Post 10.0

Stamp of Approval!!!

On Friday, 3/20, my loan officer called and said it was time re-pull credit. I didn't have any issues,  just had some debt to pay down and improve my score. I did as I was asked and my score improved significantly. I received an Approve/Eligible via Desktop Underwriting...which means based on the data submitted, the loan is eligible for Fannie Mae's limited waiver of certain mortgage eligibility and underwriting representations and warranties, and if all conditions have been met, the loan is eligible for delivering top Fannie Mae. TRANSLATION: I should have no problem at time of closing.

Post 9.0

I am going to make a concerted effort to at least post once a week.

Latest and Greatest....

Loan Application/Mortgage Approval
I constructed a plan with my loan officer on creditors I will need to pay, amount of money needed for closing costs, etc. I'm in the process of paying certain creditors to bring my score up...fingers crossed! It's not that many or a large amount....roughly $2500 total.

Breaking Ground
In speaking with my SR, my home was not on the latest plans to start building for the April list. So most likely we will be on the May list. Side Note: Ryan Homes is still waiting for the permit to build our home. Not a problem with us at all. This gives us time to save additional reserves and work out the budget for furniture needed and moving fees.

Post 8.0

03.09.15

Down Payment Assistance and other Financial Assistance Options

After filing my 2014 taxes and discussing home purchase options with my tax preparer, I was told during the discussion that my county, Prince Georges County, in the state of Maryland, has a new program called the Maryland Mortgage Program (MMP) DoublePlay. It is not as lucrative as the MMP TriplePlay (where a homebuyer would be eligible to receive a minimum of $10,000 in assistance and upwards of an additional $10,000). Unfortunately, the MMP TriplePlay Program has exhausted all of the funds, as I previously mentioned.

According to their website, the MMP DoublePlay Program provides homebuyers in Prince George's County with a discounted interest rate (a 0.25% reduction) and a fee reduction on a Maryland HomeCredit, saving the homebuyer hundreds of dollars at the time of purchase, and thousands over the life of the loan.

My thoughts...

As the experts say, if you don't already have your down payment (3.5% for FHA or 20% for Conventional), closing costs (4%-6% of the loan amount) and some reserves saved (3-6 months of your household budget), wait until you get it saved, then begin house hunting. Otherwise, you are placing added pressure on yourself that is not needed. This should be a happy time in your life, not a depressing or stressful one.

Post 7.0

03.08.15

We are experiencing very bad weather here in the DC Metropolitan area!!! This is putting a hold up on all things construction.

Here's the update:

• Lot was selected 01.31.15
• Purchase Agreement was ratified 02.04.15
• Initial Down Payment was given to start construction 02.09.15
• Interior and Exterior selections have been made 02.21.15

Down Payment Assistance funds through the state of Maryland's Triple Play Program have been exhausted. What does this mean to me? It means that we will have to pay the entire 3.5% down for an FHA mortgage and receive the $12,000 closing help from Ryan Homes.

Date to close was initially 06.15.15, but I'm quite sure that will change.