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My homebuying journey


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51 replies to this topic

#1 harmstrong523

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Posted 11 February 2012 - 07:59 AM

I figured I would let everyone know my journey in hopes that this may help someone else out in the future.

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.

We already have a home picked out and plan on submitting an offer today. List price is $168K.

I am extremely nervous, scared, excited and probably every other emotion out there! I have some unpaid collections that they keep reassuring me shouldn't be required to be paid, so I guess we will know soon!



#2 boomhower1820

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Posted 11 February 2012 - 08:17 AM

Good luck! I've been chroncling my journey here as well and it does help a bit with the emotions. I had the same concerns with collections and you won't find out until it goes to underwriting. If they are fairly small and fairly old they probably won't. What lender did you go with?

#3 harmstrong523

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Posted 11 February 2012 - 08:33 AM

Good luck! I've been chroncling my journey here as well and it does help a bit with the emotions. I had the same concerns with collections and you won't find out until it goes to underwriting. If they are fairly small and fairly old they probably won't. What lender did you go with?


Yes, I have been following your journey as well. Actually, following yours is what gave me the idea to start my own. Reading other people's stories has helped me so much! So for that, I thank you. I am a first time homebuyer so I would have no idea what to do if not for this board! When I first started repairing my credit my scores were very low 500's.

My collections are fairly old, but I do have one rather large one that I am worried about. If the UW tells me I must pay it, then so be it. I have already prepared myself for the worst.

I went with a small local lender that was on USDA's approved lender list. When I was first getting started, I emailed several of the lenders on the list and explained my situation, my income, collection accounts, etc and several told me I should be fine, but something just felt "right" about this one.

#4 Najus

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Posted 11 February 2012 - 07:31 PM

Good luck, my wife and I had those same emotions as well while going through the process. But in the end it was all worth it.

#5 Tpelc23

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Posted 11 February 2012 - 08:17 PM

thanks for sharing your story. Please update as you can. We will be doing a USDA in June and I hope to share my story as well

#6 harmstrong523

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Posted 12 February 2012 - 09:07 AM

Well, looks like no home for me. Seller countered with original list price. Home has been on market for a long time, but they won't budge. As much as I love the house, we just can't do it. We will eventually find one though.

On a good note, received SW alert yesterday stating EQ FICO went from 585 to 591. Received another one just now and it went from 591 to 614. This was my lowest score so I am happy to see it go up so much.

#7 boomhower1820

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Posted 12 February 2012 - 12:29 PM

Well, looks like no home for me. Seller countered with original list price. Home has been on market for a long time, but they won't budge. As much as I love the house, we just can't do it. We will eventually find one though.

On a good note, received SW alert yesterday stating EQ FICO went from 585 to 591. Received another one just now and it went from 591 to 614. This was my lowest score so I am happy to see it go up so much.


Sorry to hear. It could be either they need that much because of what they owe or because they refuse to accept what their home is actually worth. Their will be other houses and one will the the right one for you.


Sent from my iPad 2 using Tapatalk

#8 harmstrong523

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Posted 17 February 2012 - 05:19 PM

I am now under contract. I have no idea what happens next, but I know my realtor emailed my lender copy of the contract. The inspection is already scheduled. Is it normal to have one so quick? Contract was signed by seller yesterday.

But I assume now is the hard part of waiting, submitting documents, waiting, more documents, etc.

#9 harmstrong523

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Posted 21 February 2012 - 04:00 PM

I figured I would let everyone know my journey in hopes that this may help someone else out in the future.

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


After meeting with the broker today, I left in great spirits. He said all he needs is employment verification and then will submit everything. Said underwriting takes 3-5 days and after he receives approval from them, file will be sent to USDA and their current turnaround time is 10 days. Said USDA approval's 10 days is the longest of the whole process. Said I should be able to close early, but definitely by 3/30.

He also stated I should go ahead and get started on my LOE for any inquiries and remaining collections.

All in all, a great day!

#10 harmstrong523

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Posted 27 February 2012 - 05:14 PM

Today is a great day in my journey! I was told my loan was approved. I do have several conditions but they seem pretty easy (LOE for inquiries, and derogatory items, source of several deposits, copy of earnest money check) so nothing I can't handle.

So next is the appraisal and title work stuff and then off to USDA to sit for forever!

#11 harmstrong523

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Posted 28 February 2012 - 06:00 PM

All conditions have now been met. Said everything was resubmitted today. Appraisal was today. Was told to start getting quotes for insurance.

Realtor called today telling me the appraisal would be today (even though I already knew that) and she commented on how quickly things have been going.

Now I am just waiting for some issue to come up, because I know it can't be this easy.

