ccubedzx3 Tracker

Re: Losing patience... Back in underwriting.

ccubedzx3 — Tue, 21 May 2013 10:49:59 GMT

In the same process here as well. Our walk through is Thursday and we are scheduled to close on May 30th. I have to buy a Refrigerator, Water Softener, Washer, Dryer, Garage Door Openeners, and more...can't do any of it until we get a CLEAR TO CLOSE!! In the meantime, we will be using our mini-fridge, and eating out a lot before we get our appliances. Looks like we will be doing wash at my parents! LOL!

Re: Gardening after closing

ccubedzx3 — Fri, 17 May 2013 10:43:55 GMT

Tooleman, what were your credit scores when you applied at Lowe's and Apple? Did they both give you decent credit limits?

I haven't apped in forever myself, and I only have 1 Wells Fargo Card with a $2700 limit. My wife has a Gap Card with a $200 limit, utilization is like 5%.

We make about $150k a year with a AAOA is around 9 years. Our DTI is going to be 23% after we get our mortgage....

I just hope if I do app, I get a credit limit in the thousands, not the hundreds....I just don't want to waste apping for small limits...

Re: What are you waiting for today ????

ccubedzx3 — Mon, 13 May 2013 13:26:55 GMT

Appliances arrived Friday, but they are still in boxes. Still a bit of interior work to do, pour the cement for the porch, and then get a final appraisal, final inspection, and certificate of occupancy. Hoping the house is complete this week so we can have a walk through next week. I'm not holding my breath!!

Re: Clear to close

ccubedzx3 — Wed, 08 May 2013 13:41:49 GMT

Congratulations!! I am waiting to hear those same words!! Hopefully sooner than later!! Enjoy your new home and all the memories you will make there!

Re: Getting a little antsy...

ccubedzx3 — Wed, 08 May 2013 13:39:33 GMT

I have the same feeling...I just try to imagine how I will feel once all this is over. All this sitting and waiting around is pure torture!

Re: What are you waiting for today ????

ccubedzx3 — Wed, 08 May 2013 13:38:10 GMT

Still waiting on the builder to finish, give us a walk through, obtain a Certificate of Occupancy, then final approval...hope to get all of this by May 24th.

Re: New Construction: How long of a wait to close?

ccubedzx3 — Wed, 08 May 2013 13:36:46 GMT

I'd love to give the builder the benefit of the doubt, but there really is not too much left from what I can see. It is all detail stuff really...Still hoping we get a walk through date of May 17th and a closing date of May 24th for the long weekend as well!

lks638, where are you at in the build process? Final details, or something more substantial?

Re: FINALLY!!!!!!

ccubedzx3 — Tue, 07 May 2013 10:12:46 GMT

Congrats!! That doesn't sound like a closing, that sounds like a party with that many people!! Wow!

Re: New Construction: How long of a wait to close?

ccubedzx3 — Mon, 06 May 2013 22:18:35 GMT

The stressful thing is, we aren't full out approved yet.....all that hinges on the C of O I guess. I asked if I am good to go, their reply was "technically, yes"..... I want a confident "Yes, you guys are all set, we at just waiting on the builder"

25 days just seems ridiculous.

All that is left is trimming out the carpet, putting the 1/4 round where the hardwood meets the molding, paving our porch, installing custom light fixtures, and installing door handles. I'm hoping they pushed out late just to give them time to fix the items from our impending walk thru...hoping they over estimated the time just for a cushion.

I want to close by the 24th so we have the long weekend....we shall see!

Re: Advice how to proceed

ccubedzx3 — Mon, 06 May 2013 19:25:32 GMT

My wife and I were in a similar situation last year around this time. We were in a condo for 10 years and we simply outgrew it. My oldest is starting kindergarten next fall so we wanted to move and get settled before the school year.

We decided to sign a purchase agreement on a new construction home before we decided what to do with our condo. We figured we had 8 months to figure out if we could sell it or make a it a rental. Luckily, we put a for sale ad on one of the FSBO sites and within 3 days of signing a purchase agreement on our new home, we had an offer on our condo. We now live in my parents basement waiting for our new home to be complete.

Since we were switching school districts, the new district wanted a purchase agreement showing we intended to buy within the school system. You may have to do the same if you intend on switching districts if you are not school of choice.

There are a lot of lenders out there that can give you a status if you give them all of your particulars without doing a hard pull. I suggest pulling your TU and EQ from here and hand them to a few lenders along with your financials. They can give you a good idea whether or not you could qualify.

Good luck!! It is an intense journey, but am sure it is worth it in the end!

New Construction: How long of a wait to close?

ccubedzx3 — Mon, 06 May 2013 19:17:24 GMT

Hey everyone,

A month ago, my lender and builder told me that we would be scheduled to close on May 15th. Because of that, we got the ball rolling and formally applied on April 6th.

We were informally approved with conditions on April 16th, and I picked those off by the end of April. Now, just last Friday my builder requested moving closing to May 31st to finish things up and get everything complete. Now here it is, May 6th, and we have to wait until the 31st (25 days!!) to get the keys.

