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Regular Contributor
deg757
Posts: 118
Registered: ‎08-13-2012
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Re: My home buying thread!!

So much mortgage related drama yesterday. Mortage broker called yesterday to give me the bad news. Or at least he thought it was bad news, I was relieved that it was such an easy fix. He said the only way the underwriter would sign off on the file was if I took my student loans out of forbearance and made a payment. He would need a copy of the confirmation where the payment was made and a copy of the statement from the bank showing the payment coming out of my bank account. He told me that if I was willing to do that, sallie mae sometimes takes 30-45 days to get the loans back in repayment status so that would push back our closing date. I called Sallie Mae yesterday at 4:30, they changed the payment status on my loans, and by 5:00 I had made the payment and sent confirmation to the mortgage broker. I'm not really sure why he thought this was such a problem, but it turned out to be easy. I don't think he understands that I would do almost anything to be in this house.

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
Regular Contributor
deg757
Posts: 118
Registered: ‎08-13-2012
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Re: My home buying thread!!

Everyone told me how stressful this process was, but I still had no idea. We are now having trouble with the sellers responding as they should. We sent them our response to the home inspection over a week ago and still have not received their response to the requested repairs. Last night our real estate agent said that we would have to sign stating that we accepted the property as is, with no repairs by 5:00 today or cancel the contract. We are going to do that but it is annoying that if they didn't want to make any repairs, why not just check the box and say so and send the form back. Our realtor thinks they are trying to push back the closing date because they still have not found a new house yet and closing is in two and a half weeks. Oh well, as long as we still get the house, I guess it doesn't really matter. I hate drama.

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
Regular Contributor
deg757
Posts: 118
Registered: ‎08-13-2012
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Re: My home buying thread!!

We got the appraisal back today. $230k! We are paying $226k so I am very happy with that number. The processor has sent the file to the underwriter and they said we should hear by the end of next week giving us a week left until closing.

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
Contributor
drboxing
Posts: 91
Registered: ‎09-19-2012
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Re: My home buying thread!!

Great news!

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Valued Contributor
beb86
Posts: 1,115
Registered: ‎10-31-2011
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Re: My home buying thread!!

just stumbled on this thread and im on pins and needles I hope everything works out!!!!

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Valued Contributor
Epcot
Posts: 2,789
Registered: ‎10-10-2012
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Re: My home buying thread!!

What a crazy ride! Thanks for keeping us up to date. Hopefully it will all work out soon!


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Regular Contributor
deg757
Posts: 118
Registered: ‎08-13-2012
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Re: My home buying thread!!

Just an update:

 

My file went to underwriting late yesterday and the lost paperwork dance has begun. So far it has been no big deal. Yesterday, the loan processor called my cell phone thinking that it was my State Farm agent's number. She was looking for the dec page for the insurance policy. I took that as a good sign that things were moving forward. This morning I got to work and my boss told me she called him for the employment verification that he sent over two weeks ago. We resent it. I emailed my mortgage broker just to make sure everything still looked ok and he said we should have an answer by late this evening or tomorrow. Fingers crossed!!

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
Member
booo
Posts: 15
Registered: ‎08-15-2012
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Re: My home buying thread!!

It's amazing how you hear the excuse of lost paperwork in this day and age of digital documents. 

 

At what point, do they do employment verification, just prior to underwriting?

 

Thanks for your updates, very helpful for all of us. 

Regular Contributor
deg757
Posts: 118
Registered: ‎08-13-2012
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Re: My home buying thread!!

My loan processor actually did the employment verification. She is the one that gets the file ready for underwriting. I have heard that some companies verifiy employment again at the end to make sure you haven't lost your job. I don't really understand the point when they have my check stubs and my w-2's and my tax transcripts.

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
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webhopper
Posts: 7,225
Registered: ‎09-16-2011
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Re: My home buying thread!!


deg757 wrote:

My loan processor actually did the employment verification. She is the one that gets the file ready for underwriting. I have heard that some companies verifiy employment again at the end to make sure you haven't lost your job. I don't really understand the point when they have my check stubs and my w-2's and my tax transcripts.


I literally had to verify the employement the week of closing by providing my paystub showing that I still had a job.  My sellers were closing on their new house the same day. They literally left my closing, went to their house to retrieve a pay stub, took photos using phone and emailed it to their lender to get their closing...  we were both doing the employment verification dance right before closing!


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