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Finally closed on FHA streamline refi

Valued Contributor

Finally closed on FHA streamline refi

Started the process on June 17th....closed on 10/25.

Before closing, LO sent the HUD sheet that said we only needed to bring $245 to closing. The last GFE that I received before today said we needed to bring $1,250. So, we got to add $1k to my savings.

I'm happy it's over. Closing and getting the extra $$ were the only two positive experiences during this process.

My lesson learned is to never deal with big banks for our mortgage needs again!!

AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 1 of 6
5 REPLIES
Moderator Emeritus

Re: Finally closed on FHA streamline refi

Congrats! I started my streamline refi on july 30 and we closed oct 22. Pretty painless process. We got to sign docs at starbucks. I'm confused, did you have to pay an additional 1k?

Starting Score: 08/29/2011 TU 671 EQ 674
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Message 2 of 6
Valued Contributor

Re: Finally closed on FHA streamline refi

Congrats to you!!!

My LO told me I needed $800 to close, the GFE that I got in the mail said $1,250. I got this the day before the underwriter denied the loan because I only had $1000 in the bank account that I provided to them. (That's a whole separate story).

LO had to get mgmt involved and they overturned the denial....but was still told I needed $1,250. I had the funds just not in that account, and I was too pissed with them to extend the process by fighting it. I went to closing fully expecting to pay $1,250 because I was not sure what the HUD document was telling me.

I ended up paying only $245. My LO said they adjusted the credits which brought my closing costs down by $1K.

I'll take the $$$, but I don't ever want to go through the mortgage process with a big bank again.
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 3 of 6
Moderator Emeritus

Re: Finally closed on FHA streamline refi


frugalQ wrote:
Congrats to you!!!

My LO told me I needed $800 to close, the GFE that I got in the mail said $1,250. I got this the day before the underwriter denied the loan because I only had $1000 in the bank account that I provided to them. (That's a whole separate story).

LO had to get mgmt involved and they overturned the denial....but was still told I needed $1,250. I had the funds just not in that account, and I was too pissed with them to extend the process by fighting it. I went to closing fully expecting to pay $1,250 because I was not sure what the HUD document was telling me.

I ended up paying only $245. My LO said they adjusted the credits which brought my closing costs down by $1K.

I'll take the $$$, but I don't ever want to go through the mortgage process with a big bank again.

I feel you, I went through 3 banks before I turned to a Mortgage Broker earlier this year... one of the banks pulled my credit 3 times (once per month) even though they denied me after the first pull (i had some inaccurate info reporting).  One of the banks, the one that issued the pre-approval, denied me after I was under contract. the sellers bank pulled my credit twice, just to take a look to see if they could help me, but they offered no help, and no advice.

The mortgage broker pulled my credit like 5 times, but they finally got me approved and my loan was sold to wells fargo.

 

It was a nightmare!  I walked away from that closing with over 15 hard inquiries on each report...


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Message 4 of 6
Moderator Emeritus

Re: Finally closed on FHA streamline refi

Congrats!!!!!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 5 of 6
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Valued Contributor

Re: Finally closed on FHA streamline refi

Thank yo Shogun!!

I talked to a realtor who is in the process of refi-info her home with another big bank. She told me that she was supposed to close in July...and is still waiting. She got the same response I did about the increase in apps.

The banks knew these new guidelines were coming...they should have been more prepared. Thankfully, I wasn't in a dire financial situation, so I could wait it out. But, I feel bad for those who are in dire need to reduce their mortgage. Having to wait 5 months to complete a streamline refi is ridiculous.
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
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