Just had to say go Tenino! Lacey waving over here!
Starting Score: TU 589 EQ 526 EX603
Home Location:Apple Valley, CA
Purchase Price: $233,500 with 3% from seller for closing costs
Property: SFH - 2510 sq ft, built 2010 not completed, almost finished!!
Accepted Offer on: 11/23/13
Broker name: Planatek Financial
Broker notes: Sent from above, smart, helpful, thorough, very good at explaining things, available 24/7
Lender name: Submitted to Weslend by broker changed to Stearns when rates dropped
Notes about Lender:
Type of Loan: FHA 30 Yr fixed
Inspection: Pending completion
Loan Rate: 3.84%
Loan Application submitted: 12/12/13 Weslend Submitted to Stearns 2/19/2014
Appraisal Ordered: Pending completion
Appraisal Completed: $248K
Closing Date: January 7, 2014
CLOSED: May 5, 2014--- yesssss it took THAT long! Seller/contractor low on money trying to drag out the escrow so we would cancel and they could list it for a higher price, but we waited them out and got it!! Loving it!!
History: We have had flawless payment and credit history for the last 5 years, but in 2007/08 we had several charge offs and collections due to significant income loss due to my wife's job loss. We restructured our finances on one income, learned to live within our means, and follow a strict budget. In August we lost an escrow due to some of our past credit mess haunting us. We got that resolved and are now trying again...fingers crossed! We were approved/eligible through the automated underwriting so we are hoping this time is much smoother 
Worries: dispute comments, past collections
Details:
credit scores- 718, 704, 677 lender pull
DTI: 23/44
Wife is non-purchasing, non-title taking spouse due to an old open IRS lien that is on a payment plan.
Good luck to all January closers!! May the odds be ever in our favor...scratch that...may the underwriters be ever in our favor!!
Home Location: Acworth, GA, just north of Atlanta
Purchase Price: $148,000
Property: Townhouse - 2200 sq ft
Submitted Offer on: June 15 (New Construction)
Signed Contract on : June 15
Builder Name: D.R. Horton
Lender Name: Evolve Bank & Trust
Notes about Lender: No issues so far.
Type of Loan: FHA 30 Yr Fixed - Georgia Dream Program
Loan Rate: 4.125
Loan Application submitted: October 5
Appraisal Ordered: November 26
Appraisal Completed: December 4
Underwriting: December 6
Loan Approved w/conditions: December 10
Final Approval: December 27
Georgia Dream Final Approval: January 15
Closing Date: Originally scheduled 12/27, postponed a number of times
CLOSED: 1/16
I was originally scheduled to close 12/27/13. The holidays threw everything off. The loan program I went with has a $5,000 down payment assistance. It essentially needs to be underwritten twice. Once by the lender and once by DCA (Department of Community Affairs). The file should come out of DCA tomorrow and close on Friday, but DCA is backed up because of the holidays. I really hope it happens, so I have the weekend to move. I'm already into having to pay per diem rent in January and my landlord wants me out!
Update: File came back from DCA with a couple things the lender needs to clarify from what I understand. We should be good to go by tomorrow and scheduled for a Thursday closing! This thing may really happen
Yet another Georgia Dream update! So much for just a couple of clarifications!!! Georgia Dream's conditions were absolutely ridiculous. We are definitely NOT closing today. I have to source every deposit over $200 for the last 6 months. My lender already had me source everything over $300, but now I have to document all of the cash deposits over $200. This is insane! I am downsizing to a townhome from a 3000 square foot house with a full basement. I have been selling stuff like crazy and paying off debts with the proceeds. I've had numerous garage sales in the last few months. Since my lender told me deposits over $300 needed to be sourced, I was pretty careful to only deposit smaller amounts. Also, they now need a verification of employment and proof of enrollment in school on my 18 year old son. He is not on the loan! None of this should matter. There was a page-long list of other things that I can't even remember. We resubmitted these last night, so maybe I might be able to move this weekend. My landlord wants me out by Sunday, so I'm not sure what the next step is if we don't close on Friday.
Update: Clear to close! 1/16/2014
@yank1 wrote:@ @tcrutchf , Congratulations on your new home purchase. Im in the process of buying a new house and I will be using Georgia Dream and need some info on the whole process. Did your LO ask for a lot of extra documents for the georgia dream program? What was your turnaround time for the Georgia Dream underwriting and did the underwriter come back with any conditions?
I hope to hear from you as soon as possible. If you have any additional pointers, please feel free to share.
Thanks
Yes, there were a few extra documents. There is a checklist on the Georgia Dream website. It didn't seem to be anything ridiculous. We ran into an issue that we didn't anticipate because my son who is a senior in high school and has a very minimal part time job turned 18 between application and approval. Since he was now an adult, we had to source all of his income and prove that it did't throw me over the threshold, since all adult household members income must be registered, even if they are not on the loan. It was not anticipated and threw it all off! My loan officer doesn't do a lot of the Georgia Dream loans, so really isn't incredibly familiar with them. It also seems that the staff at Georgia Dream are on a skeleton crew with the holidays and it is taking them much longer to do the final processing. My actual lender did all of the underwriting, and seemed to over document to make sure Georgia Dream would't ask for anything else, then submitted to Georgia Dream for their final underwriting and approval. It was supposed to take about 24 hours. They have had the file since 12/30 and still haven't looked at it. We don't anticipate any issues, they just need to look at it. Apparantly, I am NOT closing today, since the lender needs 24 hours after Georgia Dream releases the file.