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blah first offer didn't pan out..

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blah first offer didn't pan out..

So after sitting down with the first of 4 lenders that called back today... I had about the best possible convo.. I qualify for a program that pays for 30% of my purchase price ( yes your reading that right.. 30 percent of my purchase is paid for by a grant...yay for being alaska native) ... with a 200k purchase price cap.. so long story short.. a 200k house gets me a mortgage of 142k.. and with my (according to my loan officer) excellent credit and very responible use of all my revolving lines and payment history.. I walked out of lender #1s office with a pre approval for 300k without even a paystub provided.. ( in all fairness its my employers bank so they can see what i'm gettin paid 

 

Update... so the first house we offered on didn't work out.. they countered my offer and wanted us to pay most of their closing costs... and no Internet .... available at all.. not even old school dial up....


outta the garden.. for a house Smiley Very Happybr>Current score - eq 682(myfico) ex 703(ex 02) Tr 701 (tr 04) ck fako 66)
In the wallet - freedom 6k - Marriot 16.3k - Ak Airlines 25k - Bass pro MC (BofA) 12.5k - Amex SPG 18k - Amex Everday 11.7k - Amex BC 1K - Barclay Rewards 4k Newegg preferred 2.4k - Cabelas 2k - Diners Club Elite 15k -Diners Club Premier 15k - CU1 15K -Blue Nile 15k - Lowes 17k... HD 10k
Message 1 of 10
9 REPLIES 9
Regular Contributor

Re: Supposed to be gardening for another year.. but its time to own a home..

Be careful with such blanket preapprovals without them reviewing the nitty gritty..
Message 2 of 10
Frequent Contributor

Re: Supposed to be gardening for another year.. but its time to own a home..

after the hypothetical mortgage she printed up.... a monthly payment of 650.. just 650.. payin 1350 for rent right now.. plus utilities.. in alaska lol...950 for a mortgage payment  if i have them cover insurance and taxes...but id rather get miles for payin my own taxes and insurance Smiley Happy i'm a bit nervous.. sounds way too good.. but after talking to the lady with grant office.. i squeak by just under the income limit for qualifying.. so hopefully i can update something in the months and weeks to come.. a picture of my new house keys hopefully..


outta the garden.. for a house Smiley Very Happybr>Current score - eq 682(myfico) ex 703(ex 02) Tr 701 (tr 04) ck fako 66)
In the wallet - freedom 6k - Marriot 16.3k - Ak Airlines 25k - Bass pro MC (BofA) 12.5k - Amex SPG 18k - Amex Everday 11.7k - Amex BC 1K - Barclay Rewards 4k Newegg preferred 2.4k - Cabelas 2k - Diners Club Elite 15k -Diners Club Premier 15k - CU1 15K -Blue Nile 15k - Lowes 17k... HD 10k
Message 3 of 10
Frequent Contributor

Re: Supposed to be gardening for another year.. but its time to own a home..


@Stevenson wrote:
Be careful with such blanket preapprovals without them reviewing the nitty gritty..

I will.. the programs are all taylored to alaska natives.. and wether the programs work or not for me.. i apped 2 or so yrs ago.. and was pre qualled for 275k with a little more debt and little less income.. so i know the pre approval is solid... it is my employers bank so they know what i'm making.. if you google search Interior regional housing authority.. and look up the TEAM program.. ull see thats legit.. and i feel very confident with my pre approval.. based on my debt and income and my own research..


outta the garden.. for a house Smiley Very Happybr>Current score - eq 682(myfico) ex 703(ex 02) Tr 701 (tr 04) ck fako 66)
In the wallet - freedom 6k - Marriot 16.3k - Ak Airlines 25k - Bass pro MC (BofA) 12.5k - Amex SPG 18k - Amex Everday 11.7k - Amex BC 1K - Barclay Rewards 4k Newegg preferred 2.4k - Cabelas 2k - Diners Club Elite 15k -Diners Club Premier 15k - CU1 15K -Blue Nile 15k - Lowes 17k... HD 10k
Message 4 of 10
Valued Contributor

Re: Supposed to be gardening for another year.. but its time to own a home..

