Ok, me and my fiance applied to buy a home about a month ago. Last week the loan company made me read over a 100 page packet that included all the tips and tricks to owning a home since it is our first home we are buying. After I read the packet they made me call this 1-800 number to take a short quiz on it. Well, I did all that stuff and she told me I passed it and would send it to the loan company. Last I talked to the loan officer in charge of everything, he made me certify mail some letters to the 3 major credit bureaus telling them to remove something that was on my credit report. I proved that I have already paid them off but he said they have to take it off. He said once we get the letters back from the 3 credit bureaus, we will continue on to the next step. Today we had what they called a "final walkthrough". We went over the last adjustments we wanted them to make. (BTW the house is brand new and is just now ready). The building company (which is the same company as the finance company) is acting like we already have been approved. So I am a bit confused here. Do you guys think I got approved or is it still up in the air. Anyone I ask says if they go through the walkthrough and take the little phone quiz, that I have already been approved but I have to make some final touch ups to my credit report in order to set a closing date on the house. I on the other hand am a bit more pessimistic thinking that it is still up in the air. I knew buying a house was a long difficult process, but there is so much in limbo about whether or not we get it that it gets kind of irritating. Any advice?
Odd. I believe you should have gotten a "You're approved" letter in the mail or at least a phone call where it is clearly a statement that says those words before you got the final walk through. It sounds confusing. Why not just call the financing company?
I have called them and they just say that we need to wait until those letters come back from transunion, experian and equifax, which takes about 30 days. Im debating whether or not to call him up and demand some sort of something. However, if i do that, the dude could make it not happen. So I am debating whether or not i should call or not.
A quiz? Really? We just bought a home and close on Thursday. It took around two weeks and no "quiz" was involved. We're also paying cash and have excellent credit though. Not sure if that matters.
I've bought 2 houses and neither time was a pop quiz involved. That is very strange. Maybe you should consider another source for your loan. They can get it done rather quickly if your credit is in decent shape.
The quiz is very strange! You have not been approved. I bought a third home last year and could not believe the amount of paperwork I had to go through. The Perry Homes guy told me ever since the real estate collapse, the government had tightened up everything and especially on the credit issue, they don't want to see another sub prime mess. You have to wait until your credit issue is clear before you know whether you are approved or not. I hope that helps!
It was more of a makeshift quiz. They just ask you dumb questions about escrow and other stuff any potential home buyer would know. even if I didn't have a clue, they would just go over it with you. Pretty strange stuff
No silly. There's never a "c. maybe" You have to cross out the a and b answers and write in the maybe yourself.
