My homebuying journey

[playa1125]

any updates???

[Rosie296]

Unfortunately....no. I am getting nervous now. My closing is scheduled for 3/30 and my file hasn't even made it to usda yet. I spoke with broker yesterday and he had just sent title work to lender and that was supposedly the last thing they needed before sending to usda. Broker told me not to be nervous and that I should be fine with the current closing date.

 

Hopefully I will have a better update soon!

 

How is your repairing coming?

[playa1125]

Good!!! I think I paid off a 1300 dollar loan after my wife hit a slot machine... And on Tuesday I sent in all my removals to the 3 bureaus and well see where that gets me... Hopefully some will disappear for me

[Rosie296]

My file has now went to USDA! I hope to hear something soon.

[bill875]

Im following your journey, thanks for documenting. Do you have mortgage interest in payment with USDA?

 

There isn't a monthly payment, but there is a 1 time 2% fee. I think you can pay it upfront if you have it but mine is just being added into my loan amount.

 

harmstrong,

 

I thought there was a monthly fee for Mortgage Insurance. My loan has a Rural Guarantee Fee of $2724.41, plus a monthly Mortgage Insurance payment of $33.38.

[playa1125]

Any updates harm??

[Rosie296]

Im following your journey, thanks for documenting. Do you have mortgage interest in payment with USDA?

 

There isn't a monthly payment, but there is a 1 time 2% fee. I think you can pay it upfront if you have it but mine is just being added into my loan amount.

 

harmstrong,

 

I thought there was a monthly fee for Mortgage Insurance. My loan has a Rural Guarantee Fee of $2724.41, plus a monthly Mortgage Insurance payment of $33.38.

 

You are right. I am sorry for giving out false information.

[Rosie296]

Any updates harm??

 

Nope. File has been with USDA since a week ago last Thursday. MB said his last file took 7 days so I expect to hear something today or tomorrow. Closing is supposed to be in 4 days! I am EXTREMELY nervous!

[playa1125]

Hang in there...everything will work out for the best

[Rosie296]

playa...thanks. I am trying to be patient. I actually just got off the phone with my insurance agent and he told me he talked to my broker this morning and closing is set for Wednesday. But he also said a while back that he was told it would be last Friday (the 23rd) so who knows. But it did give me a little ray of hope!

[ugghh]

Update please

[Rosie296]

Update please

Still waiting for file to come back from USDA, but my MB emailed me today that he set up closing with attorney for Friday at 11. So I am hoping USDA will hurry up and approve!

[Rosie296]

Update please

Still waiting for file to come back from USDA, but my MB emailed me today that he set up closing with attorney for Friday at 11. So I am hoping USDA will hurry up and approve!

 

APPROVED from USDA!!

 

MB said he would try and get closing today but if not, tomorrow at 11!!

[Rosie296]

1/25 Submitted info for preapproval for USDA guaranteed to see where I stand. Scores were EQ 563, TU 647, EX 611. Had somewhat high CC utilization and was told which cards to pay to what and that they would do RR for EX to get over 640.

 

2/3 Submitted updated CC balances for rescore.

 

2/8 CC balances were updated on EX (I only knew this due to monitoring services)

 

2/10 Received alert for new inquiry and received preapproval from LO. New scores were EQ 585, TU 657, EX 645.

 

2/12 Submitted offer

 

2/16 After negotiations, offer was accepted

 

2/18 Inspection performed (nothing major found)

 

2/19 Received inspection report - realtor forwarded it to seller's agent/seller

 

2/20 Received notice seller was fixing everything found during inspection (I didn't even have to ask them to fix the stuff....they just said they would)

 

2/21 Met with broker - loan application submitted

 

2/27 Loan approved with conditions

 

2/28 Appraisal and termite inspection today ; all conditions met and package resubmitted

 

2/29 Received termite inspection letter

 

3/5 Received appraisal back

 

3/6 Received notice of 3 more conditions - submitted HO insurance info

 

3/12 All additional conditions complete/answered

 

3/15 Approved from lender - file sent to USDA for review

 

3/29 Approved from USDA - Closing scheduled 3/30 at 11:00 am

[ugghh]

CONGRATS!!!

[prod]

Congrats

[meowkitty]

Yay, happy for you! Enjoy your new home!

