May Closers

[Mrs_hambright]

Don't be a cloud then ... April showers will bring our May flowers.

[juggalo9er]

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@Mrs_hambright wrote:
Don't be a cloud then ... April showers will bring our May flowers.

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thanks lol

[Thompsa4]

This is so nerve-wracking.  I obsessively check my email to make sure I didn't miss anything from the mortgage processor.  Our first (and current) home was via FHA and it was nothing short of a nightmare.  

    Purchase Price:  $164,900
    Property: SFH - 1972 sq ft
    Toured house on:  3/26/14
    Submitted Offer on: 3/27/14
    Signed Purchased Contract on : 3/27/14
    Type of Loan: VA fixed 30 year
    Loan Rate: 4.25%
    Loan Approved: ---

    Inspection:  4/3/14

    Appraisal: Ordered 4/4/14
    VA Approved: ---
    Closing Date: 05/16/2014 tentatively

But...this is all contingent on our current home selling (and appraising for FHA, as buyer has FHA loan) 

[Mrs_hambright]

It will be all worth it in the end!! I am trying my best to not stress!!

[mariasoccermom11]

does home equity count!!!??? lol

[sharriel]

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@juggalo9er wrote:

Hate to be the cloud in everyones "May Closer" but its only April.....

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I'm confused at this statement.  I know it's only April but many of us have May closing dates.  Why does it matter?

[sharriel]

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@Thompsa4 wrote:

This is so nerve-wracking.  I obsessively check my email to make sure I didn't miss anything from the mortgage processor.  Our first (and current) home was via FHA and it was nothing short of a nightmare.  

    Purchase Price:  $164,900
    Property: SFH - 1972 sq ft
    Toured house on:  3/26/14
    Submitted Offer on: 3/27/14
    Signed Purchased Contract on : 3/27/14
    Type of Loan: VA fixed 30 year
    Loan Rate: 4.25%
    Loan Approved: ---

    Inspection:  4/3/14

    Appraisal: Ordered 4/4/14
    VA Approved: ---
    Closing Date: 05/16/2014 tentatively

But...this is all contingent on our current home selling (and appraising for FHA, as buyer has FHA loan) 

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This is soooo me!! Everytime I hear the ding on my phone meaning an email, I immediately stop what I am doing.  She said that I have my documents back to her faster than any other client that she has ever had! lol

[mccallb]

Wow you got a 4.125% with a 670 middle score?  Thats great!  What bank?

[Thompsa4]

So far, we've been asked for the following:

• a copy of the homeowner's insurance quote
• a letter stating that we have no childcare costs
• signed tax return transcript request

@sharriel -- I dropped everything I was doing to send that over immediately.    

I just got off the phone with a rep from CBC Innovis.  We had a conference call with my student loan company, verifying the amount of each loan and the monthly payment if NOT on the income-based repayment plan.  I'm pretty sure these student loans are going to cause a problem for UW due to the IBR plan.  

The LO preapproved us and sent our docs with all my student loans, our current mortgage and with the new mortgage.  I'm seriously afraid this will cause problems as he even mentioned the DTI will be tight.  I'm happy to wait until our buyer's loan closes to get the approval on our new house.  In fact, that would be preferable.   

[sharriel]

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@Thompsa4 wrote:

So far, we've been asked for the following:

• a copy of the homeowner's insurance quote
• a letter stating that we have no childcare costs
• signed tax return transcript request

@sharriel -- I dropped everything I was doing to send that over immediately.    

I just got off the phone with a rep from CBC Innovis.  We had a conference call with my student loan company, verifying the amount of each loan and the monthly payment if NOT on the income-based repayment plan.  I'm pretty sure these student loans are going to cause a problem for UW due to the IBR plan.  

The LO preapproved us and sent our docs with all my student loans, our current mortgage and with the new mortgage.  I'm seriously afraid this will cause problems as he even mentioned the DTI will be tight.  I'm happy to wait until our buyer's loan closes to get the approval on our new house.  In fact, that would be preferable.   

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I've been asked for the following:

last 2 years of W-2's

last 2 paystubs

homeowner's insurance quote

last 2 months bank statements

Wonder why they needed childcare costs...I guess for your expenses.  Mine didn't ask me.