topic Re: November and December Closers in Mortgage Loans

November and December Closers

KatieKatie — Wed, 21 Nov 2012 20:44:22 GMT

Purchase Price: $325k
Property: SFH - 3600 sq ft - short sale
Submitted Offer on: 9/7/12
Signed Purchased Contract on : Short sale approval 10/3/12
Type of Loan: FHA
Loan Rate: 3.185%
Loan Application submitted: 10/4/12
Loan Approved: 10/19/2012 with minor conditions
Closing Date: November 19th
Closed On: November 21st

Re: November and December Closers

minerva — Sun, 18 Nov 2012 01:23:27 GMT

started here :http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/A-Heartfelt-Thank-You/td-p/886140

now here!

Purchase Price: $226k
Property: SFH - 2602 sq ft - short sale
Submitted Offer on: 9/10/12
Signed Purchased Contract on : Short sale approval 10/10/12
Type of Loan: VA
Loan Rate: 3.25%
Loan Application submitted: 10/5/12
Loan Approved: 10/22/2012
Closing Date: November 15th
Closed On: November 16th

Re: November and December Closers

booo — Tue, 23 Oct 2012 00:51:11 GMT

Purchase Price: $365k
Property: SFH - 2400 sq ft
Submitted Offer on: 9/15/12
Signed Purchased Contract on : 9/27/2012
Type of Loan: 30 Yr Fixed Conventional
Loan Rate: 3.25%
Loan Application submitted: 10/3/12
Loan Approved: 10/22/2012
Closing Date: November 9th
Closed On: Hopefully Nov 9th

Re: November and December Closers

7ate9 — Wed, 07 Nov 2012 03:40:19 GMT

Purchase Price: $227k
Property: condo - 1367 sq ft - new construction
Submitted Offer on: 7/20/12
Signed Purchased Contract on : 08/03/12
Type of Loan: FHA
Loan Rate: 3.25%
Loan Application submitted: 08/05/12
Loan Approved: 08/29/2012
Closing Date: November 1st!!!
Closed On: November 6th!!! WOOT!!!

Re: November and December Closers

KatieKatie — Tue, 23 Oct 2012 02:34:05 GMT

It's good to have company!

Re: November and December Closers

maryellis1981 — Tue, 23 Oct 2012 03:10:44 GMT

Purchase Price: $213k
Property: SFH - 1500 sq ft
Submitted Offer on: 8/20/12
Signed Purchased Contract on : 8/22/12
Type of Loan: Conventional
Loan Rate: 3.50%
Loan Application submitted: 9/10/12
Loan Approved: 10/4/12
Closing Date: November 26th
Closed On:

Had a short sale in 2010 so I'm still keeping my fingers and toes crossed!

Re: November and December Closers

booo — Tue, 23 Oct 2012 03:22:43 GMT

So true. It's great to have company these exciting and nervous times.

We locked and are approved for a 30 yr fixed conventional at 3.25%, but we still have the option of chaning the product to any of the following before 10 days to closing.

7/1 ARM - 2.75% with 1% lender credit

7/1 ARM - 2.5% with no lender credit

10/1 ARM - 3% with 1% lender credit

10/1 ARM - 2.75% with no lender credit

30 Year Fixed - 3.25%

Any credit in cash is always good, so we are still undecided which product to go with..

maryellis1981: I'm just ignorant and curious...what are those dark shaded areas on the roof in your picture?

Re: November and December Closers

maryellis1981 — Tue, 23 Oct 2012 03:49:38 GMT

From what I recall it is fading and discoloration because the house faces north, The inspector said the roof was in good shape though replaced within the last 10 years.

Re: November and December Closers

K_J — Tue, 23 Oct 2012 15:15:57 GMT

Mary,

I thought with short sale you have to wait 3 years, what did you do to get approval?

Re: November and December Closers

maryellis1981 — Fri, 26 Oct 2012 03:27:44 GMT

Yes that's what most lenders were saying but I was able to get a commitment from a mortgage company that works with my local credit union. It's a conventional loan and I am putting down 20%. My middle score is also at 712 so my credit recovered pretty well. When I closed on my short sale I only had a 60 day late and I also reaffirmed $10k of the bank's loss as a 5 year promissory note. The LO said these two factors were helpful to my case. I have no other lates on my credit report. The only condition the underwriter required on my committment was that I cannot close any earlier than 11/26 which would be 2 year 3 days following the closing of my previous short sale. There is a small chance that I could not close but my realtor feels pretty confident now that I have the mortgage commitment so I have started packing!