It sounds as if the lender gave you a pre-qualification letter, not a pre-approval. Typically pre-approvals are only handed out after all of your documentation is reviewed. And if they did issue an actual pre-approval.... 1. shame on them and 2. I would find a new lender. It sounds like the grant is a statewide deal, not just limited to that first lender - this is great! If they are going to issue a pre-approval without even checking a paystub, I would find a new lender ASAP as this one is showing a complete disregard for detail from the beginning.
Mortgage Loan Officer licensed in CA & AZ


Message 5 of 10
Frequent Contributor

Re: Supposed to be gardening for another year.. but its time to own a home..

So I heard back from the other lenders..  All but one..  All pre approved in the 300 range..  As for first lender goes..  After providing income supporting papers...  Said I was still good..  Only 2 of the 5 lenders work with the grant program I'm after..  I come under income by a smidge for a 5 person household... So everything is looking real good..  I've got 4 pre quals that are roughly 100k more than I can spend to qualify for said grant..  Just gotta get grant approval..  Should be a Friday or possibly Monday I hear back 


outta the garden.. for a house Smiley Very Happybr>Current score - eq 682(myfico) ex 703(ex 02) Tr 701 (tr 04) ck fako 66)
In the wallet - freedom 6k - Marriot 16.3k - Ak Airlines 25k - Bass pro MC (BofA) 12.5k - Amex SPG 18k - Amex Everday 11.7k - Amex BC 1K - Barclay Rewards 4k Newegg preferred 2.4k - Cabelas 2k - Diners Club Elite 15k -Diners Club Premier 15k - CU1 15K -Blue Nile 15k - Lowes 17k... HD 10k
Message 6 of 10
Moderator Emerita

Re: Supposed to be gardening for another year.. but its time to own a home..

So is a $200k house possible in your area? Sometimes the grant program restrictions are so tight that there are no actual properties that fit the terms, or the properties that do fit the terms of the grant aren't acceptable to you.

Check availability of the current homes in your market meeting the grant terms and conditions first. If you can't find a suitable property using the grant, then change the loan type and use the higher PQ. $100,000 is a big difference in the type of property you can purchase. Naturally, having the grant is better if you can meet the terms.
Message 7 of 10
Frequent Contributor

Re: Supposed to be gardening for another year.. but its time to own a home..

We have found quite a few properties that fall right at 200k. One of the restrictions which isn't a bad restriction is the house has to have a 4 star energy rating to qualify.. Two of properties we really really like are newer construction with 5 star when built ratings. Both are decent sized 3 bed/1 bath.. definitley wish they had a garage.. But i can build a detached garage easy enough and heat it with a wood stove

outta the garden.. for a house Smiley Very Happybr>Current score - eq 682(myfico) ex 703(ex 02) Tr 701 (tr 04) ck fako 66)
In the wallet - freedom 6k - Marriot 16.3k - Ak Airlines 25k - Bass pro MC (BofA) 12.5k - Amex SPG 18k - Amex Everday 11.7k - Amex BC 1K - Barclay Rewards 4k Newegg preferred 2.4k - Cabelas 2k - Diners Club Elite 15k -Diners Club Premier 15k - CU1 15K -Blue Nile 15k - Lowes 17k... HD 10k
Message 8 of 10
Moderator Emerita

Re: Supposed to be gardening for another year.. but its time to own a home..

Fantastic! What a wonderful opportunity you have for your new home! 

Definitely take advantage of it - who wouldn't love a 30% equity gift???

 

Building a detached garage is much easier than expanding the house Smiley Happy Have fun!

Message 9 of 10
Frequent Contributor

Re: Supposed to be gardening for another year.. but its time to own a home..

Wow so it's all falling in place!!! I'm so anxious.. I got word back from the housing ppl that I was approved for the TEAM grant!! I stumbled across a house the day we let our current realtor go. A work acquaintance is selling it.. Hasn't been lived in yet so since a complete remodel taken down to bare framing. We made an offer today!! So now the hurry up and wait haha..

outta the garden.. for a house Smiley Very Happybr>Current score - eq 682(myfico) ex 703(ex 02) Tr 701 (tr 04) ck fako 66)
In the wallet - freedom 6k - Marriot 16.3k - Ak Airlines 25k - Bass pro MC (BofA) 12.5k - Amex SPG 18k - Amex Everday 11.7k - Amex BC 1K - Barclay Rewards 4k Newegg preferred 2.4k - Cabelas 2k - Diners Club Elite 15k -Diners Club Premier 15k - CU1 15K -Blue Nile 15k - Lowes 17k... HD 10k
Message 10 of 10
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