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Now we wait at least until end of day Monday...
Without boring you with the details, we couldn't get final resolution with the PMI company today. They verbally said we'd be approved, but there's a glitch in their computer system that wouldn't allow them to issue the certification.
Somehow, though, our credit scores have jumped up quite a bit since three weeks ago when the credit union pulled our credit reports. How that happened, I have no idea, but we'll take it!
This may actually have been a blessing in disguise because the (new) loan officer asked us if we were interested in an FHA loan. Um, yes! He already put all of our information in through the FHA approval process and we were approved through their computer system. He found a company that says they can get us an FHA loan by next Friday. He said now a human just has to look at all the data he entered and compare it to all of our documents (pay stubs, W2s, etc) to make sure it matches and look at the appraisal and then they would approve it. So, it's not guaranteed just yet, but he feels pretty certain that we should be able to get the FHA loan. That would be so awesome because we'll only have to put 3% down instead of 5% and our interest rate will be lower and our PMI payment would be lower. And if you're approved for the loan, you don't get separately approved for PMI; it's automatic. At this point, we don't even care if we have to push the closing out a little bit, espcially if we can get the FHA loan!
So now we're probably not going to know anything until at least end of day Monday. It's frustrating, but I'm feeling somewhat positive.
Back to waiting....
Re: Now we wait at least until end of day Monday...
It sounds like things are looking up. Good Luck!!
Mr and Mrs EST 8.19.06
DD#1 3.28.12
That sounds like wonderful news!
That sounds very promising! I'm keeping my fingers crossed for you.
Will they need to do another inspection for a FHA loan? Our best man had an FHA loan and they required some work done on the house. He and DH had to fill in dips around the foundation, paint the house, and replace a railing before approval would go through. I just wanted to throw that out there so you're not caught off guard if that happens.
Sending positive thoughts your way!
6/14/10 BFP; 6/30/10 Dx ectopic
11/16/10 BFP #2; DD born 7/26/11
Congrats on the FHA loan. I am sorry but I haven't been on much to follow your house buying posts, but it sounds great!
I bought my condo with an FHA loan, It was great. Only having the 3% to put down made me breathe so much easier. As is the lower APR!
One warning though, it comes with TONS of paperwork! My closing was so long. Oh and they may say that they will send someone out from the mortage company at some point to make sure you are really living there and not renting it out. For me they really did. Some guy came to my condo to see if I was really living there. Of course I had friends from out of state there for the weekend, but it wasn't a problem. Just a little weird.
when I sold there were no problems. It was very easy.
Congras on your purchase. Fingers crossed that everything goes smoothly!