OnTheBrink Posted August 13, 2012 Share Posted August 13, 2012 I'm a the end of my contract for my house (contract for deed) and now it's time to get a mortgage. I already put a $10,000 down payment on the house. I've raised my credit score 53 points in the past 6 months. I have 2.5 years of work history. I have a perfect 5 year record of payments with the owner (who has already spoken with the lender on my behalf). The lender says I may qualify for an $8,000 grant. Going by all the mortgage calculators I can find, I can well afford this home on my income without counting the child support as income. I should be able to get a much lower rate than what I'm paying now. So, everything, so far, looks ok. And, I'm still about to hyperventilate. :willy_nilly: Quote Link to comment Share on other sites More sharing options...
Laurie Posted August 13, 2012 Share Posted August 13, 2012 Congratulations!!! How exciting! It sounds like you're on the brink of a party! :party: Quote Link to comment Share on other sites More sharing options...
OnTheBrink Posted August 13, 2012 Author Share Posted August 13, 2012 Congratulations!!! How exciting! It sounds like you're on the brink of a party! :party: Or a stroke. I'll let you know which actually happens! LOL Quote Link to comment Share on other sites More sharing options...
Harriet Vane Posted August 13, 2012 Share Posted August 13, 2012 :) Quote Link to comment Share on other sites More sharing options...
Element Posted August 13, 2012 Share Posted August 13, 2012 Awesome! Congratulations!! Quote Link to comment Share on other sites More sharing options...
acurtis75 Posted August 13, 2012 Share Posted August 13, 2012 Just be patient and prepared to provide lots of documentation. The new mortgage rules require lots of stuff that seems tedious and frustrating but is necessary to get the job done. I think there was a thread about deposit verifications recently but for us that has been the biggest time consuming issue. For every dollar that went in to our bank that was not a direct deposit in the last 90 days we had to provide some sort of documentation for where the money came from. Unfortunately, the bank had trouble finding copies of some checks we deposited. The person who worked with me at the bank said they spend hours every day now trying to pull this documentation together for people buying houses. Quote Link to comment Share on other sites More sharing options...
********* Posted August 13, 2012 Share Posted August 13, 2012 Sounds exciting! Let us know how it all ends up, ok? Quote Link to comment Share on other sites More sharing options...
OnTheBrink Posted August 14, 2012 Author Share Posted August 14, 2012 Just be patient and prepared to provide lots of documentation. The new mortgage rules require lots of stuff that seems tedious and frustrating but is necessary to get the job done. I think there was a thread about deposit verifications recently but for us that has been the biggest time consuming issue. For every dollar that went in to our bank that was not a direct deposit in the last 90 days we had to provide some sort of documentation for where the money came from. Unfortunately, the bank had trouble finding copies of some checks we deposited. The person who worked with me at the bank said they spend hours every day now trying to pull this documentation together for people buying houses. Thanks for the heads-up on that. I'll get started on that before I go in, hopefully make it a bit easier on myself! Quote Link to comment Share on other sites More sharing options...
Soror Posted August 14, 2012 Share Posted August 14, 2012 Good luck!! Quote Link to comment Share on other sites More sharing options...
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