Another Day, another NO CLOSE!!!

[Ron6262]

      Thanks, you are next Tooleman!! 

[Hammer23]

Awesome! That is great news!

What rate did you wind up with now that your not in the under 640 category?

[Ron6262]

     Hammer,  the only thing I dont know is the rate.  LO is being a little sheisty about that situation, saying he will have all that "in the morning".  I told his assistant to be very clear that I know that entitles me to a healthy rate drop.  I also emailed him as well, I hope this doesnt turn into a problem tomorrow.  I am thinking I should be around 3% on a 15 year.  What do you think?

[Hammer23]

My guess is your rate is going to be exactly the same. I am guessing your going to get double talk about "rate locks" and loan commitments and that they would need to completly reunderwrite the entire loan including new DU findings and all.

I am sorry to say, I think they are going to try to fund it at the 3.75% rate.

Current 15 Year FHA rates in my area are 2.75% - 3.125% depending on the lender and the points.

[tooleman694]

I am so very very mad right now, still nothing from the underwriter. I wanted to move this weekend, if I dont hear something soon closing isn't going to happen tomorrow and ill be just screwed.

I am beyond pissed off, don't these people know they are messing with peoples lives. If im going to get denied just do it already.

[Ron6262]

  @ Hammer,  I am wondering the same thing.  Its funny LO replied to all my emails other than the one about what the rate dropped too.  He had told me before if we got out of the sub 640 program it would save me $$$$ and he knows I am not stupid, so I hope this goes well tomorrow.  It doesnt look good right now though.  I just have to decide if I am willing to fight it tomorrow or go with the flow.  This is the third loan I have done with the LO, hopefully that means something.  If he screws me, hes gonna with he hadnt.

I just sent him another email expressing that I was a little nervous I had not heard back from him about rate.  I explained that I knew that getting out of the 620-639 program would remove my rate penalty that was tacked on.

  @Tooleman,  I certainly understand your frustration.  Hopefully tomorrow brings you good news!

[Hammer23]

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@Ron6262 wrote:

@  @ Hammer,  I am wondering the same thing.  Its funny LO replied to all my emails other than the one about what the rate dropped too.  He had told me before if we got out of the sub 640 program it would save me $$$$ and he knows I am not stupid, so I hope this goes well tomorrow.  It doesnt look good right now though.  I just have to decide if I am willing to fight it tomorrow or go with the flow.  This is the third loan I have done with the LO, hopefully that means something.  If he screws me, hes gonna with he hadnt.

I just sent him another email expressing that I was a little nervous I had not heard back from him about rate.  I explained that I knew that getting out of the 620-639 program would remove my rate penalty that was tacked on.

@  @Tooleman,  I certainly understand your frustration.  Hopefully tomorrow brings you good news!

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I hope things go well for both of you tomorrow, 

I hope the rate does go down for you Ron, I would think if they changed programs on you, that would require a reunderwrite with the new program guidelines and that would take some time. I am interested to see how they handle this. 

[Ron6262]

    I am curious as well, on one hand they waived the 2 month reserve req for the under 640 program, so I would think if they waived that a definite change at the UW level was made.  This all occured about 10am this morning, and I was notified of the clear to close about 4 or so.  So they had it all day at the UW level.  My gut tells me they are going to try to worm out of it and figure that I just want to get it closed and I wont squabble over $41 a month, that is all the difference it makes if they would drop it down to  3%.

[Hammer23]

I feel your pain. My rate lock expired before I closed. I thought becaue rates went down I would get the lower rate a bonus if you will... Nope, got the same 3.75% with no changes. 

[Ron6262]

    Well it looks like the verdict is in.   As I posted yesterday, found out literally last minute that I qualified to get out of the sub 640 program and back into prime lending.  THis all happened the day before closing.   The LO told me that instead of dropping the rate MMI discounted my closing costs.  I was looking at bringing $4600 to closing and now I only have to bring $1800.  I am okay with that, saves me like $2800 cash for two credit points.