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July & August Closers

Valued Contributor

Re: July & August Closers

5 days until closing for me!!!! SCARY!!!!

My credit journey has completed. I am currently sitting at 800+ across the board.

I started my journey here years ago, and thanks to MyFico, it really is possible.
Message 61 of 138
Valued Member

Re: July & August Closers

I didn't see this thread before. 

 

  • Property: 1870 sqft, single family home, 4 bedrooms, 2 baths,  and a game room
  • Submitted offer on: July 8
  • Signed Purchased contract on :  July 11
  • Type of Loan: FHA
  • Loan Rate: 3.75%
  • Loan Application submitted:  7/12/2012
  • Loan approved: Pending
  • Commitment letter received on: Pending
  • Closing date: On or Before August 13, 2012
  • Closed on: Pending

My paperwork is with the underwriters right now.  My LO called me on Friday and asked for some letters explaining how many kids I have and their age (weird?), why my annual income was less in 2011 than in 2010 (bonus was more in 2010 than 2011) and why I paid my current landlords mortgage directly to wells fargo (she lives in a different country and it was just easier). 

 

How many times do they come back asking for things?  My LO said that the processor was asking for that?  What happens after it is with the processor?  Is the processor the underwriter?

Message 62 of 138
Frequent Contributor

Re: July & August Closers


Hammer23 wrote:
No response from USDA today. Day 29 of waiting.

Got my response back Friday... APPROVED w/ one additional condition - had to do with the WDI inspection. Realtors and the loan guy went to war, I wound up having to spend another $80 and hopefully we will close this week. I am sooo going to need a drink when this thing finally closes! 

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Message 63 of 138
Frequent Contributor

Re: July & August Closers

We're "mail away" closing on Friday!

 

We were in UW for 36 hours and at the USDA for 7 business days!

 

We had already asked for an extension to the 31st due to the backlog, but we got lucky! Our only condition out of UW was our insurance binder (which we already had in order, just waiting to bind it!)

 

Everything should be sent out to us tomorrow and we have a notary ready to go for Friday.

2/24 (Lender Pull) EQ 613, TU 553, EX 589
April EQ 633, My Fico TU 638, EX ??
Current EQ 643, TU 652, EX 633 (lender pull 5/11)
Goal (we made it!!)- Over 640 middle by 5/15
Message 64 of 138
Regular Contributor

Re: July & August Closers

Yay!!!!! Congrats to you!!!! Smiley Very Happy
Message 65 of 138
Established Member

Re: July & August Closers

Guys, I will be closing around July 30th. Awaiting on an exact closing date from seller's agent

 

  • Property: 1400 sqft, Condo with 2 car garage, Finished basement,2bdroom,2.5 bath
  • Listed Price: $109K Offered Price: $105K (offer accepted)
  • Appraised at : $95K
  • Seller finally agreed on $97K

 

  • Submitted offer on: June 12th
  • Signed Purchased contract on :  June 20th
  • Type of Loan: Conv
  • Loan Rate: 4.12%
  • Loan approved: Yes
  • Commitment letter received on: Pending
  • Closing date: On or July 30th 2012
  • Closed on: Pending
Message 66 of 138
Regular Contributor

Re: July & August Closers

Yay BrownHorse!!!!! Smiley Happy Congrats and enjoy your new house!!! Smiley Happy
Message 67 of 138
Valued Member

Re: July & August Closers

I had a pretty long delay with USDA, too.

 

Submitted file to USDA on June 14th. Received clear to close on July 11. It's taking 3-4 weeks, which is what my LO warned. I guess it's the busy season... 

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Message 68 of 138
Established Member

Re: July & August Closers

Hey HC

 

Looks like i am not going to be closing in July. Just got another disappointing call from my loan officer. Now they're having hard time approving my loan because appraisal came in very low. they want me to put down $15k down payment plus closing cost plus 4 months of reserve in the bank (since its Conventional Loan).

 

Loan Officer is going to rebut the appraisal and see if he can bring it up in order to approve my loan. Another 2 to 3 days of waiting for loan approval... Condo I am buying is not FHA approved so have to go with this stupid conventional loan. So damn stressed. Sorry about the language

Message 69 of 138
Frequent Contributor

Re: July & August Closers

FINALLY CLOSED!!!

 

  • Purchase Price:  $161,500
  • Property: Two Story
  • Submitted offer on:5/17/2012
  • Signed Purchased contract on : 5/22/2012
  • Type of Loan: USDA
  • Loan Rate: 3.75%
  • Loan Application submitted:  5/23/2012
  • Loan approved: 6/14/2012
  • Committment letter received on:6/14/2012 
  • Closing date: Scheduled for 6/27/12 will be delayed into July due to USDA backlog
  • Closed on: 07/18/2012!!!!! Smiley Very Happy
  • Loan was sent to USDA on 6.14.2012. USDA is running 18 business days behind! This puts us to about the 10th before it even gets looked at at the USDA! I have to be out of my apartment on the 7th no later! This is going to be interesting!

 

WF Home Projects Visa $8500 / Towpath CU Visa $7000 / Chase Freedom Visa $5500 / Cap 1 QS Visa Sig $5000 / Barclaycard Ring MC $5000 / GE Lowes $5000 / Citi Best Buy MC $4250 / Barclaycard Rewards Visa $4000 / BFG CU Visa $3500 / Citi Sears$3000 / WF Visa $2000 / GE Walmart $1900 / GE Care Credit $1900 / GE Amazon $1400 / Cap 1 Kohls $1000 / GE Old Navy $800 / Webbank Fingerhut $700
Message 70 of 138