SEPTEMBER 2016 CLOSERS

[Mysticuno]

Where are the Sept. 2016 Closers????   

Purchase Price: $349,000
Builder: CalAtlantic

Signed Contract: 3/10/16
Location: Florida
Property Type: House/New Construction

Construction Start: 4/1/16

Type of Loan: VA
Loan Rate: 3.625%

Conditional Approval: 5/11/16

Appraisal: Ordered 8/9/16

Clear to Close: 9/13/16   Conditions were minor, UW asked about current TH, LP is writing LOE, I'll sign at closing stating that I will be selling myTH after closing.

Final Walk-thru: 9/14/16

Closing Date: 9/15/16
Closed On: 9/15 

9/14 Update: Finally the sweet words...Clear to Close!!  After purchasing two years ago I didn't think I'd be doing this ever again. However life happens, new husband, children moved on and hubby wanted us to have something together. The most challenging part on my side was three past collections which I thought were taken care of before my purchase two years ago, one was and the other two I never knew about but was able PFD. Word of advice is KEEP ALL DOCUMENTATION (receipts, emails, letters, names, dates etc.) as you may need them to prove proof of payment. Thanks to all once again for your stories, support and encouragement. 

[Anonymous]

Purchase Price: $315,000
Down Payment: 10%
Location: Rhode Island
Property Type: House
Type of Loan: Conventional
Loan Rate: 3.75
Clear to Close: TBD
Closing Date: 09/16/16
Closed On: TBD

My file went to underwriting. I am waiting to see the appraisal. It came back and is all good but is "under review" so they haven't sent it to me. Not sure what "under review" means?

I was also contacted by the title company and provided them with all the information they asked for.

I am a nervous wreck. I am so worried something will go wrong at the last minute even though my LO assures me its all good. Sigh. 

[Mysticuno]

Looks like they are still crossing their T's and may be nothing at all to worry about but do understand the nerves, same here. We are waitng and hope there are no holdups with the VA appraisal/Inspection. 

Fingers crossed we'll both close on the dates expected. :-)

[Anonymous]

I received my commitment letter today. Only a couple of conditions - proof of down payment/deposit. Loan Processor is waiting for my next bank statement to post and said she will pull it. I bank with my lender. Also the typical insurance stuff but my insurance agent is so awesome she already sent over the binder as soon as she heard from the bank. Plus, the title stuff. 

But I noticed they has the wrong zip code on the appraisal and commitment letter. Now I am freaking out again. LP says it's nothing to worry about and she will get it fixed. Doh!

I am hoping we both close on our "promised" dates too!  

[Anonymous]

Purchase Price: $500,000
Down Payment: 35%
Location: South Carolina
Property Type: House
Type of Loan: Conventional
Loan Rate: 3.625
Clear to Close: TBD
Closing Date: 09/29/16
Closed On: TBD

We have our inspection tomorrow.  Just finished submitting the full application yesterday.  Was pre-approved for $1.3M so hopefully this means our process should go smoothly given we already supplied documents and are buying well under our approved amount with a pretty high down payment.  Argh - doesn't help my nervousness though because we absolutely LOVE this house and I want everything to go super smooth.  Of course, I had an issue with a loan I have that for some reason just isn't on my credit report.  I added it to the application documents, sent statements on it to the LO, etc because I am sure it would show up minutes before the closing date!

[CrazyB]

Purchase Price: $117,500

Signed Contract: 8/13/16
Location: Maine
Property Type: House/Ranch

Type of Loan: CUPromise (Conventional)
Loan Rate: 3.375%

Appraisal: TBD

Closing Date: 9/23/16

Just submitted to underwriting earlier today. I have a call scheduled in the AM to get the rate locked, and if they didn't order the appraisal today that should happen tomorrow. Inspection scheduled for Tuesday. Hopefully all goes well! This loan goes through the local Credit Unions so guarantee's same day loan approval, closing date, and that they will never sell the loan so it is always serviced locally. Knock on wood!

[Anonymous]

Jumping in here:

Purchase Price: $205,000

• Down Payment: 7200.00
• Location: Arkansas
• Property Type: Single Family Home
• Type of Loan: FHA
• Loan Rate: 3.25%
• Clear to Close: TBD
• Closing Date: 9/15/2016
  
• Closed On: TBD

This has been so incredibly stressful for me!  I got pre-approved on 8/1, made an offer that same day and it was accepted on 8/3.  On 8/5 I turned in all bank statements, tax documents, and signed the initial disclosures.  I was initially applying for USDA but was told last friday that I was not approved because I exceeded the max income limits due to some worst cast scenerio calculation, although I was under the limit based on my last two years tax documents.  My LO told me I would have to do a FHA loan which would require a 7K down payment. Fortunately I had a family member gift me with more than half of that.  I had some in savings and am expecting a bonus from work to cover the rest of it..I was really planning on using that to furnish my house but oh well. I'm hoping that switching things over wont cause too much of a delay and I can still close on 9/15 as scheduled.  The home inspection and appraisal have been done and are fine, all of my documents and VOE have been reveiwed, and the title company called me a few days ago and asked about my homeowners ins? The ONLY thing I lack at this point is the full down payment in my account and I wont have that until I get paid on 9/2 which is upsetting because I feel like I'm wasting a whole week.  Does anyone know if they will proceed with my loan and give me a conditional approval or will they not proceed at all until funds are verified?

[Anonymous]

Good luck guys!

I am currently in August Closers but judging by the way things are going I may be here shortly lol.

[Anonymous]

Well it looks like I am now joining the September club officially. So here I am.

Loan Type: FHA

Purchase Price: $190,000 including $2,000 seller concession for closing. Original asking: $197,500

Pre-Approval: 7/2/2016 for $280,000 (-+)

Down Payment 3.5%

Rate: 4.125 ($4150 in Lender Credit for closing)

Offer Submitted: 7/6/2016

Offer Accepted: 7/7/2016 (A day after my birthday!!)

Inspections Completed: 7/14/2016 (No relevant issues)

Appraisal Completed: Second appraisal completed about 2 weeks go. 

Closing: 9/2/2016?

So I started with a USDA guaranteed loan and we were originally supposed to close on August 26th but our front end dti was literally 1% too high so we had to switch to FHA literally 2 weeks before our original closing date and get another appraisal done. At this stage we have received our credit approval and mortgage commitment and are waiting for the U/W to review the final conditions so we can get our CDs by Tuesday to close on Friday. We are praying we close before labor day weekend since that will give us a 4 day weekend to get some work done to the house before moving our stuff. 

Here's hoping for the best and good luck to everyone else.

[Anonymous]

Geez, what an incredibly frustrating process!! My lender has been pretty quick so far and when i spoke with my LO on Friday she said i was still scheduled to close on 9/15. Fortunately i have some awesome family members that gifted me most of my down payment. I turned in the additional documents they requested on Friday so literally all they will have to do is verify my funds and gift letters. So ready to be done with this because i havent had a decent sleep since i put my offer in! I hope that you get to close before the weekend!