Re: November and December Closers

tylersmom4 — Wed, 31 Oct 2012 15:26:21 GMT

Purchase Price: $99,900
Property: SFH - 1402
Submitted Offer on: 10/22/12
Signed Purchased Contract on : 10/24/12
Type of Loan: FHA
Loan Rate: 3.5%
Loan Application submitted: 10/29/12
Loan Approved:
Closing Date: 11/28/12
Closed On:
http://www.kw.com/homes-for-sale/74134/OK/Tulsa/3306-S-137th-East-Avenue/3yd-NORESOK-1214704.html

Re: November and December Closers

hopefulKT — Wed, 31 Oct 2012 16:10:30 GMT

Purchase Price: $163,500
Property: SFH - 2047
Submitted Offer on: 10/08/12
Signed Purchased Contract on : 10/11/12
Type of Loan: USDA-Guaranteed
Loan Rate: 3.5%
Loan Application submitted: 10/31/12
Loan Approved:
Closing Date: 11/26/12 (fingers and toes crossed)
Closed On:

Re: November and December Closers

vabound — Thu, 01 Nov 2012 01:29:13 GMT

Purchase Price: $185,000
Property: Townhome
Submitted Offer on: 10/23/12
Signed Purchased Contract on : 10/25/12
Type of Loan: VA
Loan Rate: 3.375%
Loan Application submitted: 10/31/12
Loan Approved:
Closing Date: 12/7/12 (God willing)
Closed On:

Re: November and December Closers

TxNurse — Thu, 01 Nov 2012 20:37:20 GMT

Just got a CLEAR TO CLOSE!!!! Set to close tomorrow @ 1pm. I can't say the journey has been as smooth as I would have liked, but its seems now the end is near. Been reading everything on this site to help appease some of my anxiety for a couple of weeks.

Purchase Price: $270k
Property: Single Family Home
Submitted Offer on: 10/23/12
Signed Purchased Contract on : 10/25/12
Type of Loan: FHA
Loan Rate: 3.25%
Loan Application submitted: 10/31/12
Loan Approved: 10/30/12
Closing Date: 11/2/12
Closed On:

http://imageshack.us/photo/my-images/705/20121017175836.jpg/

Re: November and December Closers

KatieKatie — Fri, 02 Nov 2012 04:41:41 GMT

Congrats TxNurse! You might be the first closing in our thread this month:-). It looks like your closing was amazingly fast. Do you mind sharing who you used? Might be helpful to someone...

Re: November and December Closers

hopefulKT — Fri, 02 Nov 2012 11:56:19 GMT

Congrats!!! No joke--please share who your lender is; that's amazingly fast!

Re: November and December Closers

booo — Fri, 02 Nov 2012 16:11:30 GMT

We are closing on November 9th. We already received final commitment from our lender. We are in NJ, and due to hurricane sandy there were a number of properties damaged.

How do we know if the house, which will be ours in a week, has not been impacted by the hurricane? Is the lender or the seller obligated to verify that the house is in the same shape as before the storm? From the outside, I see that there is a tree split right in the middle very close to the entrace, but doesn't look like fallen on the house yet.

Thank you

Re: November and December Closers

hopefulKT — Fri, 02 Nov 2012 16:41:29 GMT

I've read that lenders are doing re-appraisals before closing due to Sandy...just what I've read, don't know if that's fact; best to contact your LO.

Re: November and December Closers

7ate9 — Fri, 02 Nov 2012 23:43:02 GMT

hopefulKT wrote:
I've read that lenders are doing re-appraisals before closing due to Sandy...just what I've read, don't know if that's fact; best to contact your LO.

I haven't heard of re-appraisals being done, but I guess that makes sense if the property has sustained damage. I was supposed to close on my condo yesterday, but Tuesday night my LO called me and told me Ginnie Mae is ordering properties in my area (including mine) to be re-inspected prior to closing. My re-inspection was completed today, which was a very quick turn around. I'm hoping to get a(nother) clear to close Monday, and actually close on Tuesday.

Good luck to everyone else in this process!!!

Re: November and December Closers

booo — Sun, 04 Nov 2012 18:14:33 GMT

7ate9 wrote:
hopefulKT wrote:
I've read that lenders are doing re-appraisals before closing due to Sandy...just what I've read, don't know if that's fact; best to contact your LO.
I haven't heard of re-appraisals being done, but I guess that makes sense if the property has sustained damage. I was supposed to close on my condo yesterday, but Tuesday night my LO called me and told me Ginnie Mae is ordering properties in my area (including mine) to be re-inspected prior to closing. My re-inspection was completed today, which was a very quick turn around. I'm hoping to get a(nother) clear to close Monday, and actually close on Tuesday.

Good luck to everyone else in this process!!!

Thank you for the info. Who pays for the re-appraisals due to the storm - the borrower or the lender? Not sure why the lender would pay, but as a borrower I don't want to pay either. Isn't the seller supposed to certify that the house is in the same condition as it was before the storm?

We are closing on Nov 9th, and are concerned if anything major comes up in the walk-through before closing..