She finally got to the point at 5:21 🏽‍️ they bought a car and messed up the DTI

A lot of first time buyers need to know this info, it is so important for them to know the ups and downs of home buying. I have never given out any of my info. We were blessed to pay cash for our homes. I know the stress, we went through it with our kids buying property. Thank you so very much for sharing this info!!

Yes, it’s best to get a fully underwritten PreApproval and don’t change anything (large transfers/large purchases/etc…) after that PreApproval is received - they still have to a second verification after you’re under contract

Thanks!

Yes, it’s best to get a fully underwritten PreApproval and don’t change anything (large transfers/large purchases/etc…) after that PreApproval is received - they still have to a second verification after you’re under contract

The main point here is to financially do what you always have done (while keeping DTI as low as possible). Then once you signed for closing and the loan is funded, THEN you can start buying a truck/furniture.

Hi Mary, its very disappointing. I feel you. Thanks for sharing your experience with us.

So sorry for your loss .everything will be okay

We have been jumping through hoops trying to buy a house in another state where we are starting new jobs. Lender goes mia for days to weeks at a time, not responding to questions, sending wrong documents for us to sign, not being knowledgeable about the process, etc. Then underwriting said our new employer had to change the offer letter to say Salary instead of Hourly. Then they said contingencies of background check needed to be met. That I can understand but waiting until the same week as closing? Then they said we have to be in the new state and start the job before we can close. Then they said the other option is to put more money down and have 3 months of reserves. Presented the documents promptly. Now they’re back to saying we have to be there and start the job first. This has been hands down one of the most frustrating experience I’ve ever been through.

So much for getting so much great information. I’m not buying any property but it also helps me because I have a lot of family members wanting to buy something. I have 13 grandkids and most of them are in their 20s and 30s great information for them I’ll pass it along.

You just echoed what a loan officer had just explained to me pre - equity loan. . Thank you!