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Old 03-09-2014, 01:17 PM
 
26 posts, read 32,317 times
Reputation: 46

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Hi, I am a first time poster here and a first time home buyer. I am hoping that someone can look over my situation and tell me if there are red flags??

Preapproved for 140k >du approve, eligible
Purchase price of home is 139,950
Mortgage payment will be 1056, current rent is 900
No down payment (VA), seller paying closing costs & other fees
Seller also to give us 2500 visa gift card at closing
My scores are 670, 677, 692; his are 625, 640, 648
Annual combined income 70k (includes bonus income that's been steady for 5 years)
Debts are 2 car loans total 644, student loan payments would be 433, but currently 0 because of income-driven plan
3150 in Savings
Credit issues are four collection accounts all medical, one from 6/13
No late payments, 5 credit card accounts with balances owed less than 100
He has worked 5 years for the same company
I have worked for the State of TX about 14 months; before that I was a full time student for 6 years (obtained Bachelors then Masters)

We pay no childcare or child support
We provided normal stuff (bank statements, w2s, etc)

They asked for my transcripts and something showing that my student loan payment is 0. The loan processor said she will wait for March bank statement (3/18) so that we wouldn't have to explain a Chase quick pay that was sent on behalf of my sister to her friend and vice versa.

No one has mentioned anything that we should be worried about...closing is scheduled for 3/28. We got homeowners insurance info to the lender (SWBC) and completed the inspection. Appraisal ordered last Tuesday.

What say you all???
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Old 03-09-2014, 01:32 PM
 
3,806 posts, read 8,415,487 times
Reputation: 4948
Pretty standard stuff. You should be at 4.25% on the rate, perhaps with a Lender Credit - but most importantly, I hope your lender is showing you the care and respect that you deserve not just as a customer, but a Veteran.

It's going to be scarier than the situation merits - I see nothing that could pose a problem - you're gonna be fine.
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Old 03-09-2014, 05:38 PM
 
7,683 posts, read 9,621,810 times
Reputation: 13988
The only thing of note is that you need to start saving more.
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Old 03-09-2014, 08:49 PM
 
18 posts, read 51,677 times
Reputation: 22
Just do it. Home price and interest will go up soon. You will be glad you buy now.
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Old 03-10-2014, 12:23 AM
 
26 posts, read 32,317 times
Reputation: 46
Thanks, folks! I do plan to save a lot more with that 52 week plan...
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Old 03-10-2014, 09:40 AM
 
4,994 posts, read 12,721,623 times
Reputation: 3826
"Seller also to give us 2500 visa gift card at closing"

Is this in the contract? The seller can't give you 'cash back'.
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Old 03-10-2014, 04:48 PM
 
26 posts, read 32,317 times
Reputation: 46
Quote:
Originally Posted by TimtheGuy View Post
"Seller also to give us 2500 visa gift card at closing"

Is this in the contract? The seller can't give you 'cash back'.
Yes, its in the contract. We asked for new flooring. They don't have time or money, so they are giving us the gift card to go toward it. I actually just reread it, and it has to be Visa or Home depot.
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Old 03-18-2014, 05:15 PM
 
26 posts, read 32,317 times
Reputation: 46
Just updating, we got approved! We are ready to close, and we can do that on or before 3/28. Right now its a matter of the seller vacating the property and final walk through. The house appraised for 140k, no repairs needed. Yesssss!!!!
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Old 03-18-2014, 07:03 PM
 
168 posts, read 315,643 times
Reputation: 276
Congratulations! We just went under contract on our new home, approved with conditions, so I am now in your previous shoes. :-)
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Old 03-18-2014, 07:08 PM
 
Location: The Triad (NC)
31,439 posts, read 70,197,439 times
Reputation: 37627
Quote:
Originally Posted by ShadyLadyTX View Post
Just updating, we got approved! Yesssss!!!!
Congrats and good luck

Julie Andrews -"The Shady Dame From Seville"- VICTOR VICTORIA - (Sub. espaƱol) - YouTube
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