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I'm just learning about all the expenses associated with a home purchase. It ain't just about the down payment. As I work my way through the saving, applying for a mortgage and the other costs I'll be sharing stuff here. I know if I can do it almost anyone can!
The real estate agency gave me a list of local lenders their clients have successfully worked with in the past.
I've only contacted HSBC so far because they have the SHOP capital program, which is funding for home purchases in certain census tracts. I spoke to someone from HSBC and she told me about a bunch of other programs that I might be able to qualify for regardless of income based on the area I'm interested in. I'll be putting more about them here or in the diary. For now I guess I'll be in touch with the mortgage lender tomorrow. He had called me to tell me he did get my credit report.. I'm sure there will be some things I need to explain. I'm hoping the significant increase in income over the past 5 years will help explain the older credit problems.
Let's see. It actually took awhile to get an appointment with the lender. I personally believe he thought that I wouldn't qualify. I gathered all my documents to prove that certain things on my credit report were wrong and hauled my butt across town to the lender's "local" office. After getting all my information and entering into the FHA loan application he actually seemed surprised that I was approved. (It's so uplifting to have a lender believe in you..... -- please note sarcasm) I couldn't get the SHOP capital program because while I did qualify for an FHA loan I didn't qualify for a conventional loan. That done, armed with preapproval I was able to embark freely on house hunting.
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