Yesterday we had our meeting with our Loan Officer (LO). It was a very informative, yet stressful meeting. Partly because we didn't bring all of the documents that we should have. I asked dear hubby several times if he had his papers together. "Trust me. I know what I'm doing. I've done this several times before. Just trust me woman." Umm hmm...He said ALL of that to me. But guess what? Guess who didn't have what they needed? Not this chic! Let's just say someone kept getting the side-eye during this meeting.
The good news is there's no doubt that we qualify. The not so good news is there may be a slight delay in what we hoped to do. Our LO explained that you can only have one FHA loan on a home in the same area. Our new home is being built literally three minutes from where we live now. If it were in another state this wouldn't be an issue. So, we can either wait to sell this house before we proceed with our build (which means switching to a contingent contract). Or, we can try to get a conventional loan and proceed with the build before we sell our current home. Unfortunately we have one minor issue that may prevent us from doing the conventional loan.
Talk about having the wind knocked out of your sails. It's really not that bad of a problem. It's not like our LO told us we don't qualify at home. We actually worked really hard and our credit scores look great. I just hate that we've hit a bump in the road. We'll just keep praying that our house sells quickly so we can keeping pressing on.
The good news is there's no doubt that we qualify. The not so good news is there may be a slight delay in what we hoped to do. Our LO explained that you can only have one FHA loan on a home in the same area. Our new home is being built literally three minutes from where we live now. If it were in another state this wouldn't be an issue. So, we can either wait to sell this house before we proceed with our build (which means switching to a contingent contract). Or, we can try to get a conventional loan and proceed with the build before we sell our current home. Unfortunately we have one minor issue that may prevent us from doing the conventional loan.
Talk about having the wind knocked out of your sails. It's really not that bad of a problem. It's not like our LO told us we don't qualify at home. We actually worked really hard and our credit scores look great. I just hate that we've hit a bump in the road. We'll just keep praying that our house sells quickly so we can keeping pressing on.
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