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Sharing my mortgage process


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Hey, y'all. Been away from the boards for a while but haven't stopped working on my credit.


So, I finally reached the pinnacle of my credit (and financial) journey - home ownership. Yay, me! At 40 years of age, it's been getting pretty ridiculous that I've never owned a home of my own and, with a teenage son just entering high school, I decided that finally needed to change.


Because I entered this process scared witless thanks to years of reading horror stories, I was astounded at how easy the whole thing ended up being. Figured I'd share my story to provide some insight for others. As with anything, your mileage may vary, but this is my experience....



I'm a single dad. I have seven decent credit cards, a student loan, and a 13-month-old vehicle loan. All three FICOs are hovering around 660 with five negative (but paid) accounts all due to fall off next June. All open accounts are crystal clean and utilization is approximately 30%. My income is $90,000 and I've been with my current employer for over 2.5 years (in my industry for nearly 20 years).



I decided to bite the bullet in early June and go for a pre-approval to see what I could get. I was asked how much I was looking for so, knowing my local market and my own monthly payment range, I asked for pre-approval on $250,000. I specifically asked for approval through the USDA Rural Development Program which provides $0-down mortgages for qualifying rural property. After a tri-merge pull of my reports, I was given the pre-approval for my requested amount.


The only documentation requested by the lender was as follows:

Two years of tax returns

Two months of bank statements

Two most recent paystubs

Two most recent 401(k) statements


The Home:

Saw a property at 4:00am Saturday morning that had just been listed at 10:45pm Friday night. Scheduled a showing for 3:00pm that afternoon, made an offer at 9:00am Sunday morning, and offer was accepted at 4:00pm Monday afternoon. Ho-Lee-Fast! Offer was made for $220,000 and asked for quite a bit back at closing to cover costs. Nice little 3-bedroom with a single-car attached garage, full walk-out basement, and about a half-acre of land.


The Process Continued:

Home inspection was completed within the agreed-upon period of ten calendar days. Appraisal was completed the next day and I am currently awaiting the results. The mortgage application package has now been submitted to underwriting where it will receive the final approval. I was asked yesterday to send an email clarifying my marital status and certifying that I do not pay child support due to an equal custody arrangement. Other than that, my mortgage guy feels very confident that everything will go through.


Anyways, figured I'd share my experience so far. As I've been saying for many years: Thank you CB for the knowledge I've acquired that's allowed me to quite literally change my life. I was laid off in 2006, separated from my son's mom that same summer, and lived in my Ford Explorer for nearly seven months during that time. Today....I'm here. Couldn't have done it without this community.

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Hey, y'all. Been away from the boards for a while but haven't stopped working on my credit.... --> .....Today....I'm here. Couldn't have done it without this community.[/b]

Awesome! And congratulations!


Ive been away from CB for appx 8 years. Had a successful ch7 and restored my credit standing within months of it.


Ive been in excellent standing, scores floating around 790, making three times as much money with the same fulltime job the past 18 years and my own company on the side.


Creditboards is in large part the reason for my successes and saved my sanity and life when I was financially down and out for the count. Learned alot from specific people here as well.


Anyone out there in financial despair, hang in there, be patient and do your due dillgence and everything will eventually be fine...



Sent from my iPhone using Tapatalk

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