Thursday, June 28, 2012
Here's the DEAL!!!
We have been working with Angela, our awesome sales representative since last year! We went to the table in September to get pre-approval; but we were not ready! Angela, told us exactly what to do to get qualified. We are business owners of a construction company and were hit hard during the recession which meant Year 2010 was a bummer. However, Year 2011 was the bomb! We could not qualify in September because they had to use Year 2009 and 2010 tax returns which would not work. So she suggested we wait to purchase in February with 2011 tax returns which were in our favor. We were also shy a few points with our credit scores. We did everything to get prepared and a whole lot more. It took months for the score to move which was crazy. But it still did not put us where we needed to be. We could not beleive it and neither could they! So the underwriters suggested another option to increase the score and it DID! My husband called me to tell me they were denying the loan because our front and back ratios were still too high with the new score. WHAT?! I told my husband, we GET to negotiate! So we got back on the phone to negotiate a DEAL! They agreed to the DEAL; however, we had to show and prove documentation to support the DEAL to get us back into underwriting. We gathered the documentation, but they also wanted documentation from our accountant who just happens to be in Hawaii laying across the beach! So we wait!! And wait two weeks for him to return and were able to submit the last document. We heard back from the underwriter's immediately and they said........you guessed IT! They said, "everything is looking good, but please provide these additional documents." We felt some relief because we were back in the game. This was great news; however, RH gave the underwriter's until the end of this month to say yay or nay!! It's been entirely too long and they cannot hold the lot beyond this month. It's been a crazy ride! I am confident that we will get to build our dream home on Lot #28. As you can see, we are way to deep to pull out NOW! If we go to another lender at this stage of the game, the new lender has to pull our credit which would affect our scores, lose the incentives, the lot etc. etc. etc. We are actually grateful they are doing everything possible to get the loan approved instead of kicking us to the curve. Thank you for your prayers! Please keep them coming. We need and appreciate them.