Finally, I'm a homeowner. My story:

[Anonymous]

If you dont mind me asking, what exactly were all the extra information they were asking for?

[Anonymous]

Here is a list of most of the conditions:

gift letter, transcripts from college, 2 year work and school history, letters of explaination for EVERY deposit made into my accounts, paper trail of every  deposit made into my account,  24 months  of rent history (i used a rent free letter) 2 months of bank statements (the major issue with this one was the fact my newly opened savings account did not have a statement because my bank only issues them quarterly. I had to give them a transaction report on 3 or 4 seperate occasions and had to have my personal bank's manager write them a letter of explaination and another manager had to speak with them on the phone), they asked for another gift letter on their template, copy of my contract for work, last 2 years w2's,

I know there a couple others that are slipping my mind right now. I dont really think any of the conditions they asked for were out of the ordinary, but instead of asking for everything at once, the UW asked for  a couple things at a time and it became frustrating, especially because she was asking for things that I had already turned in. Like I said earlier, the main issue was the bank statement for the newly opened account. Just an FYI, I opened the account in December, so to anyone thinking about attempting to buy a home, only payroll deposits in your account for 2 months and don't open any new  savings accounts!

Also, thanks to everyone who said congratulations. This past 10 days has been  blur.

[StartinOver]

Congratulations. I am 54 and I don't think I could handle it as well and as organized as you did.

[ArmyStrong]

Damn. Do the underwriters just need to justify their existence or something??

[mygoal750]

I refinanced with BofA last year.  My original home loan was with Greenpoint Mortgage, which was acquired by Countrywide, which was acquired by BofA in November, 2008.  My mortgage was originally at 8.875%, but this was back in 2001 when a "good" rate was 7.50%.  I know our credit wasn't the best, so I was happy with 8.875%.   But, then after 2001, things went downhill fast, and my credit took a beating.  After getting all these pitches from BofA to check on refinancing, and with the gov't. programs in place to help stressed homeowners, I decided to try.  I was hoping for a modification, because i thought that was all I would qualify for.  I called BofA in late April, and my LO was fantastic!  he said my score was 621 and 620 was the cut-off for an FHA loan @ 4.75%.   He put the app through, it was approved with some conditions I expected, and he said it would be about 6 weeks to close.  But, the processor was not the best.  Her first call to me was late June.  I did have to re-fax some documentation two times, but nothing too excessive.  We finally closed in late September, and my house payment is much more manageable now.  So, overall, it wasn't a great experience (5 months to close) but not all that terrible, either.  And, their website is now updated, and more user friendly. 

[Anonymous]

When it came down to crunch time, BoA came through. I just don't think the process should have been as nailbiting.

I just want people who are trying to buy a home to know not to give up until it is absolutely over.

There isn't a whole lot you are in control of throughout this entire process, but giving up is something you do have control of. If you give up, you have a 0% chance to obtain a mortgage. Stay determined and NEVER GIVE UP!!!

**ok that sounded like some sort of pre-game sports pep talk

[Homebuyer24]

wow--they did ask you for a lot.  I had to turn in college transcripts too because of the lack of 2 year work history but other than that--the paperwork has been pretty easy (just w-2's and bank statements each month).  I have a question regarding all of the deposits (explanations)--how did they want this?  Could you just write a blanket letter excuse regarding the deposits?  if you have multiple accounts where you are moving money between them, does this need to be explained too?

I actually have a lot of extra deposits each month because I work self-employed on the side--however the loan is just based on my w-2 income because I was told it would be a hassle to use any self-employed income.  I thought that as long as the deposit was under $500 than it would not matter to the underwriter?  I made multiple deposits separately to stay under the $500 threshold but now I am told it does not matter the amount.