SO I went over to the house today to snap some pics of pre-drywall.. I think I'm gonna leave the upstairs to my hubby. lol
I also dropped by the model b/c some of my family members have been checking into possibly getting a new home, and they were there. =) My rep told me to "STOP STRESSING ABOUT THE LOAN AND ENJOY THE PROCESS!" lol I love her!
Anyway...some information she passed along to me to help me relax more I thought I would also pass on to some of you!
You cannot get a pre-approval until the financial aspect of the loan is cleared. =) Now if you remember, we were only pre-approved for about $20,000 less than the cost of our home. But it was for the offer we sent in, not any of the final stuff, which they now have. They also told us we had nothing to worry about there. AND, if it weren't enough they said that, there was my husband's friend in the business. Back in the beginning he said we could easily approve for $225-250,000 on just our income. It was our past that was the problem And since our house is less than that, I think we're good! =)
Anyway, I digress. More info for you: Your final approval from underwriting is only good for so long. Did you know that? A lot of places it's only good for about 30 days. Some longer, but not a whole lot. So we can't get our final approval yet because of time constraints.
Oh Lord forgive me!! If our loan rep had only put it too us this way a long time ago! lol
So and impromptu stop by the model home to say hi to family turned into a wonderful news for me!! =) Hope it helps some of ya'll out there too!
That all being said... I have a favor to ask ya'll...
Our Ryan Rep has a chance to win a trip. She has been so amazing through all this. All my questions, and being neurotic, and change orders. I would LOVE for her to win the trip! So if you feel it's not to much to ask, could you say a quick prayer that she gets it? I can't tell you how hard she works. She is constantly there WAY past hours working. She goes above and beyond for all her clients that I know of. She really does deserve this trip. I really hope she gets it!
Ok...so that's it for now. I'll let ya'll know what my PM says about the stuff found out at inspection, and how our pre-drywall goes. As soon as siding is up, I'll post some pics. (hoping the wrap issues gets taken care of first. And knowing our PM, it will be).
Off to enjoy some time with my girls....
Sounds good....
ReplyDeletealso..Am i correct?...I think any loan someone wants to get, they can be approved for only 2.5 times their annual income? That's what we were told when we got our loan many years back.
I have NO idea. But we should be good if that's the case. I know my hubby is making even more now than he was. So that's a big plus. =)
ReplyDeleteThanks for the info~! =)
Oh.... I had heard the payment can't be more than 1/3 of your income. But I have no idea if that's right either.
ReplyDeleteI wonder if any of your family who are currently looking into buying a home would end up being your neighbors? I would not worry so much about your loan because you are pre-approved and if that is the case then your chances are reallly realllly good to get your final approval. It will happen!
ReplyDeleteWell Stephanie.... They found a house the LOVE, a lot they LOVE, and they qualify for a USDA loan which would make the payment stupid crazy low. The problem is the high school. My eldest niece will be high school starting the fall of 2012 and the high school that is slated for the neighborhood has taken a turn for the worse.
ReplyDeleteRight now the act of violence at the school is twice as high as that of the county or the state. (This school has 3 acts of violence per every 100 vs. the 1 act for 100 students of both the district and the state).
If they don't move, my niece is would go to a brand new high school, one of the best in the state right now. My sister just can't see taking from the one of the best to one of the worst. It's killing her, but she has to do what's best for her daughter. I TOTALLY get that. The lot they liked, you can see from my house! I'm so sad they won't be my new neighbors.
My kids are all still in elementary school still. I am holding out hope that either the bad element at that school will be LONG gone by the time they go, or better yet either
1. the lines get re-drawn and they go to the new school or
2. The build a new school.
The high school they are scheduled to go to has CRAZY growth around it right now. Lots of neighborhoods building. So I'm hoping for one of the last two options. We have time.
I found this information at: http://www.ncreportcards.org/src/schDetails.jsp?Page=3&pSchCode=310&pLEACode=130&pYear=2006-2007 for anyone following who wants to check into this.
DARN!!! I looked at the wrong year folks!!
ReplyDeleteThe school as 4 acts of violence or crime last year per 100 students vs. the 2 of both county and state. (you pick the year up at the top)
You can also click the near the top to get the schools latest report card in an easy to read format.
ReplyDeleteLoan terms differ drasticly. It all depends on what kind you go with, your assets, your credit score...whole bunch of stuff. Our NVR rep told us that even though we already own a home (which we can't sell because of the market down here), because of our credit score we could actually, in terms of monthly payment, go up to 50% of our monthly income. Which, of course, in our minds is completly ludicrous and quite frankly isn't that how we got our butts into this economic crisis soup?! ...but none the less there are SO many variables when it come to loans.
ReplyDeleteWhy didn't the loan representative tell you all of those other times when you asked about why the delay in the loan approval?
ReplyDeleteI'm surprised they didn't tell you all of this info a long time ago when you were asking when you'd find out?
Hope it all works out.
My husband did all the communicating up until now. So I have no idea what he said to her. I do know she said she had been doing this over 10 years now, and that we had nothing to worry about, that it was in processing, and she'd let us know when it went to underwriting.
ReplyDeleteI don't know if she was allowed to tell us, or just thought we understood the process (which clearly, we don't), or what. I my husband just kept saying that he knows the nature of the business is delays. And if he was telling me this, he may have told her this, which made her think we understood something we didn't. I have no clue. But that's why I am doing the communicating now. =)