Here we go....Pre-approval received today

[Anonymous]

That's awesome!! Things seem to be falling into place. Good job. 

[Anonymous]

Seller agreed to fix the one thing we asked them to fix. The termite letter came back clean.

the underwriter has asked for a LOE for my reduced wages in 2015  (maternity leave, easy to explain) and a LTD premium that my employer pays but is shown as a gross-up on my pay stub for tax purposes. Our processor said that the underwriter can ask for more/give other conditions but I really hope this is it.

[Anonymous]

Still waiting on final underwriting. We're supposed to close on the 27th so I'm hopeful that we'll hear something on Minday or Tuesday.

[Anonymous]

Clear to close received today! No further conditions for is were placed on the loan (clear title and all that required). Closing is set for Monday morning.

I honestly can't believe this is happening. Home ownership seemed so far away and it is amazing to me that we are about to close on a house. We are in the middle of packing and the house is a mess, but there is a light at the end of the tunnel!

[Anonymous]

We closed this morning! It was a very easy process and went smoothly. Our realtor said this was one of the easiest deals he's done in 25 years.

I am still pinching myself that I'm a homeowner. The movers arrive on Wed so tomorrow will be spent making sure everything is ready for them.

Thank you to everyone who posts on this forum. Because of the knowledge shared, I knew what to expect at at each stage and that was invaluable.

[Anonymous]

Congratulations to you and your family! I am VERY happy for you guys! Time to make new memories that will last your family a lifetime. 😘

So since I last posted, we were able to obtain membership with NFCU. (yayyyy) So we'll be able to do 100% financing. My questions to you are- What ended up being the mortgage payment? How much reserves did you have or did your lender require you to save? (we're trying to estimate how much to have saved up) And final, how much did you end up paying at closing?

Hope I'm not being to invasive. Just wanting to be prepared as much as possible. 

Thanks! 

[Anonymous]

Thank you! I can't wait to be settled in the house....moving with four kids (10yrs old and younger) is crazy. LOL

We used a local mortgag broker and we weren't required to have any reserves by our lender. Our residual income (per the VA requirements) was more than enough. We ended up financing $280,800 with the VA funding fee rolled into that, at 3.37 as the final locked rate. The mortgage payment is $1241, with an additional $202 for the taxes and insurance, total payment $1443.

Our total closing costs were around $13,000 -- $5900-ish for the VA funding fee (rolled into loan), $5000 paid by the seller, $1840 that we needed to pay. We paid $1000 as earnest money and $351 for the appraisal and both of those were credited to us at closing. We had to take $463 to closing yesterday.

[Anonymous]

So using a VA home loan is easy?

[Anonymous]

It was for us. I read through these forums to see what would be needed paperwork wise. I talked to our loan officer in Dec to give him our details and get an unofficial idea of what we could qualify for. We did the formal app and got the official preapprocal in May. After we made the offer and completed the final loan app (with all the VA addendum), we closed in 30 days from that date.

I think the biggest thing was that I talked to the loan officer before we applied so that he knew what was in our credit report. I also uploaded every single required document at the time of application so that he would have it immediately. The only other thing I had to supply was an updated bank statement.

It really was an easy process...I kept waiting for something to pop up but it never did. Our loan officer was awesome.