Although this is not my first house buying experience its been as or if not more stressful then the first lol. Luckily I found a GREAT loan officer who’s been nothing but helpful through the whole process. Here is a little backround/timeline along with the type of loan and rate I got.
May 1st – Obtained a Pre-approval through National Bank of Kansas City (I had been house shopping for couple months prior)
May 10th We recieved and accepted offer. I called my LO (Shane Cuevas) and Locked in a 60 day rate of 3.25% on FHA 30 yr fixed with 1k lender credit (zero points)
– I was amazed with the rate considering the best qoute I had recieved from multiple other lenders was 3.65%!!
May 10th – Present
– Recieved a Call from the LO stating that when they pulled my credit it wasnt missed that I was disputing a late mortgage payment the previous June when I sold my first home. (FHA doesnt allow for any late payments within the last 12months or do they want to see any un resolved disputes) It was then decided that Closing would have to be 2nd week in July due to having to wait until after the 12 months to send everything back through the automated approval system. I would notify my last mortage lender that I no longer wanted to dispute the late payment so that way when they pulled my credit report again after the 12 months both the dispute and the late payment would no longer be an issue.
The only problem with this which worried me was because they had to re pull my credit report had in fact me and my girlfriends lowest middle score dropped under 640 they would then have to re adjust my rate to whatever the rate was back when i locked in original for a credit score below 640 (which apparently is the cut off for getting the best rates on a FHA) Yesterday I find out that our lowest middle score, which was my girlfriends, 673 dropped a WHOPPING 2pts to 671 and we no longer had to worry about any rate adjustment.
Leading up to yesterday because we have rented for the last year we had to verify rent payments and everything else which was nothing but a pain! Landlord convinently was out of the country so getting him to sign documents or write letters to verify certain things was a full time job in itself!
To make a long story short and not bore you guys any longer. The loan was approved through the automated system yesterday as expected and without any unforseen circumstances we should be closing at 2pm next Wednesday!!
I cannot say enough good things about Shane Cuevas, anytime there even might be the slightest issue he was straight forward with me and talked to me about how to go about fixing the issues asap. He always got back to me on any questions i e-mailed him and picked up the phone every time i called. Even on his vacation he called me to give me updates with how the loan proccess was coming along.
Anyways… Anyone else closing soon?