youfool Tracker

Re: HELP!!! USDA or BUST what am I qualified for??

youfool — Sat, 02 Jun 2012 04:51:33 GMT

Why do you have to do deal with USDA on a guaranteed loan? We dealt entirely with the bank.

I'd say go with what you are comfortable with factoring in any close future expenses you might incur such as having a kid. They'll hurt your pocketbook once school starts.

Re: USDA Guaranteed question... can the house be too nice to qualify?

youfool — Fri, 18 May 2012 16:30:32 GMT

tooleman694 wrote:
Yup it really sucks.

If I went conventional they wouldnt even look at her stuff. If we went FHA they would ignore her student loan debt because it is deferred.

That's strange; maybe you live in a community property state? DH acquired our guaranteed loan and none of my debts were used. Also I was not privy to any restrictions put upon the size/design of the home. Ours has granite, a deck, SS appliances, oversized soaker tub, etc, none of which were an issue.

Re: Making an offer. 2 Quick questions (Urgent!!)

youfool — Fri, 18 May 2012 16:24:07 GMT

It sounds reasonable. I've read 5-15% below asking is a good starting point. We offered 9k below and met 5.5k below

Re: USDA Interest Rates...

youfool — Fri, 18 May 2012 15:21:57 GMT

We just closed at 3.75 guaranteed

Re: Are LOE's always necessary?

youfool — Fri, 18 May 2012 15:20:50 GMT

Maybe not. DH had one collection on his report when it was pulled by our bank. It was subsequently removed but they didn't pull his report again for the updated status. We closed a couple days ago and didn't have to turn in a LOE for anything.

Re: Central FL USDA 15 days to review file

youfool — Thu, 10 May 2012 05:57:21 GMT

We're set to close next week and our file hasn't even been sent to USDA yet....serious feet dragging going on

Re: FHA back tracks on new rules!! A MUST READ!!

youfool — Thu, 03 May 2012 02:26:52 GMT

Entitlement at its finest

Re: SHANE/DALLAS HELP!!!

youfool — Thu, 03 May 2012 02:20:32 GMT

Not trying to be rude but do you not have any furniture in your present home? Is it that hard to wait a few days or even one month?

Re: Who chooses the title search company?

youfool — Mon, 30 Apr 2012 09:40:33 GMT

Thank you. She didn't answer so we'll try again today. I'm not *too* worried about it b/c the rental market here is pretty good in the sense that houses don't generally sit for over a month so I'm sure if push comes to shove we can find someone else.

As for the title, do ya'll know if a credit is given of some sorts for basically a transfer?

Re: Who chooses the title search company?

youfool — Sat, 28 Apr 2012 04:53:21 GMT

They had mentioned it before we rented our home that if one was bought using one of their realtors, we could break the lease without fee. They also advertise it on Craigslist. There is a clause in our rental contract but it is for a break if your job is transferred. Maybe they're telling the home owners that....

Re: May and June Closers

youfool — Sat, 28 Apr 2012 04:48:20 GMT

Had looked at homes for about a month before preapproval

Loan commitment: March 19

USDA guaranteed at 3.75%

Searched for some more homes and procured a realtor to let us in!

First home offer accepted: April 5 (canceled contract due to some mold issues)

Second home offer accepted after multiple counters: April 12 for

Asking price : 163k priced was dropped a week before from 167k

Accepted price: 157500 (no closing costs though)

Inspection: April 16

Minor repairs were needed which the sellers agreed to make

Repair addendum added: April 23

Appraisal ordered April 23 (not sure when it will happen yet)

Set to close May 16th per realtor and loan officer

Re: Who chooses the title search company?

youfool — Sat, 28 Apr 2012 04:32:44 GMT

I realized right away but my husband wanted to stick with her since she works for the same company that manages our rental house. We have to end our lease two months early and figured we'd have some leverage to leave without paying for those months since she is one of their agents. It would be 1700 bucks so we're just trying to deal without losing any money.