I did my part in fulfilling all the required conditions as fast as I could. Now I feel like I just played a game of "Hurry Up and WAIT!!!" Is this a common occurance with new construction? I feel like they made us app too soon and do all this documentation.

How long have you had to wait from fulfilling all of your documentation to your lender, before you got your keys? This is going to be the longest month ever!

Re: What are you waiting for today ????

ccubedzx3 — Mon, 06 May 2013 10:52:26 GMT

We are still waiting on the builder to finish and to get a C of O, and a CTC....right now I feel like I am sitting in a dark corner watching paint dry, while waiting for the grass to grow. Everything is in on our end, now everyone else needs to do their job!

Re: May Closers!

ccubedzx3 — Fri, 03 May 2013 13:50:39 GMT

Qtcbcute- Where do you live that you can get over 4,000 sq ft. for under $300K? Wow!! That is impressive!

Re: Back in underwriting! Here we go!

ccubedzx3 — Thu, 02 May 2013 16:25:16 GMT

I spoke too soon.....The builder just sent me this email:

This week the house is at final trades. Next couple weeks the builder will be finishing flooring, final cleaning & punch-out for walk-thru.

Now that the weather is cooperating, the builder will complete final grade & concrete.

I know that last month, I was targeting for mid-May, but it looks like we need an extra week or two.

Builder did inform me that we’re closing before end of May. Sorry that I don’t have a date yet.

Great...I get another month of stress to deal with....

Re: Back in underwriting! Here we go!

ccubedzx3 — Thu, 02 May 2013 16:08:08 GMT

Mike_B03 wrote:
ccubedzx3 wrote:
Where are you at in Underwriting Mike? Are you done with conditions? I was told last night that everything is all set on our end....all they are waiting on is a completion date from the builder so they can reappraise it. Then all we need is a C of O....still looking for that elusive CLEAR TO CLOSE!

Good luck to you!! Your place looks great!

We are done with the conditions for now, I don't know if the UW will request any additional conditions to be met. The file was sent in yesterday and we should know in about a week.

When is your closing date?

We are supposed to close May 15th. They are pouring our driveway today, and all that is left is installing our light fixtures and finish the flooring. Once that is done, we will do our walk thru, and then hopefully get the keys on the 15th!!

Re: Back in underwriting! Here we go!

ccubedzx3 — Thu, 02 May 2013 11:05:20 GMT

Where are you at in Underwriting Mike? Are you done with conditions? I was told last night that everything is all set on our end....all they are waiting on is a completion date from the builder so they can reappraise it. Then all we need is a C of O....still looking for that elusive CLEAR TO CLOSE!

Good luck to you!! Your place looks great!

Re: What are you waiting for today ????

ccubedzx3 — Thu, 02 May 2013 11:00:56 GMT

I hear ya MainMan....the waiting is the hardest part. We locked in at 4%, which is high, but we got nearly $9000 in lenders credits so we only have to come up with about $1200 in Closing costs. I figure we will refinance in a couple years so I took the credit now. I just hope when we refinance it is easier than this process we are currently in....

Re: Loan Suspended 14 days from closing...WTH?

ccubedzx3 — Thu, 02 May 2013 10:57:40 GMT

Thank you all for the reassurance everyone....I spoke to the banker last night who spoke with the appraiser. The appraiser basically needs to reissue the appraisal report as a Planned Unit Development. I am back in process after being suspended.

Looks like the only things I am waiting for is a new completion date since the house isn't finished, then I need the Certificate of Occupany.

When do I find out I am "Clear to Close?" Does that happen before receiving the completion date and getting the C of O, or after? I don't think I can handle much more of this up and down stuff.

They are digging our driveway and installing the flooring inside right now. Not much left to do!! I wish I was more excited than nervous, but right now the anxiety and nervousness trumps any and all excitement!!

Re: 401k loan and withdrawal for home purchase

ccubedzx3 — Wed, 01 May 2013 14:47:59 GMT

It isn't a "line of credit" you are borrowing from yourself. It should not count towards your DTI. I just took out a $7000 loan on my 401k and it wasn't even an issue. You should be fine.

The thing is this, if you were to default on it, it would then just be passed over as income and you would get 1099'ed for it. so there really is little risk as it truly isn't a credit. It is just borrowing money from your left hand to give it to your right.

Loan Suspended 14 days from closing...WTH?

ccubedzx3 — Wed, 01 May 2013 14:45:18 GMT

Right now my file is "suspended" because the appraiser listed our house as a condo. It is a single family home with an association because we have a pool, park, and what not. Anyways, I was just told FHA doesn't issue loans for new construction condo's. I called my lender and they said they might have to get it reissued as a Planned Unit Development instead. If they can do that, then it will be fine.

I started this new construction home in September, and this issues comes up 2 weeks prior to closing? I'm stressed to no end and am crossing my fingers that this has a positive outcome. This is the most stressful process I have encountered in my 32 years....:mansurprised:

Anyone else run into a similar issue?