10-14-2012 03:20 PM
I was hoping to hear from underwriting on Friday before the weekend hit so I wouldn't be miserable worrying lol, but did that happen of course not. Wednesday my loan officer emailed and said I just needed 2 things for the underwriters. I don't know if this means they were conditions or what, but I'm hoping these are the last two things they ask for??
First one was 3rd party verification of my employment with the 3 companies I work for, which I'm self employed. I emailed her my contract agreements with each company and each contract states clearly that I have to claim my own taxes, so hopefully that's good enough we'll see BTW I've been self employed since 2006, with one company since 2007, the other 2008, and the other started Jan of this yr. All the exact same position just 3 different companies. Good job securiity that way lol.
Next was LOE on 1 thing on my credit report, an old collection that should fall off in a few months which I paid Sept 2012 right before going for my mortgage loan so I think I'm all good there. Plus the company I paid it was actually under a PFD agreement so I'm guessing it's off now or soon if not.
Any feedback would be great, or just words of encouragement lol...STRESSED I told my husband this will be our last move I pray!!
10-14-2012 05:34 PM
I'm right here with you! I actually tried to post to your original post the other day-I had a fully typed post but then I mistakenly hit the back button and wallah! Gone! But anyway I'm in the same boat..waiting for a clear to close and it's nerve wrecking! I don't have any words of encouragement perhaps the knowledge of knowing you (we) aren't alone is a little relief. From reading the various posts of those nearing their day to close the stress and numerous request od LOE's etc. is all apart of the process.
Bothers me the most is the calm before the storm..ya know after I you get your preapproval and throughout the house hunt. The LO is so sure you're fine..oh all is good..then BAM! The Underwriter steps in and makes them look like it was all lies! (atleast that's what I feel..) I was supposr to close on 10/12..yeah last Friday but then ALL OF A SUDDEN nooo my midscore was too low, they did a rescore same day and got it back up. I have been on top my credit and spending since this all began so not sure what happened there. Then I needed to explain why there were 4 credit inquiries on my report..thing is those inquiries weere from the lender I'm getting the mortgage from..I started to aske them, hell you tell me since you were the ones continually pulling it..then send another pay stub..then sign these forms AGAIN...thennnn "not enough funds to close" Now this is what pisses me the hell off!!
The sales price is 180k..I placed a 5k earnest deposit. My friend gifted me $2500 and I have 6k reserved. Seller was contributing 3k to closing but since they were required to to do repairs for FHA approval they rescinded that offer. Nonetheless, I had also applied for grant funds for the first time homebuyer program from the city I'm moving to and got the award letter 10/9. They are giving me 20k towards down payment and closing! So how in the hell don't I have enough to close. The GFE amount was just an estimate and since I paid some upfront costs, was 4k more than actual costs.. I truly beleive my LO was pissed off when he found out I was getting funds from the city because there are certain fees the lender can't charge based on the award guidelines...such as underwriter fees...(uh oh)..But I'm not worried..I can always take my business somewhere else. See told you you were not alone! LOL
10-14-2012 06:02 PM
Thank you, thank you and thank you again! My biggest worry is the self employment part honestly. My ficos are high 700s DH are 700s and 800s so that is pretty good. DH is a w2 employee thank goodness and they've said nothing about him so I'm pretty sure he is 100% clear. We are both 31 buying our first home and I keep telling myself that we've paid our dues and surely it's our turn to do this, but one moment I feel very confident and the next I'm stressed to the point of tearing up. It's a roller coaster that's for sure. I'm ready to get my 6 year old daughter a backyard, we've been stuck in a small 2 br apt for 2 LONG years.
I just have to keep telling myself we'll get there. We actually put an offer on the 1st house we looked at after getting prequalified, but I have literally watched the real estate websites for 2+ years every single day and went to open houses before prequal so we knew exactly what we wanted. The house was on the market only 6 days when we put in our offer, I didn't think it would last that long honestly since it's in a great neighborhood and decent sq footage.
The only other hurdle is appraisal which was done Friday and should be ready for us to see Mon or Tues. My realtor said she wasn't too worried about that part. We're getting $4500 seller asst and I should only have to pay about $4000 at closing. The house is $161,500 1708 sq ft and built in 2004 so in perfect shape really
Everything has been too good to be true, we even got our insurance quote last week and it's $647 yr. I mean $50 per mo seriously that is amazing right. Plus our interesst rate is 2.875% 30 yr fixed. I mean everything is pointing into the positive direction, but I still worry. Ugh
Our DTI front end will be like 25%, back end 33% ... not bad at all
I just have to keep my head up!!! lol and know hopefully all the hard times will be over and the fun is to come!
