topic Re: Almost There!!!! in Mortgage Loans

Update: Underwriting!!!! Almost There!!!!

vabound — Mon, 21 Jan 2013 18:05:43 GMT

Hello all! I know I have been gone for a while but I just wanted to share some updates.

QUICK RECAP

1-Got preapproved by LO for $225k VAloan

2-went under contract for dream home $185k

3-completed loan apps

4-SILENCE from LO for two weeks

5-Realized that LO had no clue what he was doing

6-Found new AMAZING LO who informed us that due to the deductions on our taxes my income was not helpful for the loan and my husband only qualified for $135k

7-Deal fell through (and my baby broke his leg on the same exact day)

8-My amazing mother offered to gift us $40k

9-We considered purchasing a home for $175k but then decided to offer original sellers of our dream home $175k

10-They countered at $178k!!!!!!

So now we are back under contract for our dream home and for $8k less. Also we are financing $135k so our payments will be considerably less than we anticipated. The appraisal came in at $180 (which means that our original deal at $185k would have fallen through anyway). My husband just got an email from the underwriter with her requests for more paperwork. Our current LO is so awesome.....when my husband told him the quotes we got for HO Ins. he called his contact at state farm to get us a lower rate!!!! SO now that the loan is in my husbands name only and I worked all year to repair my credit, I am going to get myself a much needed NEW CAR (LO said it was fine). The only thing is that my husband has a $4k collection from when he cosigned on his exwifes car that she never paid off. LO said that we may have to pay it but we are PRAYING that the UW will take pity on us and spare us that expense. It is old but its there none the less. If all goes well, we will close on or before Jan 30th!!!

Re: Almost There!!!!

vabound — Thu, 10 Jan 2013 17:02:11 GMT

oh and the funniest thing is that our old lo just sent my husband an email stating that he was finally able to get our loan pre approved with 5%down.....ummmmm we havent heard from him in months.

Re: Almost There!!!!

JM-AM — Thu, 10 Jan 2013 17:05:22 GMT

Congrats on your progress...

We are all hoping for your success and to be in your new home shortly.

Re: Almost There!!!!

HopefulGardner — Thu, 10 Jan 2013 21:48:43 GMT

Congratulatios! It all worked out for the best. But how disgusting that he is just responding with a preapproval, he completely forgot about you.

Re: Almost There!!!!

vabound — Mon, 21 Jan 2013 18:09:49 GMT

My husband got the email last thursday that his file has been sent to underwriting. We are soooo nervous. He has an old charge off for $4k for a car loan that he cosigned on for his ex-wife. Our LO told us up front that we may have to pay it but he is reccomending that underwriter not make that a requirement since we are brining $40k to closing as a downpayment. If we have to pay that debt, it puts us in a bit of a tight spot since we have to pay a large amount of money to break our lease.

Re: Almost There!!!!

whipster — Mon, 21 Jan 2013 23:11:39 GMT

Sending positive vibes your way...Good luck!

Re: Update: Underwriting!!!! Almost There!!!!

beb86 — Tue, 22 Jan 2013 04:54:27 GMT

I have been following this saga for awhile and im really praying for you!!!!

Re: Update: Underwriting!!!! Almost There!!!!

vabound — Wed, 23 Jan 2013 01:02:16 GMT

Heard from LO today.......the underwriter is requiring that all CA's be paid in full at closing so our LO wants to increase the amount of the loan to cover these costs (anybody ever heard of this?) My husband has two CA's so he called today to find out how much they will settle for. Also, I had to write a gift letter because the funds for the first EMD came from my savings account. Initially we were both on the contract so it didn't matter but now that it's just my husband, they want him to verify where the money came from. We need to provide a statement from the YMCA showing how much we pay for summer camp for our 8yr old, The termite inspection has the wrong township on it so that has to be fixed. THey asked for rental company info and the last year's bank statements showing our rent being debited monthly since we pay electronically. WOAH.....mortgage commitment is due TOMORROW and settlement is supposed to be next wed....praying all goes according to plan.

Re: Update: Underwriting!!!! Almost There!!!!

Sunshine85 — Wed, 23 Jan 2013 01:30:36 GMT

I don't know if VA works the same as USDA where you can you can borrow 102% of the appraised value. Maybe the LO is looking to increase the loan amount so that you would bring less to closing and have more funds to pay off the debts?

Either way, I hope it all works out for you. Let us know what happens.

Re: Update: Underwriting!!!! Almost There!!!!

vabound — Wed, 23 Jan 2013 01:27:30 GMT

yeah I was just thinking that.......Our sellers are already paying 6% SA which actually covers the closing costs so If we roll those costs into the loan then the money from them can go towards paying the CA's.

Re: Update: Underwriting!!!! Almost There!!!!

vabound — Thu, 24 Jan 2013 16:48:24 GMT

What a process....everyday this week LO has emailed my husband new docs to sign. more explanations for things he already explained etc. now he is waiting for a payoff letter from the CA that must be paid. He has been calling them for two days and they keep giving him a hard time. I don't understand what the problem is if he is willing to pay the debt. They kept giving him the run around and they refuse to settle. He finally got the manager to agree to fax him the pay off letter but only after she tried to get his ss # to verify his identity. He said his drivers license should do and she reluctantly agreed. You would think that they would be more eager to get their money. My husband has been so frustrated all week. After this is done I am sending him to the spa!!!!

Re: Update: Underwriting!!!! Almost There!!!!

JM-AM — Thu, 24 Jan 2013 16:54:13 GMT

They got wind your applying for mortgage. They usually do not want to settle when that happens.

Hope it all works out.

Re: Update: Underwriting!!!! Almost There!!!!

vabound — Thu, 24 Jan 2013 17:28:02 GMT

He agreed to pay the full amount but they were still reluctant to send him the pay off letter. I think they are afraid he will sue them. He has sued them before for a different debt that he did not owe and won.

Re: Update: Underwriting!!!! Almost There!!!!

vabound — Fri, 25 Jan 2013 22:54:04 GMT

well....my husband got the pay off letter from the CA. As of today our LO said he was still waiting on the employment verification (my husband spoke with HR and they said they were working on it) and apparently when we had the inspection done, the inspector listed the town as Aston, which is correct, but all of the other paperwork says Upper Chichester. THe UW wants all the paperwork to be consistent. LO and my husband have calls in to this guy but he has yet to get back. We are supposed to close Jan 30th.

Re: Update: Underwriting!!!! Almost There!!!!

NY_Beauty — Sat, 26 Jan 2013 02:17:56 GMT

Good luck!

Re: Update: Underwriting!!!! Almost There!!!!

JM-AM — Sat, 26 Jan 2013 03:12:58 GMT

Private home inspection?

Should not be an issue for them to correct their paperwork. Just stay on top of them to make the proper changes.

If its your appraisal inspection still shouldnt be an issue for them to update.

Send an email to them explaining they had the property listed under 2 differents locations, and you need it to be updated as to the proper location and mention which one is the proper one. Calling can be a hassle as they are busy and constantly playing catch up to return calls. A small short email thanking them for their services performed and for their help in the matter of updating their inspection goes a long way.

Re: Update: Underwriting!!!! Almost There!!!!

vabound — Tue, 29 Jan 2013 14:57:27 GMT

we are supposed to close tomorrow and this morning we find out that there was an inquiry from a ca on my husbands cr from two weeks ago. The ca is in washington so they arw not open now....so we are waiting to find out what this is. What could this mean for our loan? i am truly over this entire process. we opted out months ago but i guess that didnt matter.