My boyfriend and I are buying our first home in Minnesota. My credit score was 630, bf was 680, our combined income is about 40-45k. We were pre-approved for a USDA home loan up to 135,000, and offered on a home for 129,900 and got accepted. The inspection was done and the home owner fixed all issues and the appraisal came back more than what we offered and we are now in the underwriting process. My question is what is the likelihood that we may be denied the loan? They said we should hear back by the end of the week or Monday, but I have been worried sick about it. I had to fix a few things on my credit before we got the pre-approval and don’t know if that matters or not. Thanks for any advice or help.Read More
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Rather Unfortunate, but it seems the Foreclosure Firestorm will only increase and compound itself throughout the summer. The Alt-A loans will be resetting also, so a large bulk of soon to be former homeowners will find themselves in Negative Equity in relationship to Loan to Value. An estimated 2.4 million homeowners will lose their homes, multiplied by spouse and kids, truly an exodus that would put the Israelites to shame in number.