May 2015 Closers

[Anonymous]

I'm just on pins and needles here!  My LO told me she had the mortgage company on alert to be looking for my final inspection since we are supposed to close on Monday.  I pray we get the clear to close today.  Anyone know how long it takes to get the paper work together for closing once you get the word???  I have heard 2 days but I fear we won't have that much time.

[frugalQ]

woo hoo frustrated!!!!

now that you've gotten passed that stressor, time worry about something else!    I'm just kidding...i know exactly how you feel.

the time to complete paperwork depends.  the lender will need to wire the funds to the closing attorney and they will need ot send them the closing package.  the timing totally depends on the lender.  some closing companies have a fairly early deadline to wire funds each day.  if the underwriter can give you a clear to close today, there should be plenty of time for them to get the package and funds ready and sent over to the closers.

i am sooooo happy for you!!

[Anonymous]

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@frugalQ wrote:

woo hoo frustrated!!!!

now that you've gotten passed that stressor, time worry about something else!    I'm just kidding...i know exactly how you feel.

the time to complete paperwork depends.  the lender will need to wire the funds to the closing attorney and they will need ot send them the closing package.  the timing totally depends on the lender.  some closing companies have a fairly early deadline to wire funds each day.  if the underwriter can give you a clear to close today, there should be plenty of time for them to get the package and funds ready and sent over to the closers.

i am sooooo happy for you!!

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Thanks frugal for stepping in AGAIN and answering that for me!  You are just awesome!  She e-mailed me back and said we should be getting our CTC any time!

[nuggets321]

Whoo -Hoo !! Thank you for sharing all of your progress ! I think we all start out thinking these deals are going to be "so much fun ?" but have no idea how much the stress absolutely sucks ! Your sharing helps others like me keep hope that it will work out ! Hope your next few steps work out for you !

[Anonymous]

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@nuggets321 wrote:

Whoo -Hoo !! Thank you for sharing all of your progress ! I think we all start out thinking these deals are going to be "so much fun ?" but have no idea how much the stress absolutely sucks ! Your sharing helps others like me keep hope that it will work out ! Hope your next few steps work out for you !

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Thanks nuggets!  I will post as soon as I hear!  I am soo excited right now!  Pray that nothing goes wrong!

[mwv813]

Looks like I can add my name to this list *fingers crossed*

Home Location : Tampa, FL

Purchase Price : $ 205,000

Property : Single Family detached -2 CAR GARAGE

Submitted Offer : April 10 , 2015

Signed contract : April 12, 2015

Earnest Money : $ 2,000

Lender Name : Inlanta Mortgage

Type of Loan : FHA

Loan Rate ; 4.5% (Includes $4,598 Lender Credit)

Appraisal was ordered 04-30/2015

Appraisal performed --

Appraisal completed and sent to clearinghouse : --

Sent to underwriting : April 16, 2015 (required Manual approval)

Tentative closing : May 15, 2015

Initially submitted wanting to be part of the Florida Bond Program which would have provided $10k for down payment and closing costs.  UW approved, but could not qualify me for the bond program so plans changed and we have to use our budgeted closing cost funds for down payment.  As such, we had to ask for Lender Credit to combine with the $1000 seller credit to cover as much of closing costs+prepays as possible.  It's going to be really tight for us at closing - I need to come up with another $3-4k before closing to be on the safe side;(

* Note: Credit score per lender pull on 4/10/15:  EQ: 659 TU: 643 EX: 564

[Anonymous]

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@peepers wrote:

my mid was 773, however my husbands was 686 (and he is the Veteran...doing VA him primary).  However now it seems our interest rate is only going to be 3.5%.  I must have read something wrong

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You didn't read anything wrong, peepers. VA loan rates aren't affected by scores... (I found out after working my hiney off to get our scores up. At least we have good scores for other things, so not wasted effort).

[dozzer99]

MWV, What excluded you from qualifying for the bond? I'm about to put in my app and am going this route.

[Anonymous]

Home Location: Broward, Florida
Purchase Price: $741,000

Property: Single-family detached home, 3 car garage, 4006 Sq Ft, swimming pool, 1/2 an acre lot.

Mortgage Scores:  Spouse – EQ724, EX729, TU727 

Pre-Qualified : March 10, 2015
Offer Submitted: April 6, 2015

Offer Accepted: April 8, 2015

Earnest (Deposit) Money: $10,000.00

Lender Name: Suntrust Mortgage

Notes about Lender: Loan officer Ken has been great, responses quickly, very thorough and patient. 
Type of Loan: Physician (Doctor) Loan:  Zero down up to $650,000,  5% down up to $1.5 million , No PMI 
Inspection: April 16, 2015
Purchase contract addendum: none
Loan Rate: 4.1%,

Application submitted: April 9, 2015
Loan Processing:April 24, 2015
Mortgage Commitment Letter: 
Appraisal Ordered: April 14, 2015
Appraisal  Completed:  April 22, 2015
Went to underwriting: April 30, 2015
Underwriting Complete: 
Final Approval:
Walk Through:
Tentative Closing Date: May 22, 2015

Derogatories on Reports: two 30 day lates credit card  (2011), five 30 day lates, one 60 day late Car loan (2011,2012)

[KoolDev]

Two years ago my scores were in the mi upper 500's.   Now in the 700's.  New home closes on May 28th.  Loan application is in underwriting.   Exciting but scary !