01-19-2013 05:32 PM
Okay, I'm still being a pessimist. My realtor sent me a text the other day asking me for my social security number and the name of my insurance company and the agent's name. I asked her why she needed that. She replied the title company needed it. Does that sound right? Of course I sent it to her. In case you aren't familiar with my scenario, I am trying to get a USDA guaranteed loan. I've been approved by the lender with a 665 TU middle score but I've had a lot of overdrafts and I had to write a LOE about those. My LO also did a verification of deposit but I don't know which was used. I have two bank accounts and one hasn't ever been overdrawn but we needed to use the one that had because I have a direct deposit going into it. My file was sent to USDA either on the 11th or 14th of Jan. In my state they were reviewing files received on the 10th Friday. At any rate, I still can't believe I will actually be approved but my realtor says its just a formality now. Is she right? Closing date has been set for Jan 31st. Does USDA ever deny someone after the lender has approved? The house has appraised several thousand above the price, passed inspections, etc. Since I work out of town and don't always go home on the weekends and my realtor knows this, she sent me an email late yesterday evening asking if I would be available for the final walk through on the house next weekend. When I replied back to her that I could do the walk through next weekend but I was still waiting for someone to pull the rug out from under me, she sent back "You will be a home owner by Feb. 1 !" Should I get excited yet? What could go wrong? Is it typical for realtors to ask for you social security number and insurance information for a title company? Any input will be greatly appreciated. Sweating bullets here.
01-19-2013 05:45 PM - edited 01-19-2013 05:46 PM
If your file has gone to USDA, then IMO, you have nothing to worry about. As long as your lender didn't make some type of major oversight, you'll be fine.
If you're paying your first year's homeowner's insurance premium at closing, the title company would need the insurance company and agent's info so they could show the charge on the HUD, and know where to mail the 2013 payment to. The title company also searches public records to ensure you don't have any judgments, etc, that would attach to the home.
You'll be a homeowner soon, so better start packing!
01-19-2013 06:34 PM
OMG, I so hope you are right! I don't have any judgments or anything against me but I'm not paying the insurance up front. Its going to be formulated into the payment. Would that make a difference in why she needed that information?
01-19-2013 06:37 PM
If it matters, the sellers are paying all closing costs. I paid for the appraisal and inspection but I've been told I wont need to bring any money to closing. Does that sound right? I'd be glad to pay the home owners insurance up front if needed.
01-19-2013 06:41 PM - edited 01-19-2013 06:44 PM
You pay the first year's insurance up front. You pay either at closing or before closing. If the seller is paying your closing costs, the insurance premium will just be shown as a seller paid item on the HUD. Either way, the the title agent will need that info. The premium paid this year will cover you from closing until Jan/Feb 2014. The amounts collected through escrow this year will be used to pay the 2014 premium.
01-19-2013 10:06 PM
congrats lifeafter!!! You are over the hump! man I luv these stories.
01-20-2013 11:01 AM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.