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Old 09-15-2011, 05:06 PM
 
30 posts, read 62,570 times
Reputation: 25

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Hello all,
I'm am currently under contract to purchase a home. I'm set to close in a week, and am still waiting on approval from underwriting.

Some Details:
Area: Central MD
Loan: $145K with Navy Federal Credit Union
Base Salary: ~$86K (minus overtime and bonuses)
Credit: ~720
Assets: $20K Savings + $13K 401K
Debt: $30K (mostly school loans)

When I originally started looking for a home, I wanted to stay modest (no more than 2x my base income.) MD hasn't been hit as hard as the rest of the country due to government spending, and I have been lucky enough to find a pretty good and stable job for the future.

I graduated in Dec. 2009, but having been working at my current employer for over 2 years. I have been home searching for a home for nearly 8 months with the only detrimental credit issues being the 3rd hard pulls from the bank for loan pre-approval (745 -> 720.)

I'm worried that maybe I'm not a strong candidate for home ownership as I initially thought, and am kinda worried that my loan will be cancelled by underwriting. Any Opinions?

Last edited by ArunSenior04; 09-15-2011 at 05:43 PM..
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Old 09-15-2011, 09:29 PM
 
42 posts, read 158,356 times
Reputation: 43
your income should be more than enough to compensate for everything else i would think. even if your taxes and pmi are 600 a month and student loans 400 i would think you qualify for it. credit is fine. my wife and i were approved making 80k or so for a 200k laon with 850 in car loans and the same credit.
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Old 09-16-2011, 07:48 AM
 
Location: Plano, Texas
1,675 posts, read 6,651,599 times
Reputation: 694
I agree...you seem more than qualified. loans taking a little longer to close nowadays, so be patient.
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Old 09-16-2011, 02:46 PM
 
Location: Heart of Dixie
1,298 posts, read 2,043,888 times
Reputation: 1594
Yes, yes, loans are taking a looong time and Underwriters being very careful and going over everything with a fine tooth comb...Hang in there, and good luck!!
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Old 09-17-2011, 08:02 AM
 
Location: MID ATLANTIC
8,207 posts, read 20,381,796 times
Reputation: 9477
Bank of America just turned away a CIA employee making a serious salary (+6 figures) that only had 18 months on the job. Prior to that, he was a full time student.

Silly rabbit, my gain.
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Old 09-17-2011, 08:06 AM
 
Location: Plano, Texas
1,675 posts, read 6,651,599 times
Reputation: 694
Quote:
Originally Posted by SmartMoney View Post
Bank of America just turned away a CIA employee making a serious salary (+6 figures) that only had 18 months on the job. Prior to that, he was a full time student.

Silly rabbit, my gain.

How stupid!!! Schooling goes towards work history, so the history you provided is well within guidelines. BofA is a sinking ship.
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Old 09-20-2011, 03:18 PM
 
30 posts, read 62,570 times
Reputation: 25
Update: Still waiting to hear back. So far, the various appraisals, inspections, etc have been satisfactory. I am merely waiting on my loan commitment from NFCU. My closing date is originally slated for this Friday, so I hope I can hear something back by then. :/

Quote:
Originally Posted by SmartMoney View Post
Bank of America just turned away a CIA employee making a serious salary (+6 figures) that only had 18 months on the job. Prior to that, he was a full time student.
It's hard to judge the scenario you gave without any background info. Depending on where you live in this area, one could easily spend $250-300K on a townhouse. I think even at $10XK/yr salary, I wouldn't feel comfortable with that kind of mortgage given the current economic climate.
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Old 09-20-2011, 04:02 PM
 
Location: Up above the world so high!
45,246 posts, read 92,357,022 times
Reputation: 40032
Quote:
Originally Posted by ArunSenior04 View Post
Hello all,
I'm am currently under contract to purchase a home. I'm set to close in a week, and am still waiting on approval from underwriting.

Some Details:
Area: Central MD
Loan: $145K with Navy Federal Credit Union
Base Salary: ~$86K (minus overtime and bonuses)
Credit: ~720
Assets: $20K Savings + $13K 401K
Debt: $30K (mostly school loans)

When I originally started looking for a home, I wanted to stay modest (no more than 2x my base income.) MD hasn't been hit as hard as the rest of the country due to government spending, and I have been lucky enough to find a pretty good and stable job for the future.

I graduated in Dec. 2009, but having been working at my current employer for over 2 years. I have been home searching for a home for nearly 8 months with the only detrimental credit issues being the 3rd hard pulls from the bank for loan pre-approval (745 -> 720.)

I'm worried that maybe I'm not a strong candidate for home ownership as I initially thought, and am kinda worried that my loan will be cancelled by underwriting. Any Opinions?
Try not to be worried, you sound like a good loan candidate to me!

Not to mention, the amount you want to borrow is VERY reasonable for your salary level.

Hang in there, the underwriting process is a BIT@H right now!!
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Old 09-22-2011, 06:54 PM
 
30 posts, read 62,570 times
Reputation: 25
So, I just found out today that I won't make my closing date (tomorrow.) There is one more document that my lender needs from the community association, and the person that typically handles it is out until Monday (:/). The good news, is that this is all they need for the final loan commitment. Just gotta hold out a few more days.
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Old 09-22-2011, 07:57 PM
 
Location: Up above the world so high!
45,246 posts, read 92,357,022 times
Reputation: 40032
Quote:
Originally Posted by ArunSenior04 View Post
So, I just found out today that I won't make my closing date (tomorrow.) There is one more document that my lender needs from the community association, and the person that typically handles it is out until Monday (:/). The good news, is that this is all they need for the final loan commitment. Just gotta hold out a few more days.
I hate underwriters these days - the nitpicking they do will drive most applicants nuts by the time the loan closes You hang in there!
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