u/Here2LrnThings

Hello all! This board has really helped ease our minds throughout this loan process, so I wanted to ask a couple final questions as we head into the last few weeks before closing.

A few details:

Scheduled to close the first week of June

FHA loan

Using a down payment assistance program to cover the down payment

Seller is covering closing costs

Today, the loan officer’s assistant told us we are conditionally approved, and the only things they “presently need” are:

Homeowners insurance

Certificate of completion for our homebuyer course

We’re getting both of those taken care of on Monday.

My main concern is this:

I was purchasing a home through a land contract. I sold it about two years ago with approval from the owner. The assistance program usually disqualifies recent homeownership including land contracts, but our loan officer said our situation should not count against us because we never fully owned the property, and during the short time the title was in our name for the pass-through sale, we were not living there so it wasn't our main residence. We haven't heard much since then about the program other than being forward to pay for and take the class, and given our loan paperwork for the 2nd lein for that program.

So my question is:

Does conditional approval at this stage usually mean that issue has already been reviewed and accepted by the program?

Also, they told us we are “on track for our closing date.” Our jobs are stable, we haven’t touched our credit, the appraisal came in higher than the purchase price, and we’ll have the amount in savings they said we need for final approval.

With all of that in mind, would it be reasonable to slowly start packing non-essential items? I’m hesitant to get too far ahead emotionally and mentally in case something unexpected happens and we end up having to unpack everything again.

Thank you all so much for the advice and reassurance throughout this process.

Just looking for a second opinion because I’m probably overthinking this, but I’m nervous about it.

About 2 years ago, I sold a house that I had lived in for around 6 years. The situation was a little unusual because I was buying it on a contract, the house was never in my name during the time I lived there. When it was sold, I was briefly put on the deed (literally less than 10 minutes) so it could transfer to the new buyers.

Now my wife and I are buying a home through a THDA loan. She is the main borrower, and that previous house was never connected to her at all. But it hasn't been three years since that pass-through transaction and I'm worried at the last minute they'll disqualify us because of that short "ownership" .

I brought all of this up to our loan officer early on, and he said it was a non-issue because I never really had an ownership interest in the property in the normal sense.

We’ve already paid for the appraisal, and underwriting approval has come through, but I’m still anxious that this could somehow derail the loan later in the process.

Does this actually sound like a problem, or am I worrying too much?

Hi everyone,

My wife and I have been pre-approved for a THDA loan, and I plan to confirm this with our loan officer, but I wanted to ask here as well to clear my head until then.

We are currently renting and will need to break our lease at some point. The lease break fee is equal to two months’ rent, which we’re able to pay.

My concern is whether this upcoming expense could impact our final loan approval. Would lenders take that into account in a way that could hurt our chances?

Also, would it be better to wait until after closing to pay the lease break fee and give notice?

For context, we have some savings (a couple months’ income), and our closing costs are being covered by the seller.

Any insight or similar experiences would be really helpful. I'm a nervous wreck right now lol