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Established Member
Posts: 10
Registered: ‎04-28-2009
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Closing In California

I am Closing Friday on a FHA home loan. It has been a long process. We found a house Sept 9,2012. We got a counter offer and decided to walk away.  A week later the sellers agent contacted us and offered 195,000 and buyer to pay ALL closing cost.  We agreed however the appraisal came in at 185,000 and we didn't have 10K to just give the seller for the difference so again we decided we'd walk away because the seller wouldn't budge. A few days later the sellers agent contacted ours and state the the seller would reduce the listing price but we'd have to pay ALL closing cost and pest inspection which the seller ended up paying whew.  However, they wanted a 30 day escrow and $50 dollar per diem for each day we didn't close on time.  The lender told me that they could do it in 30 days. I tell you I feel like I submitted check stub and bank statements over and over again.  Request for this paper and that paper and 401k terms. I literally lived, ate and drank next to a scanner or fax machine. I felt like I was working on this loan for at least 5 plus hours a day. The stress made me want to give up.  But now oh what a relief and believe it or not my rate is 3.375 with a 654 mid fico score and my mortgage with impounds is $1144 a month. It is actually less than the rent I was paying (1441 for a 2 bedroom).   We didn't have to pay of ANY collections accounts and they even accepted my MIDLAND payment arrangements. California is a dry state so we didn't get the keys when we signed loan docs.  And our good faith estimate was off by $700 had to get a last minute gift from the parents sent directly to the escrow. SO for all you thinking it can't happen it really can!!!

Established Contributor
Posts: 921
Registered: ‎12-10-2011
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Re: Closing In California


Starting Score: 722
Current Score: Now 687 what the hockey sticks...from a 784 (Aug 12 EX 751 EQ Fico)
Goal Score: 800

If your outGo is more than your INcome than your UpKeep will become your downFALL.

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Valued Member
Posts: 39
Registered: ‎03-12-2012
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Re: Closing In California

Awesome!!! Congratulations.  I too am in California, got all my documents ready today to send to mortgage broker and

will apply next week once my cc post to the credit bureaus just paid all down to have 7% uti.  It's very exciting!!

Starting Score: 550's
Score: Equifax 626 TU 613 Experian 671
Lender pull 01/22/2013 Eq 641 TU 636 Exp 670
Goal Score: 720
Closed Escrow on 03/05/2013!!!
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