August 2016 closers!

[Anonymous]

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@Anonymous wrote:
I'm starting to lose faith in this happening for me. My file has been in UW for awhile now and I've heard nothing. I finally asked my realtor and she called the LO and apparently they need proof of some things and it could be a problem... what these things are, I have no idea, because no one tells me.

I really bet on this house by putting all my resources into it. I'm a single parent and it's going to be awful if we have to move into a new rental with zero resources. I'm trying to keep the faith but with no word coming out of UW and under two weeks to go I'm feeling pretty hopeless.

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Take a deep breath and relax! If they just need proof of something I'm sure you'll be able to provide even if you may have to jump through a hoop or two to get it. This process is stressful and I bet the most stressful part is the waiting itself. You have nothing to do but sit around and think about the worst scenarios. What if this, what if that. Then when something materializes it's just something minor if anything at all. 

If there was no hope in getting approved you'd probably already have been denied or issued the crazy conditions you're thinking of. If they aren't clarifying too much right now it may be because the LO is trying to solve or lessen the problem before it even really gets to you. So just take a deep breath, I'm sure everything will be fine.

[Anonymous]

So now I'm bugging. 

Haven't heard from our LO since last Thursday despite multiple emails asking for updates and asking questions and such. Today I got fed up with it and looped his boss into an email that very cordially said "Hey it's been 9 days, we haven't heard from you, we close in 2 weeks, we're looping in your boss since you must be on vacation and forgot to turn on your auto response." Of course worded much more nicely. We get an email back that says, what number can I call you on?

Why can't he just email whatever he needs to tell us? I'm hoping it's not a major issue or something or him wanting to get mad that I threw em under the bus. But we only have 2 weeks before closing. Even if he has no update, I expect a response to our email. It's not like we ask every single day. It's been 9 days and of course we're going crazy waiting. It feels like bad communication to me. If i didn't respond to a clients email for 9 days I'd get fired. Anyway, now we're waiting for his call.

[Anonymous]

My LO never sends anything but form letter type stuff through email. She always calls too. I really hope you get some good news today!

It's still silent from my LO. I hope she's working some magic in UW or something. I wish I knew what the issues were so I could see if I could address them. I'm beyond stressed out. No denial, no approval, just limbo.

[Anonymous]

I've been waiting for this guy to call me for 2 freakin hours now. He coulda just told me the status instead of telling me he'd call and it would have been a heck of a lot quicker.

[Anonymous]

Any word yet? Still silent over here.

[Anonymous]

Not a word. I sent an email before I left my office explaining if I don't hear from him tonight, I'll be in the area anyway tomorrow to do the initial walkthrough so I'll drop on by and see what's up.

[Anonymous]

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@Anonymous wrote:

Not a word. I sent an email before I left my office explaining if I don't hear from him tonight, I'll be in the area anyway tomorrow to do the initial walkthrough so I'll drop on by and see what's up.

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Are they open on Saturdays?

I was a total ball of stress last week and today I am just... numb, I guess. I can't afford to move into a rental because the only resources I have are tied up in my earnest money so if my file doesn't make it through UW I literally have no idea what I'll do. The whole reason I wanted to buy was because my landlord hit me with a 45% rent increase that kicks in on 8/16... he wants $132 per day (the new rent rate of $4100 per month!) for us to stay in the house. I don't even have that much money left to finish out this month. 

I've been paying $2840 rent for two years without a single late payment. My new mortgage with everything added in would only be $2650. I sure hope this goes through but I'm trying not to even let myself worry about it because then I'll have an actual breakdown.

[Anonymous]

Omg 45%! That should be illegal.

I know how you feel. Today I've decided to let go of the reigns a little and just be a patient client. I cant stress myself or my wife out anymore over this. Per our contract we are supposed to have commitment by the 19th so I'm just gonna wait and pray. The sellers will be staying in a hotel the week before closing so they won't be happy if it gets delayed.

We've been paying $2500 for rent. Our mortgage including all escrows and everything will be just under $1400. Moving from NY to NJ so we can stop throwing money down the drain. $4100 is an insane amount of rent.

We just have to breathe and hope that everything goes through as planned. I think we tend to overthink and go crazy with anxiety during this process. I'm sure we will all be enjoying a nice glass of wine in our new homes by the end of the month.

[Anonymous]

Got the clear to close on August 9th - after 3 extensions and having been in underwriting for more than a week! It's a very scary process and we were nervous as all rational thought goes out the window. We finally closed on Friday August 12th and today I woke up in my new home. I can honestly say I don't need to go sky diving - the mortgage application and closing process was thrilling enough! 

Been gardening the past year EQ 683, TU 689, EX 684 

[Anonymous]

Well, we just got hit by a freight train.

Got a call from our LO this morning. Apparently the USDA underwirter could not approve our loan due to our front end DTI being 1.5% higher than allowable even though the backend was 1% under.  This is a major heartbreak but all is not toally lost. He said we can switch to FHA and our ratios will be just fine through them, it will just cost a little more upfront, we'll have to get a new appraisal and our closing will be set back by about a week. It's going to be really tight as far as funds are concerned up front but we may be able to pull it off.

So we're just fried right now but we still have hope that we can go through. My wife is, however, starting to look at backup homes.