10-14-2012 07:09 PM
It's yours!! You (we) are getting our houses...this week, next week...as long as we close!!
Our situation is soooooooo similiar it's almost scary!! Lol..well not the DH..I got rid of mine before I began this journey BOL!! So I'm a single mommy making it happen for my 3 daughters and myself. I'm 36 as of 9/25 and thought how nice to be getting a house for my birthday!! Well I guess NOT... exactly, lol...I was venting to my realtor about how the LO (which is also her hubby) pissed me off with his 'everything is good' tone and she said she agree and told him she will never do business with him because she does't like how he gets her clients are revved up BUT that I am closing next week Mon or Tues (she said this last Thurs) for sure because he wouldn't go this far if it was a no go. My LO works for a mortgage company that does the funding but then sells the mortgages wholesale..like the mortgage brokers..I guess..anyway they are FHA/VA endorsed. I don't give a rat's pattootie who buys my loan in the end! I got preapproved by my bank also (Chase) but they are so 'business' like I knew I would be just another number...
Yeah buying a house has been such an emotional process...it's like living on the edge because the final approval is when the keys are in your hand..forget all the stuff!!
10-15-2012 06:12 AM
We are supposed to close on 10/24 which is our wedding anniversary LOL, the worst part is the worrying and wondering. I knew it would be a slow process and I knew there would be so much stress, but you really never know until you get into this how straining it can be. I know until I get those keys in hand the stress isn't going anywhere.
I feel like if I was the underwriter looking at my file I'd be like it's a no brainer LOL, but I'm not an underwriter and I bet that job is very hard so glad I'm not one.
I got prequalified with 2 banks as well. We went with our personal bank which is a hometown bank and I'm still confident they will make it happen, but it's good to know I do have something on the backburner for just in case.
Hopefully we both get nothing but gooooooood news this wk Keep me posted!
10-15-2012 06:30 AM
Good luck everybody!
Just went into underwriting last friday at 3pm. The loan processor e-mailed to tell me it had gone to U/W and then 30 minutes later asked for a LOE for recent inquiries. I thought that was fast! The underwriting is in-house with a mortgage broker. I am living through a perpetual anxiety attack waiting for the next request.
My closing is set for 11/19; but this will still have to go to USDA. I would love to push my closing up sooner as I had a collection letter pop up for my final Time Warner Cable bill. I just moved across country at the end of August and got my final bill on 10/1 with a due date of 10/12. Paid it on 10/8 and got a collection call on 10/9! The collection agency wants a $17.00 collection fee on that final balance. TWC requested it to be waived by the CA but I'm freaking out on whether that will cause a paid collection to appear on my reports.
It seems like one thing after another!
10-15-2012 07:05 AM
You are so right lol it is one thing after another isn't it! LOL I just got off the phone with my realtor and she said she got a call that the appraisal is all good. So now literally all I'm doing is waiting on underwriting. She said "I'll see you at closing next week" OMG! I hope she is right!!!
10-15-2012 08:05 AM
Good luck to everyone. I can sympathize with the "feeling left out in the woods" type of feeling. You hear almost nothing until the underwriter comes back wanting a couple additional pieces of information. Lucky for me it was just a coupld LOE involving a part-time employer and another with a non-payroll deposit made into my checking account. I had to get these notarized, luckily I work at a bank and notaries are pretty easy to find.
I'm actually set to close in about 5 hours. The stress has gotten to me. I had a hard time sleeping over the weekend, but I know it'll be worth it. Just hang in there and think about what it'll be like to get those keys in your hand. I know I'm going to go to MY HOUSE tonight with a 6 pack and a lawn chair and sit and enjoy saying I'm sitting in MY HOUSE!
Good luck to all!!!!
10-15-2012 08:13 AM
Yay!! I'm so excited you are about to close, and you deserve to sit outdoors and enjoy yourself. All that hard work deserves some rest and relaxation, well at least those few minutes before you have to start moving things LOL
I just can't wait to hear those 3 pretty words "CLEAR TO CLOSE" which hopefully will come this week sometime.
I'm praying for everyone out there trying to get into their new home, especially if you're like me and it's your first time!!
10-15-2012 08:18 AM
You'll be hearing those words very soon! Keep up the positive thoughts and you'll be just fine. It's not an easy road, but it'll be worth it.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO