I'm such a slacker!!
This is May. We are scheduled to close in July. And what have I done?
NOTHING!!!!
I haven't cleaned out one thing or packed one box. Nope. Not a thing.
I almost started packing today. Honestly! But I am holding out. I keep thinking: "what if we are denied the loan last minute. It happens. We've been warned it happens." I don't want to get the kids all excited packing and the crush their spirits if we have to unpack. You know? To have to unpack would kill me!
I am glad we are renting though. It makes it so much easier in some ways. We just move out, clean, touch up the paint, and clean the carpets. VIOLA! No worrying about trying to sell anything. =)
I am thankful our Landlords have been so gracious with us as to let us stay beyond what are lease was on a month to month basis until we hear from underwriting what's going on. Technically they could kick us out at anytime I guess (lease was up in January). They would like us out by August. With the projected close date of July 25th....it's cutting it close. But at least I wouldn't have to pay Augusts rent! =)
If for some reason this goes to pot...we'll have to explore all options.
I really should start hunting down some boxes, getting some bubble wrap, cleaning...
Truth is, I'm tired. VERY TIRED. I know we've had a lot going on. Hopefully my energy will pick up soon. lol I need to be less of a slacker and more of a doer! lol
The closer its gets to the finishline, the motivation will come! Then you'll be running around like a chicken with its head cut off.
ReplyDeleteLOL More than likely! I'm just thankful we are moving less than 10 miles from where we are now. lol That helps too.
ReplyDeleteYes!!! So are we! But you all get to literally move out of one spot and into the next! No storage...no parents house .....no couches...no 5am birds waking you up...sweet! #jealous
ReplyDeleteIf it makes you feel any better, I only have 3 weeks left to pack when you take out travel days...and I haven't done much yet!!
ReplyDeleteIt could be worse! Lol... I waited to pack until I was sure house #1 was secured! Left be only 3 weeks to pack everything! I lived there 10 years...lots to pack! Now we have half in storage and half at my parents and are going t have to do it all over again! And it was NOT fun!! Lol
ReplyDeleteThings are going to work out! Packing is one of the things I am dreading the most. Of course since the foundation hasn't been laid yet, I think I have plenty of time. Good Luck!
ReplyDeleteDon't be too hard on yourself Noey! You have a lot of things on your plate right now waiting to hear back from the underwriters then on top of that with your familys health issues with the ones you love. Cut yourself a break here. You are one of strongest person I know and therefore I'm sending you waves and waves of hugs. Hang in there soon enough you will hear something good from the loan then from there can start packing. :) you are nooooo slacker this I disagree with you! You are definitely a doer. :) don't think any different.
ReplyDeleteAll of you have given me a sense of renewed motivation on purchasing, specifically from Ryan Homes. After reading some of the posts, I don't feel like I'm alone in wanting to purchase after bk and or foreclosure.
ReplyDeleteWhile some posts have talked about the mortgage process and the hurdles they've had to overcome here and there; what has been the experience of those who purchased knowing that they went into the process with damaged credit, on a wing and a prayer?
I'm a bit hesitant to move forward even with the pre-qualification becasue I know of my credit issues from the past, though I have minimal debt now. Any advice?
DIVA!!! Welcome!!!
ReplyDeleteWe had a b/k 2 yrs ago!! We are the wing and prayer people you are referring too! Five banks...we've through 5 banks!! NVR found us one that pre-approved and now we are waiting on final approval. Just getting the pre-approval was a big deal for us. We're still holding our breath, but we should know something with in the next 10 days about final approval.
Our experience has been this: We tried SEVERAL banks on our own. Our NVR Rep has been phenomenal!! On our side, keeps us pretty well informed of things and just .. GREAT!
I don't know your exact hurdles, but trust me when I say ours were HUGE! We were pre-qualified, took the leap, and now are pre-approved waiting for final approval.
Go with your gut. We did. And for us, it has so far, paid off. =)
My b/k was 5yrs ago, but I had a foreclosure in 2006 and not a whole lot of credit established afterwards. I do have some revolving accounts that are open with low balances, none exceeding 30%, and student loans, but they're in deferment. Other than that, no other debt.
ReplyDeleteThis in conjunction that my income is not the highest and with a home at 259k my front ratio is at 41% - even though I'm paying about the same for rent as I would be for the mortgage. All of this makes me nervous for fear of not being able to qualify, but I need this for my kids. I want them to be able to say "this is where I grew up."
Reading your posts is making me feel a bit better though. I'm hoping that I can put a contract on a home while I work on the credit stuff. How flexible was NVR with this in your case?
Diva...If you feel like it, you can email me:
ReplyDeletenoey814@aol.com
I will tell our story.
Go for it Diva! The worst they can say is no (and thats a pretty big worst) but you just keep trying. If you dont take the leap and try then you may be missing out on a home your kids call the "family home" Any gain is worth the risk in my eyes.
ReplyDeleteNoey...You are building your home right now, correct? When, in the process, do you get the "final" approval? Do they just start building away before they get the finaly OK? Im so new to all this and have SO many questions.
Yes!! We just started the building process and the only thing I have is a pre-approval. I'm still waiting for final approval.
ReplyDeleteFrom my understanding this is not the normal way of doing things, but when using NVR, they can do it from time to time. Especially when they need to sell asap. And they seem to take the pre-approval pretty darn seriously.
We had extenuating circumstances too. We need out of out where we are renting by August 1st. We made this very clear as a condition of us building with them. We were only the 2nd contract signed in the neighborhood. They wanted to get building, and quickly. So it all worked out for us that they would start on a pre-approval. Normally they wait for approval, but not always. Plus we got such a good deal, if for some reason this falls through, they can still mark up the price from what we are paying and still make it a good deal for someone else and sell it pretty quick. So I think that helps. lol
Thats great Noey! Looks like you picked the perfect time to build!! Congrats!! Hopefully we will have our contract by the end of the week. I would love to have my daughter start kindergarten at her new school!
ReplyDeleteHi Diva! We just started our loan process with NVR last week. I was under the impression that a credit score of at least 640 was required for FHA. To our surprise our loan officer told us that those standards have been lowered and now the requirement is 600. 40 points is a huge difference! At this time the only lenders that are only following these guidelines are Wells Fargo and Bank of America.
ReplyDeleteI agree with Minaq2 and momoftwins, submit a contract, the worst thing they can tell you is that there are things you need to work on, but the best thing they can tell is that you are pre-approved! Go for it!
I also live in MD, what homesite are you looking to purchase in? Our sales rep is amazing! We had concerns about claiming interest payments and Ryan actually sent us to a neutral CPA for a consultation on Ryan's dime! Even if you don't purchase a home with Ryan there is no charge to you. We decided to take them up on this offer and boy am I glad we did. We spent over an hour and half with her! She will complete worksheets for you with claiming the extra deductions and without. She will also be able to show you how much house you can afford.
One of the best things I never paid for...
Good luck!