We Finally Applied!

[redE2move]

Today we applied for a mortgage.  We did the best we could at getting our mortgage scores higher but we landed at 707 & 695 middle scores.  So I guess we're looking at 695 to be our number.  At first I was nervous but now I just feel that if it was meant to happen for us then it will.  I'd like to thank everyone here for the advise you've given.  You've helped us through our rebuild, car loan and now our pursuit for homeownership.  It's been truly inspiring to read what everyone else has experienced even though everyone and situation is different.  We really hope to meet a deadline of July 15th to close on a home as we have already submitted our notice to vacate (it was either that our extend the lease).  It's crazy because I am praying for peace of mind and to remain optimistic when you'd think I'd be praying for the approval.  I know I'll have plenty of LOEs to write but I'm ready for whatever it takes.  So here we go on our very first homeowners journey.  Let's see how things will unfold.  If nothing else, we'll at least find out what we need to do to get there right? 

5/30 - Submitted loan application   

[Anonymous]

Congrats! Hope it goes well! I'll be starting the same thing in a couple weeks (hoping to close mid August).

What sort of things do you expect to write LOEs about?

[me12345]

Congratulations...

Just remember, your loan officer is your best friend, tell him/her everything, and don't be afraid to ask questions if you don't understand something, we love questions.

They want your loan closed also, they are on your side.  (that's the only way that they get paid)

Good-Luck,

[JVille]

Congratulations! Remember if the lender wants it, no matter how stupid or that you have given it 3 times already, just get it to them immediately!

[redE2move]

@joe I guess they'll ask about my recent car loan refi. I shopped my 3 credit unions for the rates so there are inquiries from that.  Also, DH has one collection from 2015 for $115.  It's the only negative he has and shows on 2 reports.  Something we thought we best leave alone unless told otherwise.  We also relocated in 2016 and our income is a 3rd of what it use to be.  He has only a year on new job and I'm almost at 2. 

My question is how do they find out about employment gaps?  DH went 8 months before finding a job in our new state but has income from 2016 and 2017.  They didn't ask on the application.  Maybe it will come up later.

[redE2move]

@me123  For sure!  I've already expressed to our LO that we needed someone who is creative and will provide us with every scenario and option available to us.

[redE2move]

@jville    I spent all night scanning every document and placed it on a to go drive.   I read about that and am anticipating them asking for the documents multiple times.  I think it's good to know they will do this so now I won't be frustrated.  Had we not known this was part of the process, I probably would've.  

[me12345]

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@redE2move wrote:

@Anonymous I guess they'll ask about my recent car loan refi. I shopped my 3 credit unions for the rates so there are inquiries from that.  Also, DH has one collection from 2015 for $115.  It's the only negative he has and shows on 2 reports.  Something we thought we best leave alone unless told otherwise.  We also relocated in 2016 and our income is a 3rd of what it use to be.  He has only a year on new job and I'm almost at 2. 

My question is how do they find out about employment gaps?  DH went 8 months before finding a job in our new state but has income from 2016 and 2017.  They didn't ask on the application.  Maybe it will come up later.

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No problem with shopping for the car loan...

Correct, don't do anything with the baddie, unless told by your lender to do so...

They will obtain a verification of employment (VOE) from your current and previous employers.

Has he been back on the job for 6 months? Is he in the same line of work?

Thanks,

[redE2move]

It will be a year this coming Tuesday for DH at his current job and yes he is in the same line of work.

[JVille]

Repeat after me...
I will Not kill the loan officer (or processor)
I will Not tear his hair out or gauge out his eyeballs, no ripping off his ears either!
I will comply immediately no matter how mad he makes me!

Ok now let me hear you say it, because the process will piss you off but you get a house when it’s all over!
Good luck!!