Hello everyone long time lurker first time poster.
Okay a little background. I applied for a mortgage loan on July 1st, I didn't think I would be approved and some loose inhibitions and frustration with current rental residence convinced me to give it a shot. Surprisingly I was pre-approved and looked at some houses before I got my hopes up I asked to go further along in the credit process before I became serious because I still didn't believe I was approved. The mortgage lender asked me to bring in W-2, pay-stubs BK discharge papers, etc, I was approved for around 150k, she said everything looked fine and I could proceed. Our realtor found a house we were interested in and put in a bid and received a counter that was acceptable so we went ahead and accepted it, looking up the house online it now says active continent or contract accepted depending what site I look at. It is a short sale home.
I was discharged from a chapter 13 BK filed July 2009 and discharged October 2013, My credit scores are EX 674 TU 695 EQ 702. My current debt is about 800 dollars of 10000 credit available to me. I have been at my current job as a alcohol distributor for a year this month and gross about 45k a year. Prior to this job I took a year off from work to care for my newborn daughter. The job I had before I quit to stay home with my baby girl was in the same industry but at a different company for less pay. I have a car payment of 390 a month that I bought 6 months ago. All the credit cards I have are also somewhat new since I didn't apply till after my BK was discharged. I pay 800 in rent, but its someone I'm related too and he prefers cash so I don't have a paper trail for rent, not able to use it for documentation although my banker didn't ask for that info.
The USDA eligibly map in the area that the home I big on is due to change OCT 1 and the it appears the house will no longer be in a eligible area. My questions for the experts is how does this look? Am I getting my hopes up for nothing? I still can't believe this is happening, I feel like the rug will be pulled out from under me, also will I have to close my oct 1 since the eligible map is changing?