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DePaulBlueDemon

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  1. Attempting to purchase my first house. I was originally supposed to close on December 2nd. A few things held it up, mostly the fact that we lost November 27, 28, 29 (Thanksgiving time) due to low productivity at the bank (I imagine everyone was on vacation). Anytime I ask for an extension the seller grants me 2 days. So now I'm on my third extension of 2 days. It is unlikely that I will be able to have my firm mortgage commitment by tomorrow (the current deadline), but it isn't my fault. The bank is waiting for proof that the seller on the contract is an authorized representative of the LLC and has the authority to sign and sell on behalf of the LLC. It's on him! But the bank is dragging butt, too. Once I they get this information it will be at least another 1-2 days for the underwriter to give me the okay to close. I'm feeling very frustrated and increasingly anxious. (I have a severe anxiety disorder). I already left work early last week because I started to feel physically ill over the whole ordeal. I just want to know! But anyway, what would you do in this situation? P.S. I'd like to add that qualifying for this loan was never a concern. The "hold ups" have been due to the HOA not returning the Condo Questionnaire in a timely fashion, etc, etc.
  2. Hello, I need to change my current federal student loan repayment plan. I cannot do it online because my account is still in deferment (yet my first payment is due on November 28). If I change my payment plan via phone on Tuesday (Monday is a federal holiday) how soon can I get a new monthly payment figure? I need this done ASAP in order to qualify for the mortgage I want. Thank you.
  3. Forgot Monday is a federal holiday so fun times all around. I've been running my figures with a 5% interest rate just to be on the safe side, but today tried a couple of scenarios with 4.25-4.4 and I fit much easier into my $950 a month total. Does anyone know how soon I can change my repayment plan? If I do it Tuesday, can I get something in writing in a week? Thanks.
  4. Because I may screw something or up or no action may be necessary? Thank you kindly!
  5. Unfortunately, I do not know what DTI was used. Stats I posted here a month ago: 28-year-old/female/single Income: 40K per year, just started in August, previous income was 32K Finished my Master's last May--$58k (Actually $52,800, I think I mistyped) in student loans ($365/ $418 on the Graduated Repayment Plan, loans still "in deferment" on credit report, will most likely update next month). I can go onto a different repayment plan to lower this obligation until my income increases. $5000 in credit card debt Savings: 11K--would use for credit card debt, but will need for downpayment and closing costs FICO scores: Experian: 772, Equifax: 767, TransUnion: 749 (no baddies, "high utilization") Guaranteed Rate chose Equifax, the report they pulled isn't reporting one of my credit cards, so overall debt is slightly lower Car is paid off House stats: Chicago suburb $79,500 $2,400 taxes $259/month HOA (special assessment for new roof and siding, $100 will fall off in 3 years) Home insurance quote: ~$27/month (with all applicable discounts) Loan pre-approval: $100k or $950/month, conventional, 5% down Courses of action I will take on Monday: Sign up for direct deposit for .25% reduction in interest rate on the student loan payment ... (looking for advice) Thank you!
  6. I just had a terrible night. I was pre-approved by Guaranteed Rate for a mortgage of 100k or $950 a month. I found a perfect place and it passed the inspection yesterday. At about 2 a.m. this morning I received my first student loan payment bill (I graduated in May) and my jaw hit the floor. It is approximately $55 dollars a month more than my broker and I estimated. (I couldn't get the final figures out of FedLoan, the gave me a mortgage application letter which stated $335* stating it could be higher. My broker ran my numbers with $365. The actual payment is $418. The mortgage payment (including everything) is already uncomfortably close to $950. Will this be a deal breaker for me? Can I pass underwriting? Wil call my student loan service provider first thing on Monday morning to change my plan to the Extended Gradual whch could potentially solve everything... How soon will that go into effect? I have a debilitating anxiety disorder. I feel like I may start hyperventilating at any moment.
  7. Yes, I'm going conventional with 5% down. I got my pre-approval letter yesterday. Saw one home yesterday, seeing 3 today. Thanks for your help! I got the 100k I wanted, with a max monthly payment of $950. We'll see where this takes me.
  8. Update: I got the go-ahead to start looking for properties. Viewing two today. Thanks.
  9. One more question: Now that my application is in, is there anything I can do to improve my chances? I know the credit card debt needs to go down quick, currently listing stuff on eBay. A garage sale is probably in order as well... Waiting to hear back and for document requests (all ready and waiting).
  10. Thanks. Yes, those are real FICO scores.
  11. Can you guys speculate on an interest rate for me in my situation? Within the next 60-90 days.
  12. Is my debt-to-income ratio too high? I think I can swing 5% down by December. Thank you so much for your feedback thus far.
  13. Just applied for a mortgage with Guaranteed Rate (my brother-in-law insisted I go with them because he's had success in the past). Here are my stats: 28-year-old/female/single Income: 40K per year, just started in August, previous income was 32K Finished my Master's last May--$58k in student loans ($365/on the Graduated Repayment Plan, loans still "in deferment" on credit report, will most likely update next month). I can go onto a different repayment plan to lower this obligation until my income increases. $5000 in credit card debt, paying off ASAP ($150 in payments) Savings: 11K--would use for credit card debt, but will need for downpayment and closing costs FICO scores: Experian: 772, Equifax: 767, TransUnion: 749 (no baddies, "high utliization") Guaranteed Rate chose Equifax, the report they pulled isn't reporting one of my credit cards, so overall debt is slightly lower Car is paid off I want a 85-100K mortgage in Chicago suburbs. Going for FHA first (hopefully 3.5% down). Waiting to hear from them, but want opinions. Thank you!
  14. Well, I faxed over the documents that B of A requested the Tuesday after Memorial Day. I called them back on Friday, June 11, and I was told that my application is now 100% complete and ready to be reviewed by the underwriter. It was sent to the underwriting department on June 9. Yup, June 9th. Looks like I'm in it for the long haul! Good luck to those who are still applying.
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