12-31-2012 10:06 PM
I've really enjoyed reading your posts. I don't know a lot about the mortgage process even though I too, I am going through it. I've also I have been on pins and needles since the day my broker emailed me it was time for the appraisal. . I do know the appraisal came back good, inspections have been done and I got an email today that my package is almost ready to submit to USDA...but none of the process has ever actually been explained to me other than not to worry. "We are going to be fine." I worry. I can't help it. I've goggled enough to know things can and do go wrong in the last mins but from your explanations and posts, things seem to be going smoothly with yours and its helped me feel better about my loans progress. I was told I was approved before the appraisal but I did have to write a couple of letters of explanation after that which made me wonder...was I really preapproved? Shouldn't I have had to write those letters before being approved? I dunno..Its just so confusing to me. Like you, I'm excited (at times) and at other times I'm frustrated and worried. Okay.I'm friggen obsessed, lol. Thanks for your posts. Yours are the most informative step by step explanations I've found thus far and I needed that. I will continue to follow. I'm wishing you a continued smooth process AND I am very much looking forward to the day you post, CLOSED!
01-06-2013 03:54 AM - edited 01-06-2013 10:12 AM
So the title report came in on Friday, 1/4. No apparent issues. My attorney emailed it over to the loan officer and processor. That was the last piece of the conditions that needed to be satisfied. Im hoping to get clear to close this week. However, one snafu that just came up and has me perturbed. I am getting a $10k downpayment grant from the county I reside in. (I had to go through a separate process with them alongside the mortgage process, so you can imagine how stressed I've been). Anyhow, grant certificate isn't issued until each step of the mortgage process is complete...i.e. they want a copy of mortgage app, appraisal, commitment. Now I gave them commitment they send their own inspectors to inspect the property. That was done on Friday, 1/4. Inspection was fine and now I sign a note & mortgage with them and a voucher to get the $10K grant check. Since I didn't feel like waiting for those documents in the mail, I told grant person I'd go down to their office this Monday in person to sign everything to speed up the process, as I believe I will get clear to close next week. Grant person tells me that it will take "up to 3 weeks" to get the check. I was like WHAT? Why so long to cut a check. She says it just takes that long. So I do realize that "up to 3 weeks" can be anywhere from 2 days to 2 weeks to 3 weeks to get the check, but the fact that it isn't a quick turnaround process baffles me. I feel really stalled right now hearing that it could possibly take that long. If the underwriters want to close next week then I won't be able to due to waiting on grant check, which I absolutely and obviously need to do the deal. I asked the grant person if there was anyway to expedite the process and explained that I might be closing in the next week, but was just told the process is this way for everyone. I don't expect preferential treatment in the least, I just thought they understood that once a person is clear to close, it needs to be done sooner rather than later. Uggh. Its a sucky process.
01-06-2013 07:21 AM
That is very common for the grant type programs. The government works very, very slowly and because they are the ones with the money they set the pace.
BTW, Be thankful that your program still has funding. Here, the program runs out of funds very quickly and once the program runs out, it isn't refunded until the next fiscal year and all the people in your situation have to reapply!
01-06-2013 10:05 AM - edited 01-06-2013 10:17 AM
The good part about this particular program is that since the county gets a set amount of funds from the government for the program, they give out a set amount of grants. So there is no shortage of funds for those who qualify. They don't offer the grant program until the funds come in from the federal government. Each grant certificate is numbered and the funds for that person are set aside. I read their annual report and they get $1M in funds, which means they give out 100 grants for $10K each year. I was number 63. (Talk about luck!) I do know that not-for-profit agencies and governmental entities take their time doing things, which always pisses me off. You'd think when a person has all factors in place, as they required, they'd be a bit more expedient to process the check given the time sensitivity of the situation. I am just anxious at this point. The fact that I'm at this point still feels so surreal to me. I'm nervous and always waiting for something to go awry or for someone to tell me that they made a mistake and they didn't mean to approve me.
I must admit, quite honestly, that my process has been very painless in comparison to other stories and posts I've read. So I am really grateful for that. I didn't have many credit issues for underwriters to pickle over given that I began the repair process well over a year ago and had baddies removed and added a sufficient mix of cards and revolving credit. The one remaining baddie had a zero balance and the tax liens were reporting as satisfied. My income is documented and is what it is stated as on my tax returns and there are no employment issues, as I've been at the same job for 6 years. I've never filed bankruptcy or owned a home previously. I'm engaged but not married so no spousal issues. In reality, I can't complain. So I'm going to end my post by saying that I actually feel "blessed" to be at this point. I'm going to stop my whimpering and whining and just wait for the check. Afterall, it was free money and without it I wouldn't be able to purchase the house at all.
01-06-2013 10:35 AM
Free money is why it takes longer.
How many people or companies want to part with their money?
While the program was implemented to help the consumer, states, counties also gain rewards.
These type of programs are funded in full at their fiscal year. The money is deposited into an account, and the longer they hold on to the money the longer they gain interest on said funds. This is on top of any other funds the state and counties are provided for participating in the programs.
But in the end I agree receiving 10k for free its worth the wait.
01-06-2013 11:27 AM
01-11-2013 01:49 PM
I received an e-mail from my LO a short while ago stating "You are clear to close. The bank will contact you to set up a closing date." I cannot tell you how great it felt to read that.