Re: Who chooses the title search company?

youfool — Sat, 28 Apr 2012 03:16:11 GMT

Wow that's crazy. Our lender just gave us a list of their affiliated companies and it said in bold we could choose whoever we wanted. We just had the lender order the appraisal on Monday and have asked our realtor a couple of times about the title b/c our gfe included a survey in the "required service to be chosen by buyer". She said we only needed to wait til closing and the next day we decided to go with another company but upon me figuring out they probably had a survey done already, we asked her again about the survey/title company. She just said the seller's weren't going to have a survey performed b/c we waived it in the purchase contract ( I didn't even ask anything about them having one done) and that we could see the plats online. So I asked again if they had a survey done WHEN THE HOUSE WAS BUILT, should we use their title company or go with our own. Then she said she had already sent our file to their title company. I gave up at that point and just said have a good weekend. Husband will call her tomorrow and see how much it is compared to the other one. I'm a little angry about it.

Re: Cleared to close!!!!!!

youfool — Sat, 28 Apr 2012 02:44:22 GMT

Congratulations and thanks for your story.

Who chooses the title search company?

youfool — Sat, 28 Apr 2012 02:42:15 GMT

I've read that legally the buyer chooese the title company but after multiple requests about it to our realtor she texted that she already sent our file to the seller's title company. We agreed to both pay half in the purchase contract but it said the buyer still has the choice of title company and of the closing agent. I guess it might seem beneficial to use the seller's company since the survey would've been through them but I'm a little annoyed that we weren't even consulted about it. We don't even know how much the insurance will be except for what is on our GFE based off of another company's quote. My husband's going to call her tomorrow and see what's going on.

Does this normallly happen?

Re: Agent Commission

youfool — Fri, 27 Apr 2012 06:10:52 GMT

If you feel the realtor is not doing his/her job even with a signed contract you can terminate your relationship but you may need to speak with the company broker. My realtor has also been rather useless and never informs us of anything unless she needs it that day. We're scheduled to close in May and after the sellers made a few minor repairs, we inquired as to what was next. Her reponse was "Now we just wait til closing..." What about title services, title insurance, etc etc?? We're first time home buyers and nothing has really been explained to us. I wanted to fire her but since we're under contract she'd still get paid.

Re: Can I put a freeze on EXP only.....

youfool — Fri, 27 Apr 2012 06:04:22 GMT

I don't think it's wise. Our lender informed us they would do a soft pull right before closing to see if any new accounts were added or a freeze was put in place. We're using USDA guaranteed.

Re: Too many (high) fees! What can I negotiate?

youfool — Fri, 20 Apr 2012 22:32:43 GMT

Those fees look a bit high to me. I would think the processing/administration fees are negotiable. I received our new GFE today for a loan amount of 160714$ with 3.75% interest. Our origination was waived for that interest rate somehow and the underwriting fee disappeared that were on our firrst gfe from the same bank.

origination fee 0

appraisal ~500

credit report 31.25

flood 11

title service and lender's title ins 462.5

owner's title ins 533.86

(we have a contingency to split the cost of owner/seller title ins so this amount won't be so high)

govt recording 125

transfer tax 264

other fees for usda guaranteed, one year home ins, two months of tax/home ins in escrow

Anyone have experience with Freddie Mac Reo?

youfool — Sun, 15 Apr 2012 09:27:11 GMT

My spouse and I decided to cancel the contract on our first home offer and went with another. It was accepted and our inspection is this week. Assuming there might be major structural/roof damage, I decided to keep looking at homes. A Freddie Mac homesteps property came on the market a little over a week ago for 199k, built in 2006, 3000sqft but I checked the court records and see they signed the loss as 175k. If we were to put an offer on this home for 170k, does it seem likely it would be accepted or would it be better to wait it out for 2-3 months(if we can)? Thanks

Re: rental history lates

youfool — Wed, 11 Apr 2012 18:17:18 GMT

Definitely agree with Dallas. All I've seen on rental verification forms for banks are 30 day late boxes; of course that is for verification, since you're using it as a trade line they might want a printout too as you stated.

So you're wife was late once on the rent, are you late a lot on the utiilities? If not, I'd just go with one of them instead. You don't have anything that is automated debit?