Homeowners at Last!!! (home, credit, buyers, money)
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Do NOT buy anything big until you close on the house, op.
You don't want to go to closing and find out your FICO's tanked and you're not going to fund.
Nope, no purchases planned, still just being positive and looking forward to closing. Thanks for the advice though.
Yep, Lenders are pulling credit a 2nd time right before closing. Don't want to buy that big Yacht till after you close.
Colleague had a closing Friday.
As they sat at the closing table the lender's assistant called Mr. Buyer to confirm a phone number to verify employment.
Colleague had a closing Friday.
As they sat at the closing table the lender's assistant called Mr. Buyer to confirm a phone number to verify employment.
It ain't a deal until it is funded and recorded.
The pendulum swings from too easy and it may get too hard for many to borrow money. The 1st time homeowner may have a difficult time getting a mortgage.
The pendulum swings from too easy and it may get too hard for many to borrow money. The 1st time homeowner may have a difficult time getting a mortgage.
Ha! They confirmed my employment three times after they gave me a colonoscopy and we put down 45% (with 800 FICOs) and our mortgage payment was going to be 1/16th of our gross monthly income...
The pendulum swings from too easy and it may get too hard for many to borrow money. The 1st time homeowner may have a difficult time getting a mortgage.
Do you honestly think that the government will allow this to happen?
There are things not even the US Govt can control like an individual with over extended or bad credit.
The pendulum is swinging that direction, it will be interesting to see where it stops and what tougher requirements are in place.
Sure they can... it's called FHA. Pulse = loan. Remember your comment was specifically about 1st time homeowners and those folks are almost always going to be buying under the FHA limits for a particular area.
Now folks who want to buy over the FHA limits - give the administration some time. They'll subsidize / insure / fund those folks eventually. The housing market will not be allowed to find its own bottom.
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Thanks for the advice though. 
