Should I put an offer in on this house?????? please help?

Question

I am only 15 points away on my credit score from getting a home loan and the lender I am working with is doing a plus score for me it should take a week to get the results (he is confident that it will increase far enough to get me qualified) we have found the house of our dreams and are afraid it wont be there in a week so should we put in a offer contingent of being financed or wait ?????????
the lender has given me specific details that entail paying a certain credit card down to a 11 dollar balance and says this alone will increase my score by 20 points this is our first home so we need all the info we can get

Answer 1

Hey:

You can certainly put in a contingency offer to make sure you do not lose the house. You then have the right of first refusal if someone else makes an offer. However, if they have the money and are qualified, you have to make a decision. PLEASE do not put any money down unless it is in escrow and will be returned to you if you do not qualify for the mortgage and have to back out. I would also talk with a loan broker who deals with different banks to see if you can qualify with other banks, and at what rate, for your credit as it stands now and if it goes up. Credit scores and the reporting agencies are not always efficient with their reports and have been known to make many mistakes even with people with a good payment history. It can take much longer than a week to clear up a credit issue. So in summary, if you have nothing to lose (i.e money) then I would go ahead and put in an offer- making sure that you have read all the fine print. Good luck to you.

Answer 2

All real estate offers are automatically contingent upon loan approval for the first 17 days. If your realtor did not explain that to you, find a better one.

If you don't want to miss out on the house put in an offer. At this point your loan officer has 17 days to get you Underwriting approval, otherwise known as a commitment to lend. If you are not approved, the contract is not valid.