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Old 09-19-08, 05:17 PM
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Default Got a little nervous

As I'm sitting eating my breakfast this morning I hear Matt Lauer say.... that people with great credit can't seem to get home loans. I kinda freaked out a little and realized that it might be a good idea to make sure we're preapproved for the amount we want to spend. I *thought* we were fine, but realized that being sure would be good!

So DH called the loan guy, and gave him the upper limit of any house we're considering (and he actually gave him the asking price of that house, not what we'd actually pay). He called back and said we were "easily approved" for that amount. Insert huge sigh of relief here. We are actually planning on spending 15k less than that number in all actuality... so I feel great.

Now, sell house sell!
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Old 09-19-08, 06:05 PM
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Yeah, baby!!! It seems like many things are coming together for you right now, Jeanne. I'm keeping my
 
so tight that they're turning purple!!!
 
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Old 09-19-08, 06:28 PM
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excellent!

I think the difficulties with the loans are the amount of downpayments. Not just credit scores. kwim?
so your sale of your home should definately cover the downpayment enough to give you a really great new finance rate. (I hear they're at just about an all-time great % right now)

Glad you got a big green light. Great relief I'm sure.
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Old 09-19-08, 10:01 PM
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Well yeah, you have to have 20% (which we do and possibly more depending) or you have to go FHA. The interest rate we were quoted wasn't as good as what we have now, but this is basically just something to show a seller. We don't have to use this bank if they can't do any better.
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Old 09-20-08, 11:35 PM
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Sounds like it really is coming together well!! I'm so excited and I hope that your house sells soon!
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