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Jasimae's Journey Thread (To Keep Me Sane and To Help Others)

Reading other threads helped put my mind at ease so I thought I'd start my own to help me deal with this process because I feel so nervous about it all. I posted previously about being frustred with my agent. No longer frustrated, just a little frazzed.  Still using agent's recommended loan officer.  However, one of the two other direct lenders I sought pre-approval from couldn't figure out how to use my $10K down payment assistance grant and he actually told me "I don't see how it could work with FHA".  I was like "huh"? I was also thinking "Wow" because I read the 4155.1 handbook a zillion times and even I understand how they accept and use grants.  So that one is a no-go.  The other direct lender is still reviewing my file for pre-approval.  They have been reviewing it for close to 2 weeks now.  On Thursday they asked for 12 months of rent payments.  I only have 8 months because prior to February of this year, I paid my rent with cash.  The 8 months of money orders I had seemed to satisfy his request and he is still reviewing my file with supervisor.  I am disappointed that it's taking them so long to review just for pre-approval.  They were my first choice as lenders and now I believe that if I had just applied with them then I would have been more frustrated with the waiting process with them.

 

Meanwhile, I was pre-approved with agent's loan officer last week and my offer of $160K plus 6% concessions for closing costs was accepted.  Based on offer price, closing cost concessions total out to $9.6K.  Loan officer's preliminary estimate of total closing costs are $13K although loan officer thinks actual number might be less because she overestimated certain pre-paids.  Anyway, inspection is tomorrow and I'm excited but nervous.  For some reason I thought I would sign a contract and give earnest money and contract would be contingent upon house passing inspection and me obtaining committment.  I was told by agent that contract is drafted and earnest money is given after inspection.  Can anyone confirm this?  I expressed my query to my agent who just told me, in her sassy way, that she's the agent and she knows the process better than I do and she's been doing this a long time and this is how it's done.  I'm like "ok, but I was just asking a question, I didn't want your first born.  No need to get snippy"  I think my real issue with her is that whenever I ask a question she gets snippy and I feel there is no need for it.

 

I am also nervous about having enough cash for underwriters to feel comfortable that I'll have enough at closing.  I have approximately $4K now but will have more before closing.  I hope that isn't the deal breaker for them once it gets to that point.  I'm a single mom of 2 working and paying bills all while still going through this process.  I save money from each paycheck, which is 1st and 15th.  Although I don't have much saved, I am proud of the little bit I do have.  I just hope they're not like "we need to see it all now".  Loan officer was like, "It seems that you won't have any money left over after this is all said and done.  Are you ok with that?"  I'm like "heck yeah."  But I'll get back $3.8K of security deposit from landlord 30 days after moving out.  I'm just nervous.  Does anyone know if it is frowned upon to still be saving all the way up until closing? or did your loan officer/underwriter want to see all upfront?

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Re: Jasimae's Journey Thread (To Keep Me Sane and To Help Others)

Today is inspection day!  I don't anticipate any issues, as the house is 10 years old and the seller took immaculate care of it.  The seller was in the military and kept the house spotless. So it's totally move-in ready.  The only things to do in it, as far as I can see, are optional things that I'd want to do.  That being said, I am still keeping my fingers crossed because you never know!  Will post after inspection.

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Re: Jasimae's Journey Thread (To Keep Me Sane and To Help Others)

Best of luck to you!  Hope everything goes good!

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Re: Jasimae's Journey Thread (To Keep Me Sane and To Help Others)

The inspection went off without a hitch.  There were two or three extremely minor issues with the electrical that the seller stated he would rectify immediately.  Although I knew the inspection would go well it was a good feeling when it was over.  On to the next phase which is the signing of the contract.  The seller was supposed to visit his parents in Virginia for Thanksgiving but he decided to forgo that to get the contrat done.  So far, things are going according to plan.  Let's hope they stay that way!

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Re: Jasimae's Journey Thread (To Keep Me Sane and To Help Others)

Wishing you the best!   Going to follow this thread so keep us updated.  Smiley Happy

 

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Re: Jasimae's Journey Thread (To Keep Me Sane and To Help Others)

Good Luck!!!! I have faith in you!!!

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Re: Jasimae's Journey Thread (To Keep Me Sane and To Help Others)


jasimae wrote:

Today is inspection day!  I don't anticipate any issues, as the house is 10 years old and the seller took immaculate care of it.  The seller was in the military and kept the house spotless. So it's totally move-in ready.  The only things to do in it, as far as I can see, are optional things that I'd want to do.  That being said, I am still keeping my fingers crossed because you never know!  Will post after inspection.


When you say inspectiondoes that include appraisal?

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Re: Jasimae's Journey Thread (To Keep Me Sane and To Help Others)

No. Bank orders appraisal. I believe after I sign contract and submit it with official mortgage application, bank will order appraisal.
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Re: Jasimae's Journey Thread (To Keep Me Sane and To Help Others)

My attorney e-mailed me on Wednesday and said that he received the contract from the seller.  I go in this Wednesday, 11/28, to sign and give earnest deposit.  I know there was one electrical item that needed to be repaired.  I don't want to put in the contract that it should be fixed.  It's so minor.  Is there any specific language that I should request in the contract?  I know the standard language is "If I am unable to obtain financing", but is there anything else anyone knows I might need to state to protect me. I'm sure my attorney will get all this down but I just wanted to know in advance.

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Re: Jasimae's Journey Thread (To Keep Me Sane and To Help Others)

[ Edited ]

Regarding having an attorney help with your contract.. I know lots of things have changed but I'm used to hearing a realtor help with this.  Is this deal on a regular home on the market or a short sale or for sale by owner?  Do you have a realtor?  Just wondering why some of these steps seem to be different.  Not that there is even a norm these days.

 

 

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