2015 New Construction Closings

[liltootsie_00]

***update
loan came out of underwriting and had to be sent back due to DTI issues. Second car loan has 3 payments left and was included in DTI. That put us at 43.5% backend. Came out of underwriting again with more conditions. Explanation of deposits ranging from $14 to $88.86...for the life of me I cant remember where that came from. The other conditions are straight forward and will be sent back aoon.

Foundation was laid last Thursday and lumber for my lot was delivered yesterday. My guess is that the first floor is up. Will go by there tomorrow. They seem to move pretty fast and will be up in no time. Children still dont know about the house. Its gonna be a surprise!!

[Anonymous]

The VA debt Q was just one page with 2 Q's: have you had a loan go into foreclosure in the last 5 years (something like that) and do you have a debt to the government (GI bill etc). Short and sweet.

I'm so excited for everyone. That's odd about the deposits. I had to explain 3 but they were all over $500.

[ChrisinKC]

Well, upon closer inspection, it appears our final HUD is not matching to the purchase agreement, and there's other inaccuracies in other places.

When we made our offer on the house, we increased the purchase price to accomodate for a closing cost credit from the seller.  The increase to purchase price was $2,431 and the closing cost credit was $3,431.  So with this, we were getting some closing costs paid for, and we were getting at $1,000 discount off the price of the house.  No further negotation was done.

Now that we have received the final HUD, I see that we are not receiving the full $3,431 closing cost credit.  We are receiving only $2,742, which is a difference of $689.00.  My LO has told us that we are at the max for closing cost credits.

Finally, all of the true closing costs (fees) on the HUD don't add up to the amount shown on the HUD.  The actual amount is $100.00 less than shown.  There are other mistakes as well, but I'd have to explain a lot to specify what they are and why they're wrong.

Either way, I really hope that these can be corrected and not delay my closing, which is set for Tuesday @ 8:30 am, and my rate lock expires at the end of the day.  If I had to go with the newest rate, my payment would increase by ~$75/month.

[ChrisinKC]

So I'm 7 business hours from closing, and I still do not have final loan approval.  Furthermore, there were errors on the final HUD that are needing to be corrected, and the seller (builder and agent) are taking their sweet time in approving them.  

I am sweating bullets right now, because my rate lock is only good through the end of the day tomorrow.  I locked at 3.75%, and the current rates are 4.125%.  I will NOT be happy if my loan is delayed and causes me to pay a higher APR.

[ChrisinKC]

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@ChrisinKC wrote:

So I'm 7 business hours from closing, and I still do not have final loan approval.  Furthermore, there were errors on the final HUD that are needing to be corrected, and the seller (builder and agent) are taking their sweet time in approving them.  

I am sweating bullets right now, because my rate lock is only good through the end of the day tomorrow.  I locked at 3.75%, and the current rates are 4.125%.  I will NOT be happy if my loan is delayed and causes me to pay a higher APR.

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So I got a call from my LO, but somehow the call went directly to voicemail even though I've been sitting by my phone just waiting for a call.  The voicemail said that the PMI company has requested another appraisal ;-(.  

We have several thousand dollars of upgrades that were being covered by the first appraisal, but all of that is now in question.  We may not even be able to close on time, and we'll need more money for closing for the upgrades, and we'll get to pay a higher APR.  I am really not happy right now.  To make matters worse, I can't get ahold of my LO.

[Anonymous]

Hang in there Chris!! You're in the final stage...fingers crossed it all comes together and you close before the rate lock expires. 

[ChrisinKC]

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@Anonymous wrote:

Hang in there Chris!! You're in the final stage...fingers crossed it all comes together and you close before the rate lock expires. 

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Thanks for the encouragement.  It's just incredibly frustrating to have something like this come up literally 4.5 business hours away from closing.  Now we're off to a last minute inspection on the house, while we wait to find out if our loan will close on time.  

I guess one thing I learned is to never schedule closing for the last business day of the month, or so close to my rate lock expiring.  I will never do that again.

[ChrisinKC]

So closing has been officially delayed.  It will (hopefully) still be sometime tomorrow, but not at 8:30 am as originally planned.  My LO also said that if we don't close for some reason tomorrow that he would extend my rate lock.  

The other good news is that we had a partial inspection done on the house, and the inspector said that he thought our house was built very well, and exceeded the quality of others in the same neighborhood.  

The bad news is that we now have to reschedule the refrigerator delivery, and we have to reschedule DirecTv install.  Not going to be happy going the weekend without cable, but I guess things could be worse.

[Anonymous]

That's some good news, Chris!

We were told today by the LO we are not closing tomorrow. City delayed turning he water on. No water no CO. No idea when it will be done. In the mean time, our new plants are starting to wilt.

[ChrisinKC]

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@Anonymous wrote:
That's some good news, Chris!

We were told today by the LO we are not closing tomorrow. City delayed turning he water on. No water no CO. No idea when it will be done. In the mean time, our new plants are starting to wilt.

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Ouch, that really hurts.  So now your closing costs will go up since you'll need to pay a full month's interest instead of a single day's.  I would not be happy with the City right now.  Were you able to plant your plants at your new house before you close?  Maybe need to buy some jugs of water to keep them alive for the next day or so.

We have, on the otherhand, received good news today.  Yesterday afternoon, last night a early this morning was painful waiting, but we have gotten the all clear and the 2nd appraisal didn't increase my required down payment.  We are scheduled for closing at 12:00 today :-)  Finally, I can breathe!