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07-15-2012 07:00 PM
5 days until closing for me!!!! SCARY!!!!
07-16-2012 05:40 AM
I didn't see this thread before.
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?
07-16-2012 06:36 PM
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!
07-17-2012 02:57 AM
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.
07-17-2012 03:55 PM - edited 07-17-2012 03:57 PM
Guys, I will be closing around July 30th. Awaiting on an exact closing date from seller's agent
07-18-2012 11:39 AM
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...
07-18-2012 05:12 PM - edited 07-18-2012 05:13 PM
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
07-19-2012 09:18 AM