Background is I applied for an FHA loan back in the spring. I cleared what I could and was still denied because a house I had foreclosed on (covered under bankruptcy) didn’t sell and come out of my name until 6 years later! That sealed the deal for no FHA per the lender because I had not hit the 36 months. It was recommended that I speak with a local credit union and try that in the meantime and then refinance. Same story but he DID tell me to look into the direct USDA program that he thought I would qualify……so, I took the summer off, traveled with my family and put house hunting/mortgage issues on the back burner. Kids got back into school, we got on our fall “schedule”, and I started looking to see what was out there again and looking into what I could find about this loan. It led me here…..
Fast forward to September 26, 2015: pre-qual sent in to the local office
10-6-2015: letter stating to call local office because they had a couple of questions. I did that day. He told me he had my prequal and that if the information was correct and could be documented then it appeared I did qualify. I asked specifically abou the foreclosure timeline and he assured me that would not be an issue because my mid score was 663 and they were going to turn a “blind eye” to much because of that. He told me they were waiting on the new fiscal year funding any day and that when he got that he would go ahead and pull credit scores.
10-15-2015: Hard pull inquiry notification
10-19-2015: I called to see what was up and he said he was waiting on me to call him and he had a couple of more questions He asked about a collection I had and asked me to write a letter. He also asked about a charge off that was still there from a bankruptcy that was greater than 7 years. He wasn’t concered about that but did ask I write a LOE regarding the collection that I HAD been trying to work with to resolve. Stated he was sending full app.
10-22-2015: Received full app
10-23-2015: Returned full app along with check for $ 25.
10-26-2015: I called to make sure he had received. He said he had and that he would be getting to mine the next day or Wednesday (today, 28th)
10-28-2015: I am a 100% shareholder of an S-corp (self employed essentially). He requested 2 years business returns and income profit/loss statements from my accountant and the weekly documentation of check copies where my daughter’s father pays child support. That was the hard one since I don’t copy the checks each WEEK!! The bank was fabulous (helps to have friends!) and so was the accountant. I literally had that back to him within about 3 hours. He let me know he had gotten those and that I should have my COE by TOMORROW!!!! I am soooooo excited!
For me this is kind of huge (like most of us!)……single mom, doesn’t make alot, AND self employeed. I literally feel like I just saw Cinderella’s castle for the FIRST TIME! I will keep you updated. There are only 2 homes in the area I want to look at right now but one of them could be “it”. That will be the hard part……waiting for something I want to come available in the county where I am. SLIM pickings here.
Thanks for reading, I will update.