We are now at the end of September and I still am sitting in a rental apartment surrounded by boxes.
Our closing date was supposed to be on September 14th. Now our new date is September 28th and we were told a second extension may be necessary. An extension into October.
Oh and USDA underwriting does their end of year reports in October so they close down for about a week. So we may not actually be able to close in time for that extension.
Did I tell you that my agent says we most likely wont even get this second extension? Did I tell you that the closing date is in less than a week? And we haven't even applied for a second extension?!
This has been tough. We got our acceptance from the lien holder at the end of July. We were told that we had a complete package to ship off to USDA and that we had a 97% chance of everything being perfect.
BWUAHAHAHAHA They got JOKES!! JOKES I TELL YA!!!
The day we went to go do a walk through of the house after acceptance we found out that the seller's still had not completed the list of things they needed to fix (it was a whopping 4 things that would cost about $250) and so that would postpone us being able to go to underwriting. A little over a week later we received confirmation that the repairs were made and we could move forward.
I then got a call saying that their was a disputed item on my credit that didn't show in the first few initial credit checks and that USDA had changed the guidelines and would not accept someone with a dispute. We had to hire a company to take the dispute status off of my credit item. They took about a week for some reason and by now we were pushed to about 3 weeks out from our closing date.
Once we FINALLY got the dispute taken off my credit they ran a new check. Wouldn't you know it, my score dropped by about 23 points just because I no longer had a disputed line item (which still should be in dispute or taken off completely). I got a call while driving to work and was told that I was now 3 points below where I needed to be to be accepted for the USDA program.
I was under the impression that we just had to get through this one hurdle and then we would be in the safe zone and on our way to home ownership!
We had no options. We were told that the deal would have to die unless we could find a cosigner. There was no way to raise my points in time for closing. So I had them run Cory's information for the whole loan. Wouldn't ya know it, he could be on the loan alone. One problem was his debt to income ratio. You see, we just bought a truck about 2 years ago. A brand new and expensive truck. But we were told if he sold the truck he would still be eligible for the loan.
I did what any good girlfriend would do, I went to the dealership the next day and sold them Cory's truck just so I could buy it back. It cost us another $4,700 in taxes and licensing but it means we could have the house.......
Or so we thought.
One thing after another keeps happening. And time after time we find a way to fix it.
I don't know how many times I have had to turn in the same paperwork just to get a call and be told they need it again. Or how many times I have had to micromanage them and tell them how to do their jobs.
We received confirmation last week that our loan was accepted through the mortgage company and could finally be sent out as a complete package to USDA. Oh, and we have EQUITY!!! So we actually rolled closing costs in to our loan so we can have cash money for renovations.
It has been tough. It has made us fight hard and we will not accept defeat. This house will be ours. One way or another.
I'm assuming their will still be more to creep up. It seems that there always is. We will just keep moving forward and please just keep those fingers crossed for us. We need some luck around these parts. We really need something good to happen.