Our Journey to Home Ownership

[andemalia]

---

@cammyspot wrote:

I am excited for you. Keep us updated!

---

Thank you cammyspot!! I will!!

The earnest money deposit checks  (2 checks) were deposited and posted to my account today!

So updating...

02/01/2015 : Put an offer

02/03: Offer verbally accepted... pending on Redfin YAY!!!

02/04: Offer ratified

02/09: Inspection done! Appraisal ordered! Application submitted!

02/10: Addendum ratified; loan disclosures received

02/11: Appraisal completed; Earnest money deposit received by title company (not cashed yet)

02/13: Earnest Money Deposit checks deposited and posted to/cleared account; LO says appraisal report not ready yet

[andemalia]

Hello everyone!!

The appraisal results are in! It was appraised same as purchase price with no repairs for sellers to do. So a major time saver. It's a FHA appraisal so we are happy there is nothing more left to be done.

Our file is complete for underwriting! We should hear back early next week or so. It's just hard to sit back and relax but we know that whatever God's will is will come to pass.

Also just wanted to add that after our lender's underwriting, our file will be sent to another agency's underwriting department because we are using one of these first time home buyer programs. Lender says it takes about 48hours for the agency to get back to the lender for final approval.

Updating:

02/01/2015 : Put an offer

02/03: Offer verbally accepted... pending on Redfin YAY!!!

02/04: Offer ratified

02/09: Inspection done! Appraisal ordered! Application submitted!

02/10: Addendum ratified; loan disclosures received

02/11: Appraisal completed; Earnest money deposit received by title company (not cashed yet)

02/13: Earnest Money Deposit checks deposited and posted to/cleared account; LO says appraisal report not ready yet

02/16: FHA Appraisal results in! Appraised at $265k, no repairs. File complete for underwriting.

[Movin_on_up]

Andemalia - That's great news!   Thanks for the update.   Sounds like things are moving in a really positive direction!

[andemalia]

---

@Movin_on_up wrote:

Andemalia - That's great news!   Thanks for the update.   Sounds like things are moving in a really positive direction!

---

It gets harder to wait...!! About to call the loan officer and bug him a little. He said we should hear early next week but what is taking so long? We are automated approved! Shouldn't they just have to verify whatever the computer says against the docs we sent? 

[andemalia]

Like I shared on the other thread, we were not in underwriting yet. I guess we were behind other loans plus delays due to the weather. But we just now went in underwriting and should have a decision no later than Friday, as our awesome loan processor/originator said. So waiting....

[andemalia]

Updating the timeline

02/01/2015 : Put an offer

02/03: Offer verbally accepted... pending on Redfin YAY!!!

02/04: Offer ratified

02/09: Inspection done! Appraisal ordered! Application submitted!

02/10: Addendum ratified; loan disclosures received

02/11: Appraisal completed; Earnest money deposit received by title company (not cashed yet)

02/13: Earnest Money Deposit checks deposited and posted to/cleared account; LO says appraisal report not ready yet

02/16: FHA Appraisal results in! Appraised at $265k, no repairs. File complete for underwriting.

02/25: Rate lock doc signed. Loan in underwriting. Should have a decision on 02/27.

[Anonymous]

Finish line in sight.  House completed?

[andemalia]

---

@Anonymous wrote:

Finish line in sight.  House completed?

---

Finish line in sight, yes! We are buying a resale. We cannot afford a new build in our area...

[andemalia]

We have a conditional approval!!

We need to supply an updated statement/account history showing earnest money leaving our credit union account; that's the only condition. Our loan still has to be sent to a state housing agency then back to the lender (we are getting downpayment assistance from that agency) but that should only take a few business days. I guess that's when we will get our mortgage commitment letter? I think...

We also ordered a termite inspection (not required).

I believe we can start packing.

How was your experience from conditional approval to final approval? Anybody has ever had a termite inspection deliver bad news on a newer home? The home is 14 years old this year.

We are what some people could call a little superstitious and it all depended on us we wouldn't peep anything to family and friends (unless they are very close family) until after getting keys in hand; but of course some of them would be upset to not have been informed so they could share in the adventure. If you are/were a little like us, when would you tell family, friends? at clear to close? after final walkthru? after getting the mortgage commitment letter? after lender's written final approval? after moving? never? (jk!)