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Wish me luck!

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boomhower
Valued Contributor

Wish me luck!

I am officially on the mortgage loan stresser.  I hadn't planned on applying for anything but a house we had been looking at to a pretty big price cut.  I knew I would regret it if I didn't try for it so I am.  Called my mortgage broker and placed a bid(it's a HUD house) and contacted Wells Fargo to get pre-approved.  Got pre-approved in no time and the big was accepted on Monday.  I signed the purchase contract and paid my good faith money yesterday.  As soon as Wells gets the signed contract back from the seller and the appraisal from HUD(yay for not having to pay for it!) I guess they will be sending it to underwriting.  The loan officer is hoping those documents come in tomorrow.  She already has everything she asked for from me.  I'm calling the inspector tomorrow to get that set up for next week. 

 

The only thing I am worried about is my bank statements .  We hadn't been planning on doing anything for a few months and spent more than we should have a Christmas.  The last two statements be did just a bit better than breaking even with not a lot of surplus.  Also we don't rent right now either.  I'm afraid they will deny for "mortage payment shock".  Credit is good at 700+ FICO with two unpaid collections from 5-6 years which I am hopping I don't have to pay.

Message 1 of 14
13 REPLIES 13
IOBA
Senior Contributor

Re: Wish me luck!

Congratulations!  Smiley Happy

Message 2 of 14
boomhower
Valued Contributor

Re: Wish me luck!

Got my updated loan packet.  I'll get the forms and updated bank statements to her Thursday.  Estimated closing date is 2/28/12.  Hopefully this doesn't get hung up in underwriting or they want any rediculous conditions.  15 years at 3.5%, I'm really happy with that.  $2800 closing costs.($100 down helped a lot there)  Fingers crossed......

 

Also have my inspection scheduled for Thursday.  I hope the current holder will turn on the utilitities or I am going to have to do it myself for the inspection.  Since it's HUD I have a feeling I'm going to have to do it myself.

Message 3 of 14
MarineVietVet
Moderator Emeritus

Re: Wish me luck!


@boomhower wrote:

Got my updated loan packet.  I'll get the forms and updated bank statements to her Thursday.  Estimated closing date is 2/28/12.  Hopefully this doesn't get hung up in underwriting or they want any rediculous conditions.  15 years at 3.5%, I'm really happy with that.  $2800 closing costs.($100 down helped a lot there)  Fingers crossed......

 

Also have my inspection scheduled for Thursday.  I hope the current holder will turn on the utilitities or I am going to have to do it myself for the inspection.  Since it's HUD I have a feeling I'm going to have to do it myself.


Excellent rate! Good luck to you going forward.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

 

 

 


 

Message 4 of 14
boomhower
Valued Contributor

Re: Wish me luck!


@MarineVietVet wrote:

@boomhower wrote:

Got my updated loan packet.  I'll get the forms and updated bank statements to her Thursday.  Estimated closing date is 2/28/12.  Hopefully this doesn't get hung up in underwriting or they want any rediculous conditions.  15 years at 3.5%, I'm really happy with that.  $2800 closing costs.($100 down helped a lot there)  Fingers crossed......

 

Also have my inspection scheduled for Thursday.  I hope the current holder will turn on the utilitities or I am going to have to do it myself for the inspection.  Since it's HUD I have a feeling I'm going to have to do it myself.


Excellent rate! Good luck to you going forward.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

 

 

 


 


I'm extatic with it.  The lady asked me if I wanted her to lock it in, heck yeah!  Sure it's possible they may go down a touch but locked at that rate makes me a happy camper.  Now I just need to get the darn loan.

Message 5 of 14
JusdoNit
Established Contributor

Re: Wish me luck!

If you dont mind my asking, how much do you have saved up?  Were you still light after putting down the earnest money?

 

 


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Current Score: Now 687 what the hockey sticks...from a 784 (Aug 12 EX 751 EQ Fico)
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Message 6 of 14
MarineVietVet
Moderator Emeritus

Re: Wish me luck!


@boomhower wrote:


 


I'm extatic with it.  The lady asked me if I wanted her to lock it in, heck yeah!  Sure it's possible they may go down a touch but locked at that rate makes me a happy camper.  Now I just need to get the darn loan.


You're right and the trick is once you lock in a rate and if the loan goes through do NOT second guess your decision. It's based on the best information you had at the time. Rates could just as easily start going up.

 

I also suggest you don't follow rates going forward so just in case they fall even more you won't know it and bash yourself for not waiting just "one more week".  Smiley Wink

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 7 of 14
boomhower
Valued Contributor

Re: Wish me luck!


@JusdoNit wrote:

If you dont mind my asking, how much do you have saved up?  Were you still light after putting down the earnest money?

 

 


I don't mind, I'm not rich nor well off and don't pretend to be anything but what I am; an underpaid public servent. 

 

Not neary enough to be honest.  Like I said earlier I hadn't planned on moving on anything for a few more months but the price on this house was just way way way to good to not go for.  With my wifes new job we are to the good $2k a month($2.6k on the months her ex pays his child support) but she just finally found work in November after leaving/losing her last job with a back injury.(her new one pay more and has FREE health insurance)  We had some catching up to do as well as Christmas which we went overboard knowing this year would be tighter with a new house so the kids had an extra special Christmas.  After the earnest money and PIF all the credit cards it dropped to $1,300.   Waiting for Thursday which is payday to send in the new bank statements that show the needed $1700 for closing.(should be around $4k)  I was straight up and honest my loan officer and she said it wasn't an issue at all.

 

We have a sizable tax return coming this year so I'm concerned about being strapped right off the bat.  This move will also put in the same town I work in opening off duty gigs up as well as more overtime, none of which I need but will be nice for some extra cash for new house furniture.  I do have a good nut in my 401k should anything drastic happen.

 

The other reason I'm moving ahead this fast is our current living arrangement is going south in a hurry.  We're staying with my wifes father and it just isn't working.  Me, her, two kids, our dog and the father in-law all in a single wide trailer just doesn't work.  We have to get out of here soon!  I did not want to rent anything unless it's an absolute last resort.  Six months of this has been five months to long.

Message 8 of 14
boomhower
Valued Contributor

Re: Wish me luck!

Just got the call from Wells, approved!  Only two conditions are home owners insurance and a LOE for my wifes direct deposits.  Collections do not have to be paid!  I'm so happy I don't know what to do with myself.

Message 9 of 14
Anonymous
Not applicable

Re: Wish me luck!

Congratulations!!!

Message 10 of 14
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