[playa1125]

Congrats!!!! Hope you enjoy your new house!!!

[Genna]

Congratulations!!

[Tpelc23]

mind sharing what kind of documents you turned over. Did you do bank statements or verification of deposits? How many months required. How much money did you have to have for closing appraisal etc...thanks.

[Rosie296]

So I closed on Friday! Been moving ever since. I love it.

 

Closing was supposed to be at 11, but I get a call about 10:30 saying it was postponed due to some missing paperwork. It was rescheduled to 3. It started about 3:30. Took about an hour. I ended up walking out with a $500 check for my earnest money, $500 check from the seller because I opted to have a check instead of 12 home cleaning visits and a gift from my realtor.

 

So in the end, everything worked out. Now that I have closed, let me explain some things that I was too worried to mention in detail earlier because I didn't want to jinx myself.

 

First, open disputes. I have ALOT of items on my CR that have the "dispute" word on them. My MB told me not to worry about them and he had certain lenders that wouldn't care about them. From all I have read, everything said I had to get them off, but I put faith in my MB and did what he told me and didn't touch them. Nothing was ever said about them from lender or USDA.

 

Next is applications. I had about 10 inquiries in the last 3 or 4 months....several in the month before the initial loan app. Other than writing a simple LOE, nothing was said about those either.

 

Collections: I have several $0 balance chargeoffs. I have a $1,XXX unpaid personal loan, a $9,XXX unpaid auto repo, and a ton of unpaid medical bills. I was told by ALOT of people I would NEVER be approved with the large repo. Like the inquiries, other than writing a LOE, nothing was said about them from lender or USDA.

 

My credit was only pulled during the initial loan app. My middle score then was 645 and my rate was 3.875.

 

I am thinking I just had a great MB and I am still kind of in disbelief. I don't think my case is the norm, but I just want to give some hope to some of you that it IS possible!

[Rosie296]

mind sharing what kind of documents you turned over. Did you do bank statements or verification of deposits? How many months required. How much money did you have to have for closing appraisal etc...thanks.

 

No prob. They needed 2 months of bank statements, 8 weeks of paystubs, 1 year of rental verification (which I gave them 12 months of bank statements for this). I did have to explain all deposits over $100 other than my paycheck.

 

I paid $500 earnest money with the offer, my appraisal was $450 and my termite inspection was $85 (which by the way I am being refunded). I didn't have to have any reserves and the seller paid closing up to $4,000.

[Tpelc23]

thank you so much for sharing. Would love to pictures of the new place

[playa1125]

Thanks for sharing...I'm think I'm going to lean towards getting a FHA loan because I'm looking to borrow around 225k

[IAmOnMyWay]

So I closed on Friday! Been moving ever since. I love it.

 

Closing was supposed to be at 11, but I get a call about 10:30 saying it was postponed due to some missing paperwork. It was rescheduled to 3. It started about 3:30. Took about an hour. I ended up walking out with a $500 check for my earnest money, $500 check from the seller because I opted to have a check instead of 12 home cleaning visits and a gift from my realtor.

 

So in the end, everything worked out. Now that I have closed, let me explain some things that I was too worried to mention in detail earlier because I didn't want to jinx myself.

 

First, open disputes. I have ALOT of items on my CR that have the "dispute" word on them. My MB told me not to worry about them and he had certain lenders that wouldn't care about them. From all I have read, everything said I had to get them off, but I put faith in my MB and did what he told me and didn't touch them. Nothing was ever said about them from lender or USDA.

 

Next is applications. I had about 10 inquiries in the last 3 or 4 months....several in the month before the initial loan app. Other than writing a simple LOE, nothing was said about those either.

 

Collections: I have several $0 balance chargeoffs. I have a $1,XXX unpaid personal loan, a $9,XXX unpaid auto repo, and a ton of unpaid medical bills. I was told by ALOT of people I would NEVER be approved with the large repo. Like the inquiries, other than writing a LOE, nothing was said about them from lender or USDA.

 

My credit was only pulled during the initial loan app. My middle score then was 645 and my rate was 3.875.

 

I am thinking I just had a great MB and I am still kind of in disbelief. I don't think my case is the norm, but I just want to give some hope to some of you that it IS possible!

 

Thank you so much for sharing this. Congrats on your new home