Mortgage Loans

[deg757]

I finally got word today that we were approved through automated underwriting. I hate it when our lender says he will call Monday and then doesn't call until Wednesday. I am fine with waiting for him to get it done, but don't tell me you are going to call on a certain day and then don't. So frustrating. Meeting with realtor in one hour!!

[scmami]

Congrats to you! Now the fun begins...

[How2increase]

Wow!! Congrats that is awesome news!!! I'm in final underwriting, very nerve wracking!!! 

[deg757]

We met with our realtor at lunch today. We are going out to look at a bunch of houses on Sunday. It is so crazy to me that we have gotten to this point. I never thought we would get out of our credit problems enough to get a house.

On a side note, our mortgage broker and realtor both recommended purchasing a home that is 1-2 years old as opposed to building one because sellers are willing to pay closing costs and builders have not been willing to do so. Since we are doing FHA our closing costs are going to be around $6,000. They said the most they have seen a builder willing to pay recently is about $2,000 unless the house has been sitting for a while. Does this sound right?

[indecison]

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deg757 wrote:

We met with our realtor at lunch today. We are going out to look at a bunch of houses on Sunday. It is so crazy to me that we have gotten to this point. I never thought we would get out of our credit problems enough to get a house.

On a side note, our mortgage broker and realtor both recommended purchasing a home that is 1-2 years old as opposed to building one because sellers are willing to pay closing costs and builders have not been willing to do so. Since we are doing FHA our closing costs are going to be around $6,000. They said the most they have seen a builder willing to pay recently is about $2,000 unless the house has been sitting for a while. Does this sound right?

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Where do you live? I think all areas are different because our builder is paying 5K of my closing costs. They also picked up 13K in upgrades.

[deg757]

We are in north Louisiana.

[scmami]

I'm in SC. We are doing new construction, but a spec home that's been sitting 6 months. At any rate the builder is paying $5k closing costs and $5k upgrades. For new builds it's $15k upgrades and $5k closing costs.

[deg757]

We went out with our realtor yesterday. We saw everything in the two neighborhoods that we like that was within our budget. We found one we both really loved. My husband refuses to put in an offer before his father looks it over. So we made an appointment to go back today at 5:00 with his dad. Unless he sees something just completely ridiculously wrong that we missed, we will be putting in an offer. So excited!!! 3 beds, 2 baths, 1,866 sq feet. List price is $224k. It's 11k less than what we were planning on spending. Totally move in ready and in the neighborhood I was hoping for. I love it. Wish us luck for this afternoon!

[ladyli22]

Sounds great! Hope the appointment to look it over again goes well!

As for the new builds, it may be dependant on area. We just closed on our home on August 1st and the builder paid 8,400 in closing costs and we also had about 30K in upgrades that were included.

[deg757]

We ended up putting in an offer on that house. Now we are just waiting. I hope this doesn't take all the way up to the 6:00 deadline for them to tell us something. Our realtor said to expect them to counter with the full asking price because the house is so well priced and we are asking them to pay all the closing costs. I am ok with paying the full price because it is a really good price for the neighborhood and we think it will appraise well above.