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After the seller tried to pull some funny business (because he procrastinated on getting his stuff out of the house, he tried to extend closing to the end of September) we agreed to close on September 8th. All our conditions clear. Everything appraised perfectly. I can't believe how seamless it all went exactly two years post bankruptcy. Our LO had us ready to close our loan this Friday, less than 30 days from our offer.
@Wovenyarn wrote:
Purchase Price: $326k
Property: Single Family 2-story
Submitted offer on: Aug 2
Signed Purchased contract on : Aug 3
Type of Loan: VA
Loan Rate: 4.0%
Loan Application submitted: Aug 4
Loan approved: still in underwriting
Committment letter received on:
Closing date: September 18
Closed on: Pendng
I just wanted to update my post.
Since part of my child support could not be counted, we had to find a new house. Here are my new stats:
Purchase Price: $255k
Property: Single Family 2-story
Submitted offer on: Aug 22
Signed Purchased contract on : Aug 24
Type of Loan: VA
Loan Rate: 4.0%
Loan Application submitted: I didn't submit a new loan
Loan approved: still in underwriting
Committment letter received on:
Closing date: September 29
Closed on: Pending
I just learned I may be part of this group! Although it's not likely, Escrow is shooting for a 9/22 closing date but the house won't be completed until est 9/25.
I'm pulling for everyone!
Purchase Price: $184,000
Property: Single Family
Submitted offer on: July 30th
Signed Purchased contract on : August 5th
Type of Loan: FHA
Loan Rate: 4.0% (may change)
Loan Application submitted:August 6th
Loan approved: Currently in underwriting.
Committment letter received on:
Closing date: September 11th
Closed on: Pendng
This has been the longest, craziest endeavor. I feel like we are so close yet so far away from the 22nd! We found out we were having a baby in April and decided to get the ball rolling on purchasing a home. Currently, we have a two bedroom villa with an 11yr old boy and two dogs so adding a baby at this residence wasn't really an option. I had been working to pay off outstanding collections, two judgments and boosting my credit score from the low 500s to at least a 580 which was the lender's requirement. I raised my score since April to the 640 to 650 range by doing several things. I paid off old collections, I used and paid off my secured credit card every month, I became an authorized user on a close friend's CITI card, and I disputed inaccurate remarks on my reports. When I went to apply for the loan I applied with both my husband and I. Ultimately, he had to be removed because his score was too low with too many issues so I reapplied on my own. You cannot have any disputes on your credit report to be approved for a mortgage so this was a hang up over at least a month as I tried to get them removed. I was starting to get worried because every time the lender ran my credit report there were still disputes or debts showing as unpaid that WERE paid. Finally, after hard hard work going back and forth with collectors and the credit bureaus, I was able to get pre-approved by the lender! What sweet news to receive! Within a week or so we had found a home we loved. (Lucky, I know!) Once we made an offer, things started moving very quickly. I keep getting asked for updated documents and various other info, but from what I can tell, this is all normal. We got the inspection and appraisal. We asked the sellers to make a few fixes and pay all closing costs which they agreed to so this is saving us quite a bit. We plan on using that extra money to replace the carpet before we move in. It gets so confusing, trying to understand closing costs vs down payments. Because my credit score isn't great, home owners insurance is going to cost more than I would like, but we will revisit in a year after we've paid on time consistently and my score is higher. Adding the auto insurance saved quite a bit of money. I hope this helps others who may be in the same situation. The main factor that helped me get to this stage is resolving old collection issues. I had to save every penny and pay them off as I could. Even if your score doesn't go up significantly, having these items marked as PAID is critical to the home buying process, at least from what I have experienced. Getting preapproved is really vital to avoiding hiccups and even after preapproval you may still have some obstacles to over come. Finding a lender and agent that are willing to go the extra mile to help you understand the requirements is really the best way to go. I will provide an update soon. 20 days to go!
Purchase Price: 225k
Property: Single Family Rambler
Submitted offer on: July 25th
Signed Purchased contract on : July 28th
Type of Loan: VA
Loan Rate: 4.1%
Loan Application submitted: Aug 17th
Loan approved: Aug 25th
Committment letter received on:
Closing date: September 4th
Closed on:
Received my commitment letter via email this morning!!! closing may end up being delayed a bit due to Labor day but I'm still crossing my fingers for 9/14!!!
11 days!
Got appraisal, came in above purchase so no changes needed!
Re-inspection also came back, accepted.
All that's left is for BoA to process the paperwork for those two items and clear the remaining conditions that have been addressed!