March 2015 CLOSERS!!!!

[Anonymous]

I'm so happy for you!! Congrats!

[Anonymous]

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@andemalia wrote:

We CLOSED this morning!!!!!

At the last minute (on our way to closing) the lender calls us that the insurance made a mistake and changed the premium AND the closing date, so that was caught thank goodness and had to wait for the insurance place to open then they verbally admitted that they made a mistake; it had to be changed and then submitted back to underwriting AFTER we had gotten the clear to close!!!! Thank God we were told to ignore it and it did resolve itself, and we got the final clear to close half way into signing the papers!!!

Anyways...

Wheeewwwww!!! This journey has come to an end but we still can't believe it is over. We are getting ready to go to the house and bring a few things, just make it reality...

Hang in there everybody.... This too shall pass!!!!

We came from poor credit to becoming homeowners and were empowered by the knowledge shared here; you too can do it!!!

Cheers!!!

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Congratulations!!!!! Best of luck and enjoy your new home!

[Glenn_S]

Congrats! Now do the happy dance!

[Anonymous]

Got some good news and bad news today...

BAD NEWS: The underwriter had to do another credit pull because mine expired and now he wants the pest inspector to go back out to the property and inspect an enclosed gazebo for pests. Apparently in the report the pest inspector claimed that he could not get into the gazebo due to snow and ice. This is probably going to make us miss our March 20th closing date now... ugh...

GOOD NEWS: When the loan officer pulled my credit it was alot better than when i initially applied and they got us a better interest rate! YAY! i saved a few on my loan per month. I guess that helps a little.

We are first time home buyers, what can happen if we miss our closing date??? Is that really such a bad thing?

[Anonymous]

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@Anonymous wrote:

Got some good news and bad news today...

BAD NEWS: The underwriter had to do another credit pull because mine expired and now he wants the pest inspector to go back out to the property and inspect an enclosed gazebo for pests. Apparently in the report the pest inspector claimed that he could not get into the gazebo due to snow and ice. This is probably going to make us miss our March 20th closing date now... ugh...

GOOD NEWS: When the loan officer pulled my credit it was alot better than when i initially applied and they got us a better interest rate! YAY! i saved a few on my loan per month. I guess that helps a little.

We are first time home buyers, what can happen if we miss our closing date??? Is that really such a bad thing?

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yay!! you'll save over the life of the loan.

I'm a 1st time homebuyer too...i had to extend my contract and was supposed to close today but still haven't gotten word to go sign the docs. ugh. but i dont think missing the closing date is a big deal but its all up to the seller's IMO. I was scared that my sellers wouldn't sign the contract extension but they want to get rid of it as much as i wanted it.

Hopefully your sellers will sign the extension. good luck!

[Heatherkins]

Home Location: Nevada

Purchase Price: $229,900

Property: Single Family home - 2,340 SqFt

Submitted Offer on: 02/23/2015

Signed Contract on: 02/24/2015

Ernest (Deposit) Money:  $5,000

Lender Name: PRMG

Notes about Lender: Has been a smooth process so far! 

Type of Loan:  30 Year Fixed FHA

Inspection: 2/27/2015

Purchase contract addendums: Lease\Rent Back Agreement for 3 weeks; 4K in seller paid closing costs; 2.5K in lender paid closing costs

Loan Rate: 3.865%

Application submitted: 03/02/15

Loan Processing: currently working on this step...

Mortgage Commitment Letter:  

Appraisal Ordered:  3/07/15

Appraisal Completed: 3/10/15

Went to underwriting: going into underwriting on 3/15 (I am nervous!) 

Underwriting Complete: 

Final Approval: 
Walk Through: 

Closing Date: Estimated (rate lock ends) 3/31 

This whole process makes me nervous! I am way too excited about the house and probably have told way too many people! I need to just calm down.

A little more about us...88K gross salary...21% front end DTI 36% backend DTI....His mid-score 740...My mid-score 704...I have 2 medical collections ($210/$490) unpaid and 1 paid cable collection from 2009 for $96. His credit has no baddies. 

 I am so worried about this process...cannot wait to get out of underwriting and get a clear to close. 

[Anonymous]

Good luck Heatherkins!

