Mortgage Loans

[laitecia]

• Listing Price: $246,990 (builder contributing $4k toward closing costs)
• Property: New Construction
• Submitted offer on: NA
• Signed Purchased contract on : Feb 3rd 2012
• Type of Loan: FHA Loan 
• Loan Rate: 4.25% (we have sub-620 scores, so this is a little higher)
• Closing date: April 27th
• Closed on: Not yet

We've had some hiccups. My husband was at a 642 mid score when we started and that was one of our conditions, that his mid score be 640+. Well, a loan increase showed up on his loan, dropping 10 points, then 2 student loan lates showed up (which were not valid). We paid off the balance increase and corrected the two student loan lates. THEN an OLD collection from '07 popped up (you know how they do when they see you applying for a mortgage loan!), which plummeted his score. They tried to do the Rapid Rescore, but unfortunately his score was only at 608. Our DTI was already very high since they couldn't count my current income (self employed but have a contract of $50k/yr - long term), but average of last two tax returns, which is significantly less. They are using my income as a compensating factor. We had to come up with 5% down, versus the 3.5% and we had to take a higher interest rate of 4.25%. We had to have the extra down payment gifted. It's been crazy stressful, but hoping that they give us the clear to close soon! We should know by Monday! *FINGERS CROSSED*

[JennyMominRI]

Well we are still on contract to close on the 13th. We didn't have to do an appraisal. It was already done. And we got the first buyers to let us see  have their inspection report . The only thing we have to do is to redo the pest inspection as the one they got is more than 30 days old. All of my paperwork is done. My formner landlord texted today to say he said  the right things on the verification of rent.

  I no some people dread the weekends while under contract, but I am relieved to just be able to relax for a couple of days. We are going to head for Daytona Beach and Disney this weekend. Next week, I assume will be busy and we will probably be in underwriting.

[needahome79]

I closed today thank you JESUS

[StrateUp]

It's been 95 days since the seller accepted my offer and 91 days since the sellers short sale package went to his bank. Still haven't heard a word back from the sellers bank. Looks like I'm not going to make March or April afterall. Looks like I'm in for the 1.75% PMI too. I'm a nice person but right now I'm starting to hate everybody involved. This has been going on since Decemebr and I haven't started with the bank yet other than a pre-approval.

Should I start an "April & May Closers - Come on In!!" thread?

[FrugalRican]

StrateUp, I think there already is one started.

[StrateUp]

I don't really think so but I was being sarcastic about starting one anyway. I have no real idea when I'll ever see a closing date. I'm minutes from walking away from the mess anyway.

[LondonMassey]

I just wanted to update those who are following my soap opera of first time home buying...

My hours have now increased at work, and I also have a new boss (karma sucks, doesn't it?  Thank you lord!)  I have been assured by the new boss that I shouldn't have anything to worry about anymore (still worried... of course).  The new boss was a fellow employee that I have worked right along side of for the past 10 months.  She knows that I'm productive, that I always show for my shift, etc.  Things are sounding like I may be a home owner after all... but I'm scared to get my hopes up.  (Pray for me!)

[Catacam]

Praying London!

[blessed92380]

• Listing Price: 124,900  (short sale)
• Purchase Price: 119,400 with seller paying $2,400 in closing, survey, and 1 year home warranty
• Property: Existing Single family home
• Submitted offer on: January 31, 2012..Seller accepted 02/01/12 but waiting on bank to accept offer.  (short sale)
• Signed Purchased contract on : 03/01/2012... we went back and forth with counter offers 03/28/2012
• Type of Loan: USDA RD Guaranteed ... We have a pre approval from Core Finanacial
• File submitted to Lender: 03/28/2012

I got word from my mortgage broker that we are currently in underwriting and should hear something within 5 days.  I am excited but calm, worried but positive.  I will feel better when conditions come in and not a flat denial : )  We are doing the home inspection tomorrow so I am extremely excited about taking better pictures/video and having time to imagine what I can do to transform our future home (Lord willing).  

[blessed92380]

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StrateUp wrote:

It's been 95 days since the seller accepted my offer and 91 days since the sellers short sale package went to his bank. Still haven't heard a word back from the sellers bank. Looks like I'm not going to make March or April afterall. Looks like I'm in for the 1.75% PMI too. I'm a nice person but right now I'm starting to hate everybody involved. This has been going on since Decemebr and I haven't started with the bank yet other than a pre-approval.

Should I start an "April & May Closers - Come on In!!" thread?

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StateUp.. It is horrible that you are having to wait so long.  I fully expected to wait as long as you have because everything I read about Navy Federal Credit Union said they were the worst and the slowest at handling shortsales.  I waited just over 1 month and it passed by quickly.  I am bringing this up because we were at risk of losing the house due to it being set for a courthouse auction.  We had one week before the house was going to be auctioned off and no one was able to get anywhere with Navy Federal.  SOOOooo I wrote an email explaining the situation and sent it to the CEO along with other Head Hanchos : )  Anyways, the very same day I sent the emails I got a response from one of them telling me I would hear something shortly and then a call from my realtor the next day stating that Navy Federal contacted the sellers negotiator and that they were sending paperwork for an extension and stop of the auction.  That very next week Navy Federal also accepted our offer!  I know that if I had not sent that email we would have lost the house and would have waited much longer for the offer to be reviewed.  

I looked up the court documents a week later and saw that everything was processed by the court 2 days before the auction date.... I guess what I am saying is that if I were in your shoes I would write the CEO and whomever else and see what happens.  I hope things work out for you soon!