, a copy of a deposit made in July (which was a check from our insurance company for hail damage repair) and a copy of the termite inspection.

LO says it looks GOOD!!  Sooooo nervous!!!!

[Anonymous]

Keeping my fingers crossed that you hear some good news!!!

[Booner72]

How many months of bank statements did they want?

[Anonymous]

We only had to provide 2 and they never asked for more

[Anonymous]

UPDATE:

Had the inspection and the roof has hail damage due to a recent storm.  We are hopeful the seller can get their insurance company to replace it.

The major issue is that there are active termites and if the seller does not treat we can not buy the house as the lender will not give us the loan with active termites.  However, the seller doesn't have much of a choice as no one is going to buy the house with termites and it must be disclosed now to other buyers.

Still a bit of a waiting game, the other issues on the house are minor thank goodness.

[Booner72]

Big bummer.   I hope they fix it!

[Anonymous]

Just waiting for the final report from the inspection........of course we want the house still and I'm sure the seller still wants to sell so I'm hoping we can work someting out.

It's funny how a day ago I was just worried about being approved for the loan and now I'm worried about just getting an agreement on this dang termite thing!