user45791514's Advice

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user45791514 wrote:

Mortgage with bad credit? Really need out of apartment.

Answer
What's on both of your credit reports? Lawsuits? Bankruptcy? Collection accounts? Generally with credit scores that low, you're going to have a problem finding a lender and even if you do, your interest rates are going to be ridiculously high.A down payment is only part of the equation. You also have to pay for a home inspection, appraisal, your credit reports, termite inspections etc. That can be upwards of another $1000 on top of your down.  I know you might really want to buy a house, but home ownership is expensive! We just bought our first home and I'll tell you.. we spent a LOT of money the first month. We had to change the locks, buy yard equipment (lawn mowers, hedge trimmers, blowers, water hose). It's a lot different than renting. Then don't forget those unexpected repairs....Best thing for you to do is to work on your credit scores and building your savings first. 
February 08
(0)

Furloughed after loan approval, can we still close?

Response
We live in a military town, so my loan officer and everyone at Wells Fargo already knew. Their only question was which boat my husband fell into:A. Not furloughedB. Furloughed, but returning to work on Monday after they ordered DoD employees back to workC. Stay home until the budget mess is fixedEmployment verification was already done and we happened to be in the boat where he was ordered back after 4 days at home. There have been no delays and we're hoping to get our clear to close today.
October 11 2013
(0)
FHA Delays?
I'm wondering if any of the Real Estate professionals or lenders have experienced any delays in getting their clients closed with FHA loans. I know USDA is all shut down. My husband and I are in the end of the process and of course, he also works for the government and was furloughed (while the file was in the underwriter's hand). He went back to work today after 4 days off, but before this happened our LO said there was a great chance that we would be closing early. I think that FHA is working on bare bones if at all, so I'm wondering if this has held anything up from a professional standpoint.
October 07 2013
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Crazy Question... but when is it safe to start packing?

Answer
Thank you so much for your response.We haven't been given the clear to close. We're still waiting on the title report from the attorney. Our loan officer said that she asked the attorney to rush the paperwork the day she came back and got word from the underwriter that we had met the conditions to her satisfaction. I guess they line them up in date order and since we were still a few weeks out, they hadn't worked on it yet. They told her then (last week) that they would rush the information.When our loan officer went on vacation, she said she would be available via email, but honestly? I think that everyone should have an uninterrupted vacation, so when I emailed her I said that it would not be necessary for her to respond or try and get someone else to respond in her stead because I knew she was spending time with family and I also had a very high pressure job before my husband forced me to retire at the ripe old age of 37...LOL I can be a pain when I want to, but I also like people to enjoy some personal time.Yesterday she called rather exasperated at the underwriter for still not getting the VOE when she gave her the information 2 weeks ago (now my husband is caught up in this government shut down). Luckily, I was able to get it for her, so we're back to a holding pattern, but when I hung up with her yesterday, she was physically walking it to the underwriter. However, you saying that every day is a business day. Thank you
October 04 2013
(1)
Crazy Question... but when is it safe to start packing?
We are at, what I think is at the end of the home buying process. We're waiting for the title report so we can get the clear to close and schedule an appointment with the attorney, but since we kind of got there pretty early (our estimated closing date isn't for 2-3 weeks or so) I'm not sure when a good time to start packing our current home is. Our loan officer went on vacation for a week, so that kind of slowed some stuff up because the underwriter ONLY speaks to her, although she's sent me an email to say that if we had any questions we're free to contact her directly when we received the conditional approval and had questions, she never responded to our questions. We only found out we met the conditions fine after our loan officer came back from vacation and she told us...I suspect our loan officer has more than us for clients and I don't want to bug her, but we want to be able to start getting out of here the minute we get keys but I've heard that funky stuff can happen right until closing. Can I get some advice from someone who has been there and done that?
October 04 2013
(0)