Some Bad Luck

Ok I have the worst possible luck. I sent in my loan app to my lender last week and they came back with a few stipulations (verify this and verify that etc…), but for the most part they said everything looked fine and we should be cleared to close once these stipulations are met. So I’m excited thinking this thing is pretty much in the bag. I just have to wait a few more days and I’ll be signing on the dotted line.

Oh poor naive me. Practically at the eleventh hour I find out I have to either pay off my credit card or come up with another 20k for my down payment. Of course I’m freaking out thinking how have we gotten this far and no one noticed that my DTI was out of whack. It turns out my credit card company uses a zero minimum payment, but the lender/mortgage insurance company can’t put a zero down. They are supposed to put 5% of the debt on the card which throws off my DTI just enough to make sure I won’t qualify for the loan without it being paid off in full. Not the end of the world, but the extra cash I had saved for installing HVAC system is now going to have to pay off my credit card.

So, easy enough, right? All I have to do is pay off the card and get a letter from my card company saying it’s paid in full. Except before I found all this out I lost my wallet (insert expletive here). Of course I immediately reported my cards lost and had new ones issued, but when I got to work on Monday the cards had not been issued yet and I couldn’t pay off the card until the new account was created. I’m trying to close the beginning of next week so this only gives me this week to finalize my approval. Wish me luck; I’m going to need it.

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