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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

GETTING VERY CLOSE!!!! :D

[ Edited ]

I have GREAT news everybody!

I just got off the phone with my LO and he just told me CHFA fully approved the loan!!!! We are 48-72 hours away from clear to close! My file is now headed to UAMC's underwriter for final approval!!! This is a slam dunk because UAMC submits the loan app to the UW early in the process, which gets all the conditions the UW wants satisfied for approval. So this last review is just a final check versus a first check. Getting full approval from CHFA was the last major milestone for approval!!

My LO said that worst case, we will be in our new home by THIS WEEKEND. My LO said we will definitely close this week!!!

So I'm going to call and schedule our move for Thursday!!!!

:-)

Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
Mike_B03
Posts: 1,146
Registered: ‎11-30-2012
0

Re: GETTING VERY CLOSE!!!! :D

Woohoo! Congrats! :smileyvery-happy:

 

On the move, why not Friday, just to be safe? :smileytongue:

Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
0

Re: GETTING VERY CLOSE!!!! :D

woohoo

 

Mike and I are right behind you

Valued Contributor
Mike_B03
Posts: 1,146
Registered: ‎11-30-2012
0

Re: GETTING VERY CLOSE!!!! :D


tooleman694 wrote:

woohoo

 

Mike and I are right behind you


Maybe you...me, not so much...June seems so far away. :smileysad:

 

I'm sweating bullets about that judgment that I'm making payments on again. What if the attorney reports the payments to the court (and I think they will/are supposed to) and that then triggers the judgment to show on my credit reports? That would be devastating. :smileysad:

Regular Contributor
raisinitup
Posts: 224
Registered: ‎12-11-2012
0

Re: GETTING VERY CLOSE!!!! :D


MovingForward_2012 wrote:

I have GREAT news everybody!

I just got off the phone with my LO and he just told me CHFA fully approved the loan!!!! We are 48-72 hours away from clear to close! My file is now headed to UAMC's underwriter for final approval!!! This is a slam dunk because UAMC submits the loan app to the UW early in the process, which gets all the conditions the UW wants satisfied for approval. So this last review is just a final check versus a first check. Getting full approval from CHFA was the last major milestone for approval!!

My LO said that worst case, we will be in our new home by THIS WEEKEND. My LO said we will definitely close this week!!!

So I'm going to call and schedule our move for Thursday!!!!

:-)


I'm so excited for you. I heard another poster mention UAMC - are you happy with their services ? We have a charge off from 5 years ago that we don't want to have to pay (it's $13k) so I've been apprehensive to start applying with any LO's but I think I'm just gonna jump right in !

12/11/12 Starting Score EQ FICO - 583/ TU FICO - 615/
4/1/13 - Lender Pull - TU - 645 EQ - 675 EX 712
Each One - Teach One
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: GETTING VERY CLOSE!!!! :D

Thank you all! We are very excited!!! I know I should schedule the move for Friday but I just want to get out of here as quick as I can given the circumstances. I will check and see if it is possible to book two days tentatively. The movers are coming out tomorrow to estimate our moving costs and bring some additional boxes.

I have been pretty happy with UAMC. I will be even happier with them once I get cleared to close. My total out of pocket costs for our home are:
- inspection: $425
- earnest money: $2,000
- interest for Feb: ~$650 (total due at closing)
Home Price: $347,900
Interest: 4.125%

That's not bad at all considering it is a zero down loan.

The only thing I didn't like is the long processing time as we put earnest money down on 1/2 and signed the contract on 1/5 and it is now 2/4 and we are still waiting. I had one unpaid collection since filing the second bankruptcy (ch 13) in 2005. All they wanted was a letter of explanation.

The Chapter 13 was deleted from my reports in Oct 2012 but they still wanted the discharge letter for both the Chapter 7 and 13 and also wanted the filing papers for the Chapter 13 and I had to pay pacer to look those up and download them. Only the Chapter 7 is still on my credit reports and it will be deleted in Aug 2013 but they didn't want the filing papers for the Chapter 7 and I found that very odd. I didn't think they would want anything Chapter 13 related because it is no longer on my credit report but they did.

But all in all, it was a pretty good experience with UAMC. They did request multiple rounds of conditions which flustered me. But looking back, it was a fairly smooth process. I think if I wasn't under the pressure from my landlord, I wouldn't have been so upset over certain things. :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Regular Contributor
raisinitup
Posts: 224
Registered: ‎12-11-2012
0

Re: GETTING VERY CLOSE!!!! :D

That's so awesome and great of you to outline everything for those of us who are still in the considering process. I've watched you encourage everyone else and give advice all while you were sitting on pins and needles on your own situation. Muchos gracias :-)

 

I think I'll add UAMC to my list of those to look further into since they write loans in Florida and didn't require you to pay that collection. We're really trying to avoide having to use our down payment $$ to pay off a 5 year old reposession, especially since they're not bothering us about it.

12/11/12 Starting Score EQ FICO - 583/ TU FICO - 615/
4/1/13 - Lender Pull - TU - 645 EQ - 675 EX 712
Each One - Teach One
Regular Contributor
ccubedzx3
Posts: 171
Registered: ‎04-30-2012
0

Re: GETTING VERY CLOSE!!!! :D

Congrats!! I cannot wait to be in your shoes!! We are still 3 months or so from closing, we cannot wait!! Do you have any pictures of your new place that you can share?  Sounds great!!


Starting Score:5/22/10 590
Current Score: 6/11/13 670
Lender Mid Score: 6/11/13 670

Goal Score: 700


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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: GETTING VERY CLOSE!!!! :D

Kmathies, I think you should at least talk with a loan officer to see what they say. :-) My unpaid collection is in the amount of $1100 and as I said it didn't have to be paid. My LO cited my credit score as being the driving factor for their decision. My mid fico is 703. If it has to be paid, sometimes they will roll it into the loan at closing. Best of luck to you! I look forward to reading about your journey!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: GETTING VERY CLOSE!!!! :D

A 5 year old collection they may let slide. :-) Your collection is older than mines and it is not under the shadow of bankruptcy like mines.

And you all are so very welcome and I look forward to future chats when we are all in our new homes! I will continue to follow your journeys once my loan process is over.

I am very happy I found the loan program I did as it saves us a lot of money to use for new furniture! So encourage everyone to look for downpayment assistance programs in your area. Call your local housing authority to see what's available! I make $96,000 a year and I still qualified for zero downpayment assistance. You may even qualify for a grant! My downpayment is rolled into a second mortgage. But search around, there are still non conventional mortgage assistance loans available. And CHFA, our local housing authority will service my loan for the full 30 year term! And they have REAL hardship programs unlike the ones touted by big banks, which means if you fall on hard times, you are more likely to keep your house!

I would absolutely love to post a picture of our house but I can't because my landlord could run across these forums and find out where I live but I did want to post a picture of my kitchen since tooleman started a thread about it. :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014

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