March 2015 CLOSERS!!!!

[treski]

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treski wrote:

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treski wrote:

Home Location: Gillette, WY

Purchase Price: $215,300 (including $6,000 closing costs)

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:  

Appraisal Ordered:  2-13-2015

Appraisal Completed: 

Went to underwriting:  2-17-2015

Underwriting Complete: 

Final Approval: 
Walk Through: 

Closing Date: Scheduled for 3-20-2015

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.

:-(

[mynameainttracy]

I am so sorry to hear that. We are also doing a VA loan and we were warned up front that our builder will not lower his price if we don't appraise so I could possibly be in the same boat.

How much lower did the appraisal come in?

[Glenn_S]

That sucks...Hopefully your Realtor can make your case.

I found this about how appraisers think...may not be good news, but it may help understand it. It seems everyone has their own forum these days...

http://appraisersforum.com/forums/threads/tidewater-initiative-question.186462/

[treski]

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mynameainttracy wrote:

I am so sorry to hear that. We are also doing a VA loan and we were warned up front that our builder will not lower his price if we don't appraise so I could possibly be in the same boat.

How much lower did the appraisal come in?

We don't know yet because the appraiser sent the Tidewater Initiative today.  This means that it's not appraising high enough, but we won't know what the true appraisal is until the 48 hours have passed and my realtor has provided the comps.  

I had decided to stop drinking wine until I lose more weight, but that was a stupid thing to do in escrow.  I will throw 'em back tonight.

[treski]

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@Glenn_S wrote:

That sucks...Hopefully your Realtor can make your case.

I found this about how appraisers think...may not be good news, but it may help understand it. It seems everyone has their own forum these days...

http://appraisersforum.com/forums/threads/tidewater-initiative-question.186462/

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From the dozen or so pages on that thread that I read, it doesn't look good for me.  I did not see any of the appraisers mention a single case in which the process worked out in the veteran's favor.  They seem to loathe the process.

It is all a formality.

Very discouraging.

[andemalia]

treski,

I'm so sorry to hear that. I know that somehow it will work out. So your plan is to wait the 48 hours so yes what the appraisal comes up to and then see if you can ask family the difference? It hard not to even have the slighest idea how much we are talking here. It might not be much. If you went the resale route with the same lender you would probably lose your earnest money right? Just think positive and creative solution; something will come through and you will be happy in the end!! Don't be discouraged!

[andemalia]

We have a conditional approval!!! We were supposed to supply updated statement  showing the earnest money leave the account. We made two checks. One came out of our credit union account but the statement will not be available until a week or more after the last business day of the month. Lender can accept print out (PDF versions) but for some reason our credit union online banking interface isn't the best and there is all the info on the PDF version of the account activity except the name; however transactions show account numbers, direct deposit with employer's name in the transaction and the account earnest money transaction. Just not the name. So that's what we have to figure out. Not sure if an in-branch print out will have all the info; we could then scan it and email it. That is what's holding our final approval.

Also, our loan would have to be send to the state housing agency for final okay, and back to the lender. But that's all electronic and should happen within a few business days.

We also just ordered a termite inspection (not required by lender).

Other than that we just have to sit and wait. Sofar it looks like we should have no issues closing on March 12.

Keeping you all in my prayers for loan approval, satisfactory appraisals and smooth closings/moves!

Treski, please, do not despair; all will be alright.

[treski]

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@andemalia wrote:

treski,

I'm so sorry to hear that. I know that somehow it will work out. So your plan is to wait the 48 hours so yes what the appraisal comes up to and then see if you can ask family the difference? It hard not to even have the slighest idea how much we are talking here. It might not be much. If you went the resale route with the same lender you would probably lose your earnest money right? Just think positive and creative solution; something will come through and you will be happy in the end!! Don't be discouraged!

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Thanks.

I have had a deep intuition this whole time that the process would not work for us.  

I am not surprised.  But I am terribly discouraged.

[treski]

Congrats to you! Sounds like things are coming along nicely! :-)

Cheers

[andemalia]

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@treski wrote:

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@andemalia wrote:

treski,

I'm so sorry to hear that. I know that somehow it will work out. So your plan is to wait the 48 hours so yes what the appraisal comes up to and then see if you can ask family the difference? It hard not to even have the slighest idea how much we are talking here. It might not be much. If you went the resale route with the same lender you would probably lose your earnest money right? Just think positive and creative solution; something will come through and you will be happy in the end!! Don't be discouraged!

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Thanks.

I have had a deep intuition this whole time that the process would not work for us.  

I am not surprised.  But I am terribly discouraged.

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treski,

I think we all have that intuition it's NOT going to work. I'm pretty sure  other people can tell you that's what they thought along and could NOT think it would work out until after they had the keys in hand. Let this even be a greater motivator; let this force you to seek for some sort of other way/option that could work. Could you consider a resale instead? Would that forfeit your earnest money? I think you could start a separate thread and expain your situation and have people bring their opinion; they are a lot of experienced people including mortgage pros who could offer creative solutions. Keep your head up, friend, you will get YOUR home!!! You deserve IT!!