[klinked]

She told me that once she pulled my credit she would have a tentatitive answer within an hour. I just wanted to know if I should get my hopes up now or buckle down for another 6 months.

[klinked]

I just called and she has someone in her office and she asked me to call back in an hour as she had some questions.

Can you tell I'm anxious? I will be very suprised if I get approval my first try. 6 months ago I was freaking out about my credit and NCO. Now I am actually seriously considering buying a house. damn

[Qtip]

You will be fine, just hang inn there Worst case scenario, you have to up your fico and fortunatelly you have the tools to do that!

[klinked]

ha ha ha ha ha
My Fico-641
DH-Fico-649

So now she is going to run the numbers through her "Desktop Underwriter" whatever the hell that means.

I have been doing mortgage monthly calculations and using ones found on the web, I think $150,000 is around $1000/month give or take 30 year loan at 6.675

She said it is $1300.

Where am I going wrong?

[Hedwig]

Many places give mortgage payment quotes as PITI (Principal, interest, taxes and insurance). What you are looking at is probably PI (principal and interest) only.

You pay the mortgage company extra each month that goes into an escrow account for your taxes and insurance, then the mortgage company pays those bills from the escrow money. That way they make sure the taxes and insurance are kept current.

Almost all mortgages are PITI, although occasionally I have seen someone get a PI only loan, but it was a big fight and they had to prove that they had had enough money to pay taxes and insurance in savings at all times for like two or three years.

[Qtip]

Originally Posted by klinked

ha ha ha ha ha
My Fico-641
DH-Fico-649

So now she is going to run the numbers through her "Desktop Underwriter" whatever the hell that means.

I have been doing mortgage monthly calculations and using ones found on the web, I think $150,000 is around $1000/month give or take 30 year loan at 6.675

She said it is $1300.

Where am I going wrong?

As Hedwig stated, on yoru calculations you are probably missing the PMI and the escrow "money for taxes and insurance". My interest only on 300k loan is about 1800 but after everithing is all said and done we are talkin 2500 and that is at 6.75. So 1300 sounds about right for 150k. Is this interest only or conventional?

[klinked]

It is a conventional loan. I am trying to get a VA loan.

[Hedwig]

You will definitely have the escrow on a VA loan. When the mortgage broker gives you a payment amount, ask if it includes taxes and insurance. They want you to know what comes our of your pocket every month.

The calculators can't do that, because taxes and insurance vary by location.

Ask the broker what the prinicpal and interest is, that number should be close to what you got from the calculator but may not be exact.

[Christopher Barber]

Originally Posted by klinked

It is a conventional loan. I am trying to get a VA loan.

I know you are working with another company. I would love the opportunity to speak with you. I own a mortgage company in Hicksville, NY we are license in all 50 states.

I do not need any personal information just a quick overview of your situation.

Another quote will only make you feel more comfortable with what you were already offered or quite possible show you that there is a better deal out there for you.

My name is Christopher Barber and my number is 516-932-0101... I would love the opportunity to speak with you!

Sincerely,


Christopher M. Barber

[Hedwig]

Christopher, welcome to the site. I hope you'll stick around and answer mortgage questions as they arise.

[Qtip]

kinkled,

What is the status, any luck or they still have you on hold?

[klinked]

I am not sure if I have realistic expectations. I expected this loan officer from Countrywide to show a greater sense of urgency. She doesn't seen to be moving very quickly. The only reason I called her is because the Iowa First Time Homebuyers program recommended her as a "partner" to the Iowa Dept of Finance. I know there probably isn't a huge profit in it for her so no urgency.

Maybe I should write Quixote and see what he can do for me.

[Pale Rider]

Originally Posted by klinked

I am not sure if I have realistic expectations. I expected this loan officer from Countrywide to show a greater sense of urgency. She doesn't seen to be moving very quickly. The only reason I called her is because the Iowa First Time Homebuyers program recommended her as a "partner" to the Iowa Dept of Finance.

My friend had a similar problem. She almost lost her earnest money because they would not respond, knowing the purchase contract was almost up. She went to a broker and was done the next day. Countrywide called back after it was too late, begging for her business.

If the program is similar to the one here in TX, any lender or broker should be able to handle the paperwork. I am going through the process as a seller, and even though the broker was not listed on the state site, she knew exactly what the program was and how to get it approved.

[klinked]

I was approved. I am stunned. Now I need to gather requested docs. oh crap oh crap oh crap

i'm stunned

[Hedwig]

CONGRATULATIONS!!!!!!!!!

I knew you'd make it!

[klinked]

I feel like I was slapped. My face is all red and my ears are ringing. I am just stunned.


Now comes the hard work I think

[Hedwig]

That's OK, we'll help you through that, too!

[sakrificer]

I absolutely love reading all of this... made me smile with the "Oh crap Oh crap Oh crap" ...

So is their an update? Everything work out ok?

I like the site, and I will definately hang around.

Kevin

[Hedwig]

Welcome to the site, Sakrificer. I hope you do stick around.

The original poster doesn't post here anymore, but I'm sure she got her house.

If you need help, post your questions in the appropriate forum. Other than that, get comfortable and join us!!