@LeDiRab wrote: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??
Congrats on your clear to close. I can't wait to get the same in a few weeks!!!
So I think I should join the august forum I'm officially kicked out of July 
my lo assured me we could close in July for sure but obviously that didn't happen thank goodness I haven't given nah notice or even packed one thing I'm just waiting to close
Purchase Price: $145,100 with $7200 repairs (203K FHA) -
Location: CT
Property: Single Family - 1856 sq ft
Toured unit on: 05/27/14
Submitted Offer on: 05/27/14 AND then had to resubmit on 6/6/2014 due to high DTI and thought loan was going to fall through, BUT refi car so numbers would work but fannie mae had already cancelled loan- then had to reofer and ended up in a multi bid - best & final was the original 8k over asking
Signed Purchase Contract on: 06/16/14
Inspection: 06/24/14
Purchase Contract Addendums: 06/16/14
Final Contract: 6/16/2014
Final Earnest $ Received: 5/27/14
Type of Loan: 30 year fixed FHA (203k Streamline)
Loan Rate: 4.25%
Appraisal: 7/9/2014 $154,000
Loan Conditional Approval: 5/6/2014 approval (with no property attached)
Additional Conditions: Pending
Clear to Close: Pending
Closing Date: LO indicated "before the end of the month" Rewritten contract added additional 15 days 8/8/2014 as Fannie mae (seller) gives standard 60 days
i had my credit pulled 4/11/14 due to sub 640 scores.. but now i am above the 640 mark when they repulled on 7/10/2014 so i had a rate drop from 4.75 to 4.25- i guess i get an extra 1/4 percent because of the 203k part (rehab loan). I am reallyyy hoping my loan officer can get my clear to close next week as he indicated is a possibility... fingers crossed and good luck to everyone else
my lo assured me we could close in July for sure but obviously that didn't happen thank goodness I haven't given nah notice or even packed one thing I'm just waiting to close Purchase Price: $145,100 with $7200 repairs (203K FHA) -
Location: CT
Property: Single Family - 1856 sq ft
Toured unit on: 05/27/14
Submitted Offer on: 05/27/14 AND then had to resubmit on 6/6/2014 due to high DTI and thought loan was going to fall through, BUT refi car so numbers would work but fannie mae had already cancelled loan- then had to reofer and ended up in a multi bid - best & final was the original 8k over asking
Signed Purchase Contract on: 06/16/14
Inspection: 06/24/14
Purchase Contract Addendums: 06/16/14
Final Contract: 6/16/2014
Final Earnest $ Received: 5/27/14
Type of Loan: 30 year fixed FHA (203k Streamline)
Loan Rate: 4.25%
Appraisal: 7/9/2014 $154,000
Loan Conditional Approval: 5/6/2014 approval (with no property attached)
Additional Conditions: Pending
Clear to Close: Pending
Closing Date: LO indicated "before the end of the month" Rewritten contract added additional 15 days 8/8/2014 as Fannie mae (seller) gives standard 60 days
i had my credit pulled 4/11/14 due to sub 640 scores.. but now i am above the 640 mark when they repulled on 7/10/2014 so i had a rate drop from 4.75 to 4.25- i guess i get an extra 1/4 percent because of the 203k part (rehab loan). I am reallyyy hoping my loan officer can get my clear to close next week as he indicated is a possibility... fingers crossed and good luck to everyone else
We are supposed to close Aug 6 but we haven't heard anything from our lender since midafternoon on Friday.
They didn't even get us approval with conditions until late Thursday afternoon. Supposedly all the conditions info we returned was good.
BUT then the underwriter found an amount for 220 on the title insurance report. It was under the property tax annual amount and it said county sewer on it. She thought it was an annual assessment that we would have to pay like property taxes so she added the 18.mon to our mortgage pymt and it threw us over our DTI based on SO's base salary.
I talked to my realtor and she had her title insurance person try to contact our LO and the processor but no one answered across the span of hours. It wasn't an annual assessment at all. It was a past due sewer bill that the sellers hadn't paid and their bank had already agreed to pay it at closing for them. Not our responsibility in any way.
Unfortunately during the DTI question the U/W said that even though the income can be verified on SO's paychecks and taxes that the verfication of employment that came from his company did not match the paycheck numbers so now they have to get an updated VOE from the employer. The employer told us that it would take 7 days and they would only make a manual correction if there was actually an error. I tried telling them this and got no response across a span of hours.
