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working-hard-atit
Posts: 64
Registered: ‎05-15-2012
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Re: What are you waiting for today ????


raisinitup wrote:

Wow workinghardatit, you are well on your way  - that's right around the corner. Did your 1st round with UW go quickly ? I'm praying for a 1-2 day turn around, I just don't think I can take another weekend of anxiety.


rasinutup- Yes, the first round with the UW we had a 1 day turn around, and it was simple stuff like a copy of the GFD cleared from my bank account and a LOE for a deposit into my account in the amount of $1000.00.  Once I submitted those less than 24 hours later I received the conditions 2 and 4 hours from that I received conditions 3.  I sent those last night but was already told by my LO that they were having the title company finish up all the paperwork. This whole process is nerve racking!!!!!


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Tingnting
Posts: 33
Registered: ‎02-20-2011
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Re: What are you waiting for today ????

[ Edited ]

@Rasinup...should have guessed we are in the same state.  Fl is nuts right now.  Every house is 100K higher than it should be.

 

@Startfrom within...Good strategy...keep the seller negotiating on both sides.  At least you know you can do the closing through your rate and which allows you to "concede" that in order to make them feel better on a lower sale price.  Even going up 1/8 of a point won't kill you with these rates if you can avoid some costs.

 

Unfortunately we are now in Jumbo loan territory, so adding to the rate is a bit much for us and we would rather pay the closing costs and hold firm on our 3.75 rate.


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Startfromwithin
Posts: 102
Registered: ‎09-10-2012
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Re: What are you waiting for today ????


Tingnting wrote:

@Startfrom within...Good strategy...keep the seller negotiating on both sides.  At least you know you can do the closing through your rate and which allows you to "concede" that in order to make them feel better on a lower sale price.  Even going up 1/8 of a point won't kill you with these rates if you can avoid some costs.

 

Unfortunately we are now in Jumbo loan territory, so adding to the rate is a bit much for us and we would rather pay the closing costs and hold firm on our 3.75 rate.


Got it.

It's funny you mentioned an 1/8 of a point. That's EXACTLY what the Broker said.

 

I understand about the Jumbo loan territory. Seems smarter to just pay the closing costs in that situation for sure.

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raisinitup
Posts: 224
Registered: ‎12-11-2012
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Re: What are you waiting for today ????


Tingnting wrote:

@Rasinup...should have guessed we are in the same state.  Fl is nuts right now.  Every house is 100K higher than it should be.

 

@Startfrom within...Good strategy...keep the seller negotiating on both sides.  At least you know you can do the closing through your rate and which allows you to "concede" that in order to make them feel better on a lower sale price.  Even going up 1/8 of a point won't kill you with these rates if you can avoid some costs.

 

Unfortunately we are now in Jumbo loan territory, so adding to the rate is a bit much for us and we would rather pay the closing costs and hold firm on our 3.75 rate.


Agreed - it's just crazy. Nothing makes since in CFL right now and if you have thin skin, you just want to stay out of the market all together right now. I literally didn't want to see another house unless I was sure the sellers were looking to work with an FHA mortgage. Most wanted to hold out for cash and it was so frustrating and a big waste of time. So thankful we got an offer accepted.

 

@startfromwithin - working on a jumbo loan is a good problem to have :smileyhappy: I'm sure the home is beautiful.

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Lulu3
Posts: 14
Registered: ‎08-20-2009
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Re: What are you waiting for today ????

We're waiting for the appraisal as well. My husband received a call today from the LO advising that it has been ordered and they will be contacting us to set it up. We are confused as 1. They charged us for it last week 2. We live 3 hours away from this property 3. We thought the Lender handled it 

 

We're supposed to close on the 27th. This process is not exactly calming.

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Startfromwithin
Posts: 102
Registered: ‎09-10-2012
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Re: What are you waiting for today ????


Tingnting wrote:

@Rasinup...should have guessed we are in the same state.  Fl is nuts right now.  Every house is 100K higher than it should be.

 

@Startfrom within...Good strategy...keep the seller negotiating on both sides.  At least you know you can do the closing through your rate and which allows you to "concede" that in order to make them feel better on a lower sale price.  Even going up 1/8 of a point won't kill you with these rates if you can avoid some costs.

 

Unfortunately we are now in Jumbo loan territory, so adding to the rate is a bit much for us and we would rather pay the closing costs and hold firm on our 3.75 rate.


UPDATE: The Seller accepted the offer - 5.25% Seller's Assist.

Now we'll just have to see how the Appraisal comes back. Sheesh!

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qtcbcute
Posts: 97
Registered: ‎06-28-2008
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Re: What are you waiting for today ????

Heard from our LO today. We were approved with some very easy conditions. 1. Clear copy of contract 2. Updated letter stating what out pensions are 3. Copies of 2011 1099 4. Verify former addresses. I said that's it? I hope nothing else comes up. Now the appraisal will be ordered which will take between 5-7 days. If all goes well I guess we get our clear to close. Does it sound like this may happen sooner than May 15th?


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kdmitchell27
Posts: 96
Registered: ‎04-