mademoiselle

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  • in reply to: My Journey – Patience is a Virtue #40428
    mademoiselle
    Member

    February 8 2018 – 2nd Meeting

    The meeting was an insane 90 minutes. Paper flying everywhere, scanning, faxing, me pulling out hardcopies and my MC typing away. But she remained calm amidst the storm, as I was on pins and needles. It was great for me to have hard copies of literally everything because if my MC couldn’t find it in the file (even though I absolutely uploaded it), I just whipped it out and she uploaded herself.

    I am so excited that it looks like I will get qualified for way over the amount I was hoping. Of course, I’m going to stick with a number I’m comfortable with. But it’s good to know my work over the past few months will pay off.

    I still need my employment verification, rental verification (wanted to wait a while before alerting my landlord) and more LOEs. I was a little concerned how it would look having 7+ LOEs, but MC said she’s seen worse.

    I’m just going to keep working the program and “stay in her inbox” (MC said she doesn’t want my file to get pushed out of her mind). Looks like I could go to underwriting by the beginning of March.

    Just a note on the DC office, the office is new and very nice. I know they may be slower getting people in than other places, but I’ve only experienced professionalism with on-time meetings and positive vibes since my first visit. Good luck to you @kirkan1981, @bleublue and all my fellow Washingtonians.

    in reply to: Small Business and Full-Time #39299
    mademoiselle
    Member

    Hello @homesweetboston ! We would love to hear about how things went for your intake and what requirements there were for your P&L sheets for your self-employment. At least for me, this has been one of the more mystifibg topics on here which is why I started the thread. Can’t wait to hear from you!

    in reply to: Small Business and Full-Time #39264
    mademoiselle
    Member

    S​o after months of anticipation, I had my First Intake meeting. DC has a beautiful new office near Silver Spring. My appt started right on time. It was shorter than expected, but that may be because I had my documents in order. My counselor seemed pretty no-nonsense and I appreciated that. We went over my credit report and I was told of several instances where I will need to write LOEs. The least of my worries (hopefully).

    Ultimately, we realized I will qualify for the max with my 9-5 alone and without my small business income. So that will actually relieve me of a LOT of extra paperwork hurdles. ​

    I do have a bit of sitting and waiting to do now since I will need to show payment shock for 6 months. I was told this is because my Payment Shock is over $300. That’s fine, I have 3 months down already, and 3 months to go. I was a bit heartbroken to know I will have to wait until early February for my next meeting, but that just means more money in the bank.

    As I shared with my MC, I want to do this right. So if it take a little more time, that’s fine.


    @ttrumble
    and @pratik Thank you for the words of wisdom, they helped me to go in very open minded and relaxed!

    in reply to: Small Business and Full-Time #39152
    mademoiselle
    Member

    @pratik —Thanks for this action plan. Trust me, I needed to wait (it was more like 3 months July 25 to Nov 1) to get it together. But I certainly want to move full steam now and quit lining someone else’s pockets.

    I would love to do a 15 year, but not sure if that is in the cards for me at this time. So impressive how you were able to buy all the way down. But I’m not going to write off that possibility yet.

    I will be sure to keep everyone posted on how my intake meeting goes next week!

    in reply to: Small Business and Full-Time #39138
    mademoiselle
    Member

    @pratik -Honestly every bit of knowledge and support helps. So, thanks for your response. I am hoping that between my full-time and small business I will be able to qualify for something reasonable in the Washington area. Which seems like an impossible feat alone. I am not certain that either income stream on its own would allow me to get into a property in the city, so I hope this will work out. I have had my small biz for 5 years and don’t plan on shifting to just one stream of income any time soon.

    I already have my tax preparer on deck so when I leave my Intake meeting, she can help me prepare whatever documentation the MC requests.

    Overall I’m just excited about my meeting since I went to my homebuying course in July. But these months have allowed me to save a lot and prepare for payment shock.

    Would love to hear from other entrepreneurs

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