On The Road To Buying A House: Getting The Loan

Today was the day we have been working towards: We got an email from the lender’s representative saying we have been approved for the loan. BUT. Yes, I did say BUT. We have to provide them with a little more documentation. The paper pile continues to grow.

We have a monthly deposit to our checking account from an annuity. We were not allowed to use that annuity as proof of income to qualify for the loan because we will only continue to receive it for less than 48 months. But, because the lender scrutinized our checking account statement, we are required to write a letter explaining why we are receiving that amount each month.

Also, because the origninal bank statements I provided were printed by ME off the internet, I have to provide them with either a copy of a bank statement mailed to me from the bank, or one that I have obtained from the bank in person and stamped with their official stamp. I can get that tomorrow.

We had to print off the termite treatment contract, sign it, scan it back in, and email it to the lender. They want positive proof that we have contracted to have the house treated for termites. Done, and emailed.

The last piece of paperwork they are asking for is our proof of employment. This is going to be tough to get. Because we are seasonal workers, we only work for six months out of the year. Each October, Fabgrandpa is taken off the payroll, and placed in “intermittent” status. This means he is still an employee, but he is not working AT THIS TIME. In April, he will be put back on the payroll. The problem is with MY employment status. I am terminated at the end of each season. I have to be re-hired every spring. So, AT THIS TIME, I am no longer employed. If you remember a few days ago, I had to write a letter explaining my seasonal status to the lender. So, if we can not find a person who will sign a form stating we both still have a job, we may not be able to get this loan, even though we told them in the beginning that we have been seasonal workers for more than 11 years. The main problem I had today is that while there are people who are employed year round, this is the OFF season and many people are on furlough until after Christmas. I am not giving up hope, just saying this could be a very difficult hurdle for us.

So, once we get all of those things together and presented to the lender, we should get a closing date. Y’all keep your fingers crossed for us!