Note to self (and anyone else who's interested):
When getting gift funds to put towards downpayment/closing costs, have the person write a paper check and deposit said check into the account you'll be paying the closing costs from.
You may think at first glance that inter-bank transfers (transfer from one BofA bank account to another) easier--well, I did-- but the underwriter will ask you for documentation up the wazoo. He'll want proof that the transfer was from the person who signed the gift letter, the account is the account you say it is (the line item on the activity/statement only shows the last 4 digits of the originating account), and that the person who's gifting you the money actually owns the account (their name is nowhere to be seen on the activity/statement). Save lots of time and stress by just having the canceled check serve as documentation.
Despite all this, my LO has said they FINALLY expect clear to close this afternoon!! I better get it...I've been trying to provide the right documentation for the gift transfers for a little less than a week.
Closing scheduled for Fri, Aug 1!!
@LeDiRab wrote:Haven't seen a thread started yet, so thought I'd jump in. Would love to hear about other purchases and how they're going.
Home Location: North Fayette, PA (outside of Pittsburgh)
Purchase Price: $275,000
Property: SFH - 2240 sq ft
Submitted Offer on: 06/15/14
Signed Contract on : 06/16/14
Lender Name: Michael (Broker).
Notes about Lender: Quick responses via email, very easy to work with, deals with my multitude of questions. When he was really busy one week, gave me the contact info of a partner in the firm so someone was always available to answer questions.
Type of Loan: Conventional 15 year fixed
Inspection: 6/23/2014
Purchase contract addendums: 6/24/14
Loan Rate: 3.375%
Application submitted: 7/3/2014
Went to underwriting: 7/10/2014
Appraisal Ordered: 7/10/2014
Underwriting: Loan Approved w/conditions (7/14/2014); 2nd time in underwriting, satisfied all conditions and sent back in documentation asked for. LO says he thinks we should be good to go!
Appraisal Completed: 7/16/2014 (appraised at full purchase price!)
Final Approval: Pending
Closing Date: August 1, 2014
@Chitwngrl wrote:
Home Location: IL
Purchase Price: 410k
Property: 3700 sq ft
Submitted Offer on: 7/9
Signed Contract on : 7/10
Lender Name: Jason (broker)
Notes about Lender: I love this man! He's very thorough, answers all of my questions. Even when he's supposed to be out of the office, he emails me or texts me with updates.
Type of Loan: 30 yr FHA
Inspection: 7/14
Purchase contract addendums: pending
Loan Rate: floating right now
Application submitted: 7/17
Appraisal Ordered:
Appraisal Completed: 7/21
Final Approval: waiting for conditional approval, 7/29 conditional approval received!!!
Closing Date: Est. Closing date: 8/29
Starting Score:EQ 653, TU 612, EX 618 (pulled by Mort Broker)
@DianaD wrote:My closing date is this Friday too and I have not yet received clear to close but loan approved and I turned everything in yesterday. Feeling the stress! Especially since this same week I have orientation at my daughters new school and short staff at work all week. Can't wait though cause I can see the finish line!
I've found that whether things are going smoothly or not, my anxiety/stress is through the roof! My processor said yesterday she was "certain" that the most recent document the underwriter wanted was the last, but who knows in this environment. Of course it's good so that people are really vetted instead of handing out mortgages willy nilly, but that doesn't mean *I* like being scrutinized so closely.
Good luck and hope your clear to close comes soon!
Just received the CLEAR TO CLOSE! So excited 
. Closing is 10:30 am, Fri Aug 1. How am I supposed to concentrate on work from now until then??
@Laura1369 wrote:Cant wait to get into my new home and enjoy the two professional horseshoe pits, 30foot round above ground pool and basement that is large enough for my pool table! (1100 sq foot finished with zero support beams or walls!) also to apply for my property tax exemption so I dont have to worry about tha and have a lower payment! LOL
Updates in This color!!!
Home Location: Carbondale, Pa
Purchase Price: $160000
Property: SFH - 2600 sq ft 3bed/3bath with fully finished basement , 2 car detached garage with additional 1/2 bath!
Submitted Offer on: My best friends home so no offer really put it.
Signed Contract on : 6/24/14
Lender Name: Veterans United LO Celina TC Brandon
Notes about Lender: I think I hit the LO/TC team lottery. Very quick to respond to emails and questions. Very reassuring and they have a sense of humor! Recieved a custom welcome matt for my new home in the mail from the team!
Type of Loan: VA 30 year fixed
Inspection: 7/9/14 ( roof will need to be done in the next couple years, couple other minor issues)
Purchase contract addendums: 7/16/14 needed to remove appliances from contract and explain subsurface rights ownership.
Loan Rate: Not locked yet, LO mentioned 4.25
Application submitted: Initial prequal was 6/3 preapproval was 6/19 via manual underwriting due to waiting for bankruptcy to hit 2 year mark (6/18)
Went to underwriting: initial underwriting 7/14 conditional approval received 7/16
Appraisal Ordered: 7/8
Underwriting: 6 conditions recieved on initial underwriting. All 6 responded to.
Appraisal Completed: Today I believe 7/21 appraisal Back 7/28 166,000 no repairs needed
Final Approval:
Closing Date: Est. Closing date: Aug. 21st but everyone involved is shooting for sooner. ASAP in fact!
Congrats on the appraisal, looks like you're getting a good deal.
I love the idea of going to your favorite neighborhood barbecue joint! I have to go to a business dinner tonight...when I get cranky that I don't want to go to a business dinner but go celebrate with my wife tonight, I remind myself this job is the reason I can afford to get a house! Good luck to you and I hope the clear-to-close comes asap!
@Anonymous wrote:Congrats on your CTC, LeDiRab! I can't imagine how awesome that feels! (My fiance and I have decided the day we get our CTC we're going to dinner at our favorite neighborhood barbecue joint. We're buying a house on the other side of town.)
We're August closers too. Here's our stuff:
Home Location: Alabama
Purchase Price: $283,000 (FHA 30 year)
Submitted Offer: 6/21/2014
Signed Contract on : 6/25/14
Inspection: 7/1/14
Application submitted: 7/3/2014
Approved with Conditions: 7/22/2014 YAYYY!!!!! (Loan was in suspense for a bit while I submitted LOE about a collection account from college)
Appraisal Completed: 7/23/2014 (appraised for $2K over purchase price)
Final Approval: pending- waiting on ins. docs and then the loan will go back to underwriting for CTC
Closing Date: Aug. 6th - getting close! Movers are scheduled, notice given to landlord- no turning back now!
Good luck, everyone!