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08-17-2012 12:56 PM
08-17-2012 08:28 PM
I finally found THE house!
- Purchase Price: $271,000
- Property: Two Story
- Submitted offer on: 5/12/2012
- Signed Purchased contract on : 5/12/2012
- Type of Loan: FHA
- Loan Rate: 3.75%
- Loan Application submitted: 5/29/2012
- Loan approved: 5/30/2012
- Committment letter received on: Pending Receipt
- Closing date: Somewhere around 8/10/2012
- Closed on: Pendng
Building a new home with Highland Homes, who we got to provide a 1% interest reduction, over 20,000 in upgrades, and $6000.00 towards closing!
The original price was (with upgrades) 295,000 Love buidling with free upgrades.... Pics to come soon
UPDATE!!!! CLOSED TODAYSo happy this is ONE of the BEST days of my life...
08-21-2012 07:18 AM
Closed on my 1st Home !!
Everything went smoothly and thank god none of the nightmare closing stories I read about applied. I am just one of many people who thanks to the forum were able to improve my credit save $$ and purchace my 1st home. It felt great to hear the lawyers and LO tell my Finace and I that we had great credit ! Hopefully I can convince her ( my fiance) not to splurge on the CC's to much lol.
08-21-2012 08:14 AM
I just found this forum today. We are currently in UW for a USDA loan in Kentucky. Signed contract on July 16 and contract states loan to close on or before 8/31. Our LO came back with one condition last week, which I submitted the same day (address on one W2 was incorrect). So stressful!!!! Our LO is no help!! she will not answer my e-mails most of the time or she is very short. I am really starting to get annoyed! As far as I can tell, it has not gone to USDA UW - only the in-house UW at the lender. When I asked our LO if we would be able to close by 8/31, her reply was "Sure hope so." Any advice? Thanks to all!
08-21-2012 08:40 AM
We are currently in the process of buying our home with the USDA Rural Guarenteed loan. We just got our loan commitment back from them yesterday. Once your loan officer sends stuff back to UW to remove conditions, it should only take 3 days at the most. Then it goes to RD for loan commitment, RD was 10 days behind here in Michigan, so you may want to call the RD office in Kentucky and find out what their turn around date is. Once you get the commitment, it goes back to UW for final look through and Quality, which can take up to 3 days and then they should issue a clear to close. Our loan is back in UW with the loan commitment and we should here back today and possibly close by Friday. Honestly, my personal opinion, I do not think you will close by the 31st, but then again, it all depends on how quick RD turn around time is. Also, even though you only had one thing to provide for your conditions, the LO may needed stuff from the title company or other areas too. When I sent in my stuff for conditions, they still had to wait a week to send back to UW because they were waiting on something from the title company. It is a very stressful process, but just try to tell yourself that you are one day closer to closing on your home.
08-24-2012 05:58 AM - edited 08-24-2012 06:22 AM
You guys don't know how long I have waited to post to this board! I contemplated waiting until AFTER I closed to post just because there have been soooo many speed bumps, but I have faith now that we are closing!
08-24-2012 09:32 PM - edited 08-24-2012 10:18 PM
Just closed on a FHA streamline refinance. We had to do a full credit qualifying streamline refi to remove a coborrower with bad credit. This journey began back in February and it was seeming it would never come to an end, but as the notery had us sign all of the closing docs just a few hours ago, its finally settled. The interest rate is going from 6.75% 30 year fixed to 3.626% 30 year fixed. My upfront MIP was only $8.75 and my monthly MIP is the same as when my loan orignated at the rate of .55 as apposed to the current rate of 1.50 or 1.75 (MIP grandfathered in since my loan originated before before June 2009, and part of the reason it's taken me since February to do this). It's hard to believe I've knocked $230 a month off my mortgage payment and my total mortgage payment to begin with (principle, interest, taxes, and MIP included) was already under $850 a month. Now I can truly and easily (God willing) have this place paid off in between 8-10 years!
When this journey started I was told by several professionals and several web resources it couldn't be done. But I have to thank my college education for teaching me to not believe anything I hear and only half of what I see. So I engulfed myself in learning the ins and outs of the whole process and going through several people before I found someone who could help. That's also part of the reason my MIP is so cheap. If I had closed when I received my first approval back in March, I'd have paid close to $900 up front MIP and my monthly rate would have been 1.10 (more than double what I'm paying now per month). The interesting thing is although my broker was helpful in finally getting me closed, she didn't do anything to try to stop me from closing back in March. I doubt she would've even told me about waiting until June to grandfater in my lower MIP? I researched and almost became obsessed with getting this done and that's how I knew to wait (even though it meant starting the whole process over again in June and it taking more than twice as long to get approved as it originally did.
To anybody still dreaming, it can be done, but you really have to want it bad enough to invest countless hours of your life researching sites like this along with anything else you can find. You need to educate yourself and do not take the first few opinions as your fate. Thanks to anybody who bothered to read this and thanks to you that have helped on this board, even if I never directly asked for help.
08-26-2012 09:09 PM