Finanlly I Figured out why the numbers didn't match....it was because there are some imputed income categories on his check that they add just so he can get taxed off the amount, but they aren't real income so aren't included on the VOE. I tried telling them this. 3 calls to processor, like 5 to our LO, emails galore including a detailed email adding up every number on his paycheck proving that they matched the VOE and I got no response. On the day financing was supposed to be done!!!!! they had said they were working on it.....but after multiple emails and texts I finally get a text back from my LO saying he's not near his email that he is on a date. A DATE!!!!
Now we are past our deadline so hopefully the VOE gets fixed with my explanation....if it doesn't and they want to go the route through the employer then we can't close because that will take 7 days
Its like they completely ignored our warnings...they just kept saying "we are sure this will be good to go as soon as we get the VOE to match"
Any word yet? I can't believe the LO was so insensitive.
@physicist82 wrote:We are supposed to close Aug 6 but we haven't heard anything from our lender since midafternoon on Friday.
They didn't even get us approval with conditions until late Thursday afternoon. Supposedly all the conditions info we returned was good.
BUT then the underwriter found an amount for 220 on the title insurance report. It was under the property tax annual amount and it said county sewer on it. She thought it was an annual assessment that we would have to pay like property taxes so she added the 18.mon to our mortgage pymt and it threw us over our DTI based on SO's base salary.
I talked to my realtor and she had her title insurance person try to contact our LO and the processor but no one answered across the span of hours. It wasn't an annual assessment at all. It was a past due sewer bill that the sellers hadn't paid and their bank had already agreed to pay it at closing for them. Not our responsibility in any way.
Unfortunately during the DTI question the U/W said that even though the income can be verified on SO's paychecks and taxes that the verfication of employment that came from his company did not match the paycheck numbers so now they have to get an updated VOE from the employer. The employer told us that it would take 7 days and they would only make a manual correction if there was actually an error. I tried telling them this and got no response across a span of hours.
Finanlly I Figured out why the numbers didn't match....it was because there are some imputed income categories on his check that they add just so he can get taxed off the amount, but they aren't real income so aren't included on the VOE. I tried telling them this. 3 calls to processor, like 5 to our LO, emails galore including a detailed email adding up every number on his paycheck proving that they matched the VOE and I got no response. On the day financing was supposed to be done!!!!! they had said they were working on it.....but after multiple emails and texts I finally get a text back from my LO saying he's not near his email that he is on a date. A DATE!!!!
Now we are past our deadline so hopefully the VOE gets fixed with my explanation....if it doesn't and they want to go the route through the employer then we can't close because that will take 7 days
Its like they completely ignored our warnings...they just kept saying "we are sure this will be good to go as soon as we get the VOE to match"
I've been following and reading this forum for a few months now since we been in the process of building our home. I've learned so much from this site and thank you all for sharing your stories and giving advice! This is our 3rd home purchase, but probably the most stressful (completely in my mind, hasn't actually been!).
Home Location: Ohio
Purchase Price: $162,500
Total sq ft: 1965
Signed Contract on: 3/30/14, dig date was 5/15, final walk through is 8/18
Lender Name: Ryan
Notes about Lender: We are going through our builder's preferred Lender simply because they're paying all of our closing costs! Ryan has been great! He has called on evenings AND weekends to answer my questions. His emails and phonecalls are prompt and I've never waited more than one day for him to respond. He always is kind and says to call whenever I have any questions or if I think of anything else. His loan processer has been wonderful as well. She always gets back to me the same day and also has been very helpful. Honestly I haven't had to call very often and that's been nice. So far, it's been a smooth process and I keep waiting for the ball to drop!!
Type of Loan: FHA 30 year
Loan Rate: 4.25%
Application Submitted: 4/3/14
Underwriting: 1st round happened around 4/15/14 Rec'd conditional approval and our list of about 10 conditions. Most were very easy like continuing to submit our pay stubs, bank statements. They needed another copy of our drivers license and were missing a w-2 from last year. They needed our landlord name & info etc.
Appraisal: 7/29/14
Underwriting 2nd round: I wasn't even sure of the exact date it went back to underwriting but I was told we needed two things: Verification of Rent, and our Appraisal. We got both of them last week!
Final Approval: Today I called to see where we were at with things and I was told we had FINAL APPROVAL!!! She is going to review the file to make sure everything is signed and that they are not missing anything and then send it to the closing company for final figures!
Closing date: Scheduled for 8/21/14 at 10:00 a.m. our final walk through on the home is exactly 3 days before closing!
I'm so excited for this whole process to be over and get into our new home. The last few years have been difficult for us and our family and we're ready for some positive things to happen! I can't believe I can see the light at the end of the tunnel!! THANK YOU GOD! August 21st can't come fast enough 