Mortgage approved!!

Well, after 3 weeks of suspense, my mortgage was approved through Countryide! The only problem is that rates cannot be locked in now due to the house not being built. They finally started on the foundation this week. My wife and I got approved for a 340k loan, 100% financing. We were approved for a 80/20 loan. I expect we will lock in rates between 6-6.5% on the 1st and the second will be a heloc. Im gonna try to turn the second into a hel. The only stipulation on the approval is that we cannot finance the upgrades. That really sucks. We have 10k or so in upgrades and now have to pay it out of our own pocket. Does anyone know if Countrywide will consider increasing our mortgage from $340k to 350k? That way we can finance all the upgrades and use our money for other things. Btw, with the 340k mortgage, our income to debt ratio is exactly at 45%.

 

My TU fico was 707. My 2 other ficos are in the mid 600's. Luckily, Countrywide only needs 1 report. I know that most mortgage companies take the middle of the 3. Countrywide has only pulled 1 report. The loan rep even asked me which report was my best one So far, Countrywide as been good to me.

 

Hmm, interesting Mark. Why would they check all 3 after the close? Makes no sense to me. I would figure that they would check all 3 before they closed. What good will it do after? Can they re-neg on their agreement after the close? I really doubt it.