[treski]

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treski wrote:

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treski wrote:

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treski wrote:

Home Location: Gillette, WY

Purchase Price: 208,500

Property: Single Family Home 1,700 SF on 0.33 acre lot

Submitted Offer on: 2-4-2015

Signed Contract on: 2-11-2015

Ernest (Deposit) Money:  $1,000

Lender Name: Veteran's United

Notes about Lender: Just love my LO...he replies in about 2 hours every time...keeps calming me down, as I am VERY skeptical that this will all work out

Type of Loan: VA 30 year fixed

Inspection: 

Purchase contract addendums:

Loan Rate: 4.0% locked

Application submitted: 

Loan Processing: 

Mortgage Commitment Letter:  3-9-2015!!!

Appraisal Ordered:  2-13-2015

Appraisal Completed: 2-27-2015

Went to underwriting:  2-17-2015

Underwriting Complete: 3-9-2015

Final Approval: 
Walk Through: Scheduled for 3-16-2015

Closing Date: Scheduled for 3-20-2015 now 3-18-2015

Got back our first conditions from UW yesterday (I have a feeling this is going to be a long process, no surprise):

-  DH job transfer letter (we are moving from CA to WY)

-  Employer's address

-  2013 W2

-  Credit report letters (each negative mark on our credit report was printed out with a few lines below for us to explain the item...easy peasy)

-  Hard inquiry letters (same as above, except we had to explain why our credit was pulled so many times...Mortgage Shopping, duh)

-  Earnest money documentation (copy of front and back of earnest check and our bank records showing it leaving our account)

-  4506-T (signed Requests for Transcript of Tax Returns for 2011-2013)

I faxed all of the requested documents this morning.

Wish me luck.  Yikes yikes yikes.

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2-26-2015

Got an email just now saying the we are conditionally approved by underwriting!  I know this is just the beginning but that felt good.  All they needed was my homeowner's insurance policy number and some information from our builder.

BTW, our homeowner's insurance is KILLER, in my opinion.  $65/month with USAA.

EDIT TO ADD:  One of my LO's assistants sent me a VA Amendatory and Warranty of Completion, which my builder signed today.  We signed, scanned, and emailed them back right away.  She also told me that we are waiting on title work and then my apprasial in order to be sent back to underwriting for final loan approval.

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2-27-2015

BAD NEWS.  Our house did not appraise.

Got an email this morning from Veterans United saying that our VA appraiser has invoked the Tidewater Initiative.  This is a VA-specific thing that gives my realtor 48 hours to provide 3 comp properties in a mile radius to justify the purchase price.

My realtor told me, "Well, we always knew this was a possibilty," and told me to start saving money.  I am not able to pull a bunch of money out of the air, however.  She also suggested I change lenders to avoid some closing fee, but she has been trying to push me to the same lender in town over and over.  I do not want to switch lenders.

Best case...maybe our house will end up appraising.  Or maybe our builder will help us out, but as it is a new construction, I don't see how this is likely.

Acceptable case...our house doesn't appraise but my in-laws gift us the difference.  This has not been offered, so we'd have to ask (I don't understand where all of these people who get massive monetary gifts come from...).

Worst case...house doesn't appraise, builder won't negotiate, parents won't gift us the difference.

:-(

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3-13-2015

We are CLEAR TO CLOSE as of Monday!!!!  No further conditions, not even another bank statement. 

Besides our appraisal hiccup, our experience has been very, very good.  I LOVE MY LENDER!  Seriously, NO FURTHER CONDITIONS????!!!!

My mother-in-law came through with our closing costs and I am just so grateful and so humbled.  Good new, too, they are much lower than anticipated...just $4,400.  She saved our loan.

Our home appraised for just $1,000 less than the builder was asking, so he lower his price.  We had offered $6,000 OVER his listing price to cover closing costs.  After much grief and vodka, my mother-in-law saved my sanity.

One final bit of confusion occurred because I will not be present at closing (I'll still be in CA).  Lender needed a notarized POA, which the title company paid to have over-nighted.

So far so good.  Hubby is doing final walk-through Monday and we are scheduled to close WEDNESDAY!!!!!!!!!!!!!!

[frugalQ]

Congratulations treski!!!!! I know you were stressing over the appraisal.

[frugalQ]

Good luck to everyone who's scheduled to close this week!!!  We are 4 days away.  i cannot cannot cannot wait!!!!  I have been floating all weekend.  today is my last full day in the office....sooooooo wonderful!!