Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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.
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.
"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.
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!!!!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
