The House Diaries: Really Getting a Loan | The Wallace House: The House Diaries: Really Getting a Loan

Wednesday, October 10, 2012

The House Diaries: Really Getting a Loan

Well.
The house hunt was put on hold for a long time after my original house diaries post.
The lender required 30 days of pay stubs (for T's new job) before they could pre-approve us.
So. We did not hunt for homes when we came to visit in May.
Instead we moved in with my parents when we moved to CA in August.
And once we had 30 days of pay stubs for the new job we started the process.
So far we're just at the very beginning.
We've been in contact with three lenders so far.
You want to see who has the best rates, says T.
They need documents like:

30 days of pay stubs
ID cards (driver's licenses)
W-2's from the last 2 years
10-40's from the last 2 years
History of employment and residence from the last 2 years
Current debts (student loans, car payments, credit card debt)
Bank statements
etc.

So we emailed all this over to some lenders.
One lender 
(wells fargo) 
told us we need $13,000 expendable cash
before they can work with us.
That is the amount we need to cover
3.5% down payment (FHA loan)
1 year homeowner's insurance
at least 4 months homeowner's taxes
and closing costs.

We don't have $13,000 available yet
so if we wanted to work with Wells Fargo
we would need to save for a few more months.

Another lender wants to meet with us in person.
That appointment is tomorrow.
He was referred to us by our realtor.

The third lender
(Paramount Equity)
we are waiting to hear back from.
Someone is supposed to email us today.

This is just the beginning.
Hooray for [hopefully] being homeowner's soon!

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