So....this year me and my wife decided to buy a house. Nothing simpler you say....not !
After we found property that we both love we found out its a short sale.
No big deal, it will take a litle bit longer but we can save some more money for future renovation.
We apply for a pre approval on 06/28/16. After sending some paperwork we got Commitment letter on 07/08/16. Smooth.
I knew how the whole process will look like so we laid-back.
After endless waiting for sellers bank approval.....bam we got it. Then.....our LO told me they have 2nd mortgage on a house. Another bump but it's still 2016 so we are good. 2nd bank approval came in 11/03/16 but my contract say "closing on 11/01/2016" so i kissed my future home good bye. But NO! the clock starts after last approval so we got an extra month to close. Uffff...lucky us.
All of a sudden....."sellers cant close" Why i asked ? Coz they are waiting for case to close with NY Rising. WHAAAA????? Sooooo are you teling me the house was flooded? - Nope its some paperwork.
Ok next waiting game. Mid of Nov. things cleard for us....so everyone said: By Dec you will close, so be ready.
I pushed for dec 1 but they insisted dec 2. Ok np.
Not !!!!!! 11/26/2016 it's when we learned our package went for underwrighting.....Now ? You got to be f%$@# kidding. They had months and they didnt do nothing ? Sad but thrue. So.....update paystubs -check. Update credit score - check. Update bank statement- check. Employment verification- check. Flood insurance paid for a year up front 2k - check (home is not mine yet) homeowners insurance paid for a year - check (another 1k)
Ok we are all set..... NOT. Its FHA so they cant give you mortgage without checking your stamina, patients ability to jump hoops and your sanity (meaby you snap during process and kill someone)
Appraisal came back and paint is peeling. Of course it is. House is by the water and some idiot used latex based paint on stucco. I remember pointing this out to my broker. She said its ok, will pass. Yeah right.
Ok what else ? Missing railing by 3 6" steps. Ok bring it on. DONE ! ok reinspection.....another 200$ BTW 1st inspection cost 485 $ and i didnt get even a snickers. Did i mentioned i painted whole house with my wife over the weekend to speed up whole process and save some money for the sellers? Ok now i did.
Back to myself.
So after 1000$ in exterior elastomeric paint and 3 days of work we got report sayings FHA HUD standards met. Good so now to the closing.
Still not.
Underwrighter need binder for flood and homeowners insurance. **bleep** ? I just send it over couple days ago. Ok resend (gr8 feature in gmail).
On 11/28/16 i got Initial closing disclosure to sign electronically. Ok done literally 5 min later.
Ok and now what ? No one is calling me...... no one is weighting.....another waiting game ? Nope. After phone call to my LO I've learned I dont have Clear To Close. F@#$%^ perfect.
-all paperwork is done now we wait....
-No sh%# thats what I've been doing all this time.
-o btw sellers bank approval to close shortsale expired but dont worry your attorney asked for extension.
-No F%$#@& way. And who asked me ? Where did he get my signature from ?
-.........uhmmmm.....ask him. But not now. He's on vacation or....
-how the hell you know more than I do. I though I'm buying the house not you.
-......uhmmmm...i really dont know.
-Ok. Shocked. Do you know anything? When is my closing ?
- oooo yea. Definitely by 12/28/16 thats your final extension date to close.
-Just great. So lets call whoever we got to call and end this show.
- Ok...Got you....but no. Sellers attorney cant until 15 or 16 something like that.
-**bleep** ? I did so many favors for sellers to close this deal, take this weight off their back and this is how everyone repays me?
-you got to understand....sellers attorney is over 70 y old and she is one person attorney office.
-**bleep** i ask !!!!! Santa Claus is 1 men's army too and he do the job in 1 night. (Oooo w8 my bad. Forgot he don't exist)
Soooooo today is the 5 of December. And we are waiting for.....CTC and closing date because my attorney and their attorney cant play nice and come up with some good solution.
As far as i know ( I've been reassured by my LO) i will get the loan and i will close. So im keeping my fingers crossed and appliances in sears warehouse (yes we bought all new high tech super duper bla bla bla appliances) big F%@$#&. I will keep you posted. I know how stressful this can be so asap i will update you all.
I will explain step by step how the whole process looked like from start to finish. I was weighting this post on my cell on my way to work and my fingers hurts a little so next one will be later.
I think i didnt put vital info here.
House 230 k
Loan 207
Down 23k
Closing cost 20k ( yeah thats not a typo- i wish)
30 y fha
Rate locked 3.75%
My mid score 662
78k a year (paid hourly not salary)
Only I apply for loan. My wife is on title but not on loan
DTI 6% now after purchase 32% back end
Cc: 5, auto loan 1 total debt.....17900$ cc paid in full every month.
No foreclosures, bankruptcy.
1 med collection
2 old closed cc accounts settled for less thah owned.
