Post # 1
So the good news is our offer was accepted on our first home 🙂
We did the pre approval before we started looking, we are being gifted with the down payment, the sellers are paying up to 5K for our closing costs, and the inspection happened yesterday. There was one issue we asked to be fixed and the sellers agreed to it with no problem.
My issue is with our mortgage broker. My boyfriend and I have middle of the road credit scores. We meet FHA credit score requirements. I have a lot more current debt (school loans, car loan, and about 3K in CC debt). My boyfriend has no current debt but issues on his credit report from his past. But like I said, our scores are above the minimum needed for an FHA loan. Our income is fine and our monthly mortgage payments (including taxes,insurance, etc.) are almost exactly the same as our monthly rent so theres no problem there.
My lender is just constantly MIA. We met with him last week to give him all our info-tax documents, W-2 ect. and we didnt hear from him again. We called him yesterday after our inspection to let him know everything was fine and to order the appraisal. Again, haven’t heard from him. Our closing is scheduled for the middle of May and he is acting like we have all the time in the world. We do have plenty of time but if something is wrong I would like time to fix it.
My bf is afraid to shop around because he thinks our credit scores will decrease if we have several lenders pulling our reports. Hes also afraid we wont be accepted anywhere else as this lender made it seem like he could help us when other lenders cant.
Im just frustrated and nervous and tired of the waiting game. Anyone else experience this?
Post # 3
I’m sorry that you are having problems. Just so you know, if you look for loans within a few weeks time, it won’t have any affect on your credit scores so you don’t have to worry about your scores going down. If he isn’t helping you, you might need to go through someone else. The only problem is I’m not sure if you can do that at this point in the game.
Post # 4
Do you have an experienced realtor? Ours told us not to go with a particular bank because they’re (apparently) notorious for dragging their feet and not showing up with the check at settlement.
You’re about to sign a 30-year commitment to this bank. It may be worth shopping around for other options.
P.S. CONGRATS on the house! That’s so fabulously exciting.
Post # 5
Have you heard anything back yet? Do you have a realtor? Usually your realtor can recommend a good lender. I went to 2 other lenders before finding my current one, but if I switched again I probly wouldn’t qualify anywhere else. So you may be able to switch once or twice just be careful cause too many times hurts you.
Post # 6
We are in the process of applying to another lender now. This first one has been such a nightmare. They have 2 different loan officers working for us, and we have 3 different GFE’s all with different estimates (differences of 3K plus!) from the same company and nobody can tell us whats going on with anything. We were pre approved through the 2nd lender so hopefully once it goes to underwriting we can just go with them and move ahead with the process.
Ugh…48 days til closing! Hope we close on time 🙂
Post # 7
We are buying our first home too! It has been such a quick process. Our offer went through Feb 16 and our closing is March 31. It went really quickly. We are using my Fiance family friend. I can totally relate with stress during this time! You def need someone to help you with everything, bc you have never done this before! I would recommend talking to the realitor also and get a referral. Our sellers have been total jerks and made everything complicated. Good Luck! So exciting
Post # 8
The same thing happened to us! We asked our builder for a reccomendation on another bank and went with them instead. I haven’t noticed a decrease in my credit…but we did only go with one other bank. I finally heard from bank #1 a MONTH later saying he found out we went with another bank. I would go ahead and look around!
Post # 9
OK, we had broker issues, but in another way.
We went through pre-approval, gave our docs to him and then were told we were no longer approved due to a new regulation. We were also told it was a fannie and freddy regulation which would basically mean we weren’t eligible for a conventional loan ANYWHERE! They tried pushing us to a FHA loan, which was stupid because we had OVER 20% to put down, and the fee’s were higher. The issue was that I didn’t have enough debt lines…. FTW.
Basically, after a lot of panic and stress, within 36 hrs of that we had approval for a conventional loan with someone else. it took an entire day on the phone, but it was worth it, we LOVE our new lender… USAA.