Mortgage Loans

[KatieKatie]

• Purchase Price:  $325k
• Property: SFH - 3600 sq ft - short sale
• Submitted Offer on: 9/7/12
• Signed Purchased Contract on : Short sale approval 10/3/12
• Type of Loan: FHA
• Loan Rate: 3.185%
• Loan Application submitted:  10/4/12
• Loan Approved: 10/19/2012 with minor conditions
• Closing Date: November 19th
• Closed On: November 21st

 

[minerva]

started here :http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/A-Heartfelt-Thank-You/td-p/886140

now here!

• Purchase Price:  $226k
• Property: SFH - 2602 sq ft - short sale
• Submitted Offer on: 9/10/12
• Signed Purchased Contract on : Short sale approval 10/10/12
• Type of Loan: VA
• Loan Rate: 3.25%
• Loan Application submitted:  10/5/12
• Loan Approved: 10/22/2012 
• Closing Date: November 15th
• Closed On: November 16th

[minerva]

started here :http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/A-Heartfelt-Thank-You/td-p/886140

now here!

• Purchase Price:  $226k
• Property: SFH - 2602 sq ft - short sale
• Submitted Offer on: 9/10/12
• Signed Purchased Contract on : Short sale approval 10/10/12
• Type of Loan: VA
• Loan Rate: 3.25%
• Loan Application submitted:  10/5/12
• Loan Approved: 10/22/2012 
• Closing Date: November 15th
• Closed On: November 16th

[booo]

• Purchase Price:  $365k
• Property: SFH - 2400 sq ft 
• Submitted Offer on: 9/15/12
• Signed Purchased Contract on : 9/27/2012
• Type of Loan: 30 Yr Fixed Conventional
• Loan Rate: 3.25%
• Loan Application submitted:  10/3/12
• Loan Approved: 10/22/2012 
• Closing Date: November 9th
• Closed On: Hopefully Nov 9th

[7ate9]

• Purchase Price:  $227k
• Property: condo - 1367 sq ft - new construction
• Submitted Offer on: 7/20/12
• Signed Purchased Contract on :  08/03/12
• Type of Loan: FHA
• Loan Rate: 3.25%
• Loan Application submitted:  08/05/12
• Loan Approved: 08/29/2012 
• Closing Date: November 1st!!!
• Closed On: November 6th!!!  WOOT!!!

[KatieKatie]

It's good to have company!

[maryellis1981]

• Purchase Price:  $213k
• Property: SFH - 1500 sq ft
• Submitted Offer on: 8/20/12
• Signed Purchased Contract on : 8/22/12
• Type of Loan: Conventional
• Loan Rate: 3.50%
• Loan Application submitted:  9/10/12
• Loan Approved: 10/4/12
• Closing Date: November 26th
• Closed On:

Had a short sale in 2010 so I'm still keeping my fingers and toes crossed!

[booo]

So true. It's great to have company these exciting and nervous times.

We locked and are approved for a 30 yr fixed conventional at 3.25%, but we still have the option of chaning the product to any of the following before 10 days to closing.

7/1 ARM  - 2.75% with 1% lender credit

7/1 ARM - 2.5% with no lender credit

10/1 ARM - 3% with 1% lender credit

10/1 ARM - 2.75% with no lender credit 

30 Year Fixed - 3.25%

Any credit in cash is always good, so we are still undecided which product to go with..

maryellis1981: I'm just ignorant and curious...what are those dark shaded areas on the roof in your picture?

[maryellis1981]

From what I recall it is fading and discoloration because the house faces north,  The inspector said the roof was in good shape though replaced within the last 10 years.

[K_J]

Mary,

I thought with short sale you have to wait 3 years, what did you do to get approval?

[maryellis1981]

Yes that's what most lenders were saying but I was able to get a commitment from a mortgage company that works with my local credit union.  It's a conventional loan and I am putting down 20%.  My middle score is also at 712 so my credit recovered pretty well.  When I closed on my short sale I only had a 60 day late and I also reaffirmed $10k of the bank's loss as a 5 year promissory note.  The LO said these two factors were helpful to my case.  I have no other lates on my credit report.  The only condition the underwriter required on my committment was that I cannot close any earlier than 11/26 which would be 2 year 3 days following the closing of my previous short sale.  There is a small chance that I could not close but my realtor feels pretty confident now that I have the mortgage commitment so I have started packing!