Erika Posted January 14, 2005 Report Share Posted January 14, 2005 We're having a house built. We got pre-approval in August. The house should be complete in 60 days. Do you see any problems here that may arise with us closing?Stipulations of pre-approval: 5% down and pay off a few charge offs that are over 3 years old. We will bring the money to pay those off to closing.Income:Me: $65,000Husband: $50,000Home Value: $269,000Down Payment Amount: $15,000Closing Costs covered by builderOther Debt:Me: $185 Student Loan Payment, $150 in revolving credit payments. Total revolving credit card balance: $6000Husband: NoneFICO Scores as of 1/1/05:Me: 565 576 548Husband: 608 581 591I suspect all scores have gone up 5-10 points due to paying off his revolving credit, and lowering my utilization quite a bit.Other: In August we got slapped with a state tax lien. We paid it the very next day. Pre-approval was pre-lien. Will this affect our approval?We have W2's and pay stubs. I just got a new job with an increase in salary (from $55K at pre-approval to $65K now) and ownership in the company. The job is in the same career field I've been in for 11 years. I start next Monday.Sorry for the overload of info.... What do you think? Smooth sailing, or are we going to have problems? Between now and 60 days from now I'd like to get the scores high enough to qualify for 100% 80/20. If that doesn't happen, we're prepared with our 5% down, though.Erika Link to comment Share on other sites More sharing options...
liverichly Posted January 15, 2005 Report Share Posted January 15, 2005 There is 1 lender, MILA, that will finance 100% of the sales price with a 560 score, provided that you can document your income. Most lenders require a 580 though.The tax lien that you already paid shouldn't have any bearing on your approval, since you are already at a sub-prime lender they normally allow those things to happen in your past.I'd work on getting your scores up, as for every 20 point increment you can normally qualify for a bit lower interest rates. Link to comment Share on other sites More sharing options...
Erika Posted January 22, 2005 Author Report Share Posted January 22, 2005 Thank you for the reassurance, Shane!I'm irrationally nervous something is going to go wrong!Erika Link to comment Share on other sites More sharing options...
liverichly Posted January 22, 2005 Report Share Posted January 22, 2005 You're welcome.I'd try adding yourself as an authorized user to some of your parents accounts (if they'd allow that and if they have good credit), that should give you an extra 5-20 pionts. Link to comment Share on other sites More sharing options...
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