First time homebuyer with shaky credit--extremely stressed!

kg44June 20, 2009

Here is our situation: Our credit has been very shaky in the past, but has been better the past few years. My husband recently applied for and was approved for a Sear's Master Gold Card with a limit of $5,000. This led us to wondering if we could qualify to buy a house. The mortgage will be in my husband's name only (my name will also be on deed), and he has a VA certificate. His credit score is 632. We have a realtor and a mortgage broker. We have made an offer on a house and have a contract. The VA has done the appraisal, and we are waiting on it to come back. Owners are pushing to close by 6/30 so they won't have to make another payment. The mortgage broker has assured us she doesn't see a problem with the underwriter approving the loan. She has faxed them the credit report, and they don't see a problem with it, either. The broker has been doing this for 8 years and says she has only been wrong once on underwriting approving/disapproving loan.

I am worried sick that the loan will go to underwriting and be turned down. I am sooooooooooooooo stressed about all this, and can't get it off my mind. Thank goodness we aren't having to wait months like some people do!

My question is this..........what do all of you think the chances of underwriting turning it down would be?

Thanks,

Karen

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dreamgarden

"I am worried sick that the loan will go to underwriting and be turned down. I am sooooooooooooooo stressed about all this, and can't get it off my mind. The mortgage broker has assured us she doesn't see a problem with the underwriter approving the loan. She has faxed them the credit report, and they don't see a problem with it, either. The broker has been doing this for 8 years and says she has only been wrong once on underwriting approving/disapproving loan."

Is this your first house? That alone ratchets up the stress quota by 50%!

All of the parties involved seem to feel that its a go, so at least that is good news.

In the meantime, I would get plenty of rest, think positive thoughts and do things that will help lower your stress level until you hear back from the broker.

Best of luck!

    Bookmark   June 21, 2009 at 12:08PM
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terriks

Just realize that at this point there is nothing that you can do. You and your husband will either get the house or you won't. Raising your blood pressure will not accomplish anything. Enjoy your favorite adult beverage (it that's your thing), relax and enjoy the longest day of the year. Happy Solstice!

    Bookmark   June 21, 2009 at 7:28PM
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pamghatten

Put some faith in your Mortgage Broker. She's really not going to waste her time trying to get loans approved if she knows they won't fly.

    Bookmark   June 22, 2009 at 12:44PM
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kg44

Thanks to both of you for the reassurance! With all of this going on, I have a new grandbaby on the way that will be here any day now! I talked to the mortgage broker this morning and feel a little better. Thanks again!

    Bookmark   June 22, 2009 at 12:44PM
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Pipersville_Carol

I just hope you're buying within your means. Don't let anyone talk you in to borrowing more than you are absolutely, positively comfortable with. Believe me, they will try.

    Bookmark   June 27, 2009 at 10:58AM
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kg44

We are definitely buying within our means. Our payment will be around $125 more monthly than what we are paying in rent. Also, an update--loan went through, underwriter signed off, we close on Tuesday!

    Bookmark   June 27, 2009 at 6:14PM
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