#12 MelodyT

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Posted 28 February 2012 - 11:03 PM

Been following your journey. Our appraisal was today as well. Here's to hoping both of our remaining days of this process are smooth!

#13 harmstrong523

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Posted 29 February 2012 - 07:04 PM

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



I updated the timeline above so all info would be in one spot.

What else has to be done? I know title work stuff and I know sending file to USDA for them to approve. But what else? I'me just trying to get a feel for the rest of the process. I was told package was resubmitted, so does the lender give a final approval and then file goes to USDA and then once they approve, I would be able to close? Or does it go back to the lender after USDA?

#14 DadofThree

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Posted 29 February 2012 - 10:15 PM

Congrats on your home purchase. I hope to be with you soon. I do have a question for you if you don't mind. What did all of your scores end up at to get approval? I'm a little confused because in all of my reading here on the board I understood all 3 scores had to be over 640? Was that true for you?

Again Congrats on the home :clapping:

#15 harmstrong523

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Posted 01 March 2012 - 05:30 AM

Congrats on your home purchase. I hope to be with you soon. I do have a question for you if you don't mind. What did all of your scores end up at to get approval? I'm a little confused because in all of my reading here on the board I understood all 3 scores had to be over 640? Was that true for you?

Again Congrats on the home :clapping:


Only the middle score had to be over 640 for me.

My scores were EQ 585, TU 657, EX 645

#16 harmstrong523

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Posted 01 March 2012 - 04:57 PM

Just in case someone is wondering, my MB told me today this is the rest of the process....lender approves the appraisal and the conditions info I sent, then lender sends file to USDA. After USDA approves, file goes back to lender and lender gives final approval and clear to close.

#17 playa1125

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Posted 06 March 2012 - 11:10 PM

can you give some details about the loan ie interest rate, income, etc...Im in the same boat as you and Im just wondering where I stand

#18 playa1125

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Posted 06 March 2012 - 11:15 PM

does anyone have a link for boomhowers journey

#19 harmstrong523

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Posted 07 March 2012 - 05:39 AM

can you give some details about the loan ie interest rate, income, etc...Im in the same boat as you and Im just wondering where I stand

Sure. I locked in at 3.875 for 30 years. My income is $56,900 and I receive $7000 as social security for my daughter. I just got insurance quotes, which was about $500 less than what is on my estimated payment sheet, which wass $950-ish (I need to look at the paperwork again) but I am sure that will come down now since the insurance is less.

#20 harmstrong523

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Posted 07 March 2012 - 05:40 AM

does anyone have a link for boomhowers journey

http://creditboards.com/forums/index.php?showtopic=482284

#21 rigirl

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Posted 07 March 2012 - 05:24 PM


does anyone have a link for boomhowers journey

http://creditboards.com/forums/index.php?showtopic=482284



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

#22 harmstrong523

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Posted 07 March 2012 - 06:14 PM



does anyone have a link for boomhowers journey

http://creditboards.com/forums/index.php?showtopic=482284



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.

#23 harmstrong523

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Posted 07 March 2012 - 06:21 PM

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

(Updated)

#24 playa1125

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Posted 07 March 2012 - 08:24 PM


can you give some details about the loan ie interest rate, income, etc...Im in the same boat as you and Im just wondering where I stand

Sure. I locked in at 3.875 for 30 years. My income is $56,900 and I receive $7000 as social security for my daughter. I just got insurance quotes, which was about $500 less than what is on my estimated payment sheet, which wass $950-ish (I need to look at the paperwork again) but I am sure that will come down now since the insurance is less.


Thanks for the feedback....Im in the same sitution as you are. My credit scores are in the 620ish area and I make around 85000 a year. I like to get a USDA loan for around 220,000ish but Im not sure I can get it. Im working on cleaning up my credit report and lowering my monthly utilization.

#25 harmstrong523

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Posted 07 March 2012 - 08:37 PM



can you give some details about the loan ie interest rate, income, etc...Im in the same boat as you and Im just wondering where I stand

Sure. I locked in at 3.875 for 30 years. My income is $56,900 and I receive $7000 as social security for my daughter. I just got insurance quotes, which was about $500 less than what is on my estimated payment sheet, which wass $950-ish (I need to look at the paperwork again) but I am sure that will come down now since the insurance is less.


Thanks for the feedback....Im in the same sitution as you are. My credit scores are in the 620ish area and I make around 85000 a year. I like to get a USDA loan for around 220,000ish but Im not sure I can get it. Im working on cleaning up my credit report and lowering my monthly utilization.


I would definately try to get your middle to over 640. Depending on how much work you have on cleaning your credit, it may be pretty easy to accomplish. I was amazed at how much I got for paying down credit cards! Best of luck to you and definately keep us updated. I love seeing other people's stories!




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