Jim B
 |
Your attorney should be able to go over the closing process and all the costs and fees that you will be obligated to pay at closing. If you don't have an attorney representing you then issues might come up that could kill the closing such as problems with the title or property deed.
If the title paperwork is o.k. and you have already made the down payment or have the money at the closing for the down payment and the other closing costs then you should be o.k.
The lender must provide you with a Truth In Lending form that itemizes all the costs and interest rates and such that you will have to pay to secure the loan. |
|
Cali-Gal
 |
You probably have a conditional approval whereby the lender who is originating the FHA loan will be asking for conditions such as bank statements, bk documents, letters of explanation etc. As long as you can provide the conditions asked for and you do not do anything between now and the date set for your closing such buy a new or used car and make large credit purchases or apply for any new credit. Do not change jobs unless it is in the same line of work in the same or similar position. FHA underwriters really do not look at your score. They look more at your ability to pay back the loan by looking at your income versus your debt. Any blemishes on your credit, they will require a reasonable letter of explanation. They may require that those medical collections be paid through closing, so make sure you have enough funds put back to cover that and your down payment (if one is required) and closing costs. They may even require 3 to 6 months reserves for Principal, Interest, Taxes and Insurance (PITI) which means that you would have to have that many months worth of mortgage payments sitting in the bank that can be verified.
You should be fine as long as you do what I have explained here. |
|
mamapoulette
|
If it is an FHA loan, you are their candidate...keep an eye on the interest rates. make sure the loan is fixed not variable. and if you had the medical bills before you were approved then they already know and you don't have to worry. |
|
Uncle_Fisty
|
dont buy ANYTHING on credit.. |
|
fuzzykitty
|
Well, I don't think you need to worry over much, We Purchased our home in 82, through them and the only thing that would have made it easier, was is they offered escarole accounts, Haven't a clue what they offer now. so, keep your chin up. I don't think you will be disappointed, |
|
Victoria
|
Just to be safe, do not involve the children in the looking. Just imagine how you would feel if it didn't go through, you children would feel twice as bad because they just don't understand the whole process. Not to be negative, just try to wait to pick out the lot and colors until you know 100% |
|
nobrethequeen
 |
i hope that you got a bank approval on a certain amount of money that u qualify for buying land & building a house on it. as long as a bank pre-approved u for up to a certain amount knowing that it was going for land & building a house on then u don't have any worries. but if not then don't do anything until u get bank appoved for a specific amount that is affordable on what u make a year for income. don't trust a mortgage co. cuz they will approve anybody. that's why there's alot of forecloseures out there now. good luck, nobrethequeen |
|
I'am God's Girl
|
YOU. You already have the loan you have nothing to worry about.
Congradulations! |
|
gretchen
 |
Hi
If you have been approved for your loan and it is in escrow
nothing is going to stop it from going through
however you might get a higher interest rate if you are not already "locked in"
Good luck and worrying isn't going to help anything happen
so save yourself some anxiety and think positive! |
|
ninjagirlzx7
|
what was your credit score maybe would have helped us out? |
|
Steveo
|
I'm confused. If you are building your home, then you got your loan. If you got your loan, then you close on the deal. If you closed on the deal, then you can't be denied the loan because you already got approved. Right?
Or am I still confused.
The only problem you seem to have is too much money going out and not enough coming in. |
|
spinster wife
 |
If you already signed the documentation and the 3 day recision has passed you don't have a chance in stopping the loan. If you haven't signed the final documents yet then just don't do it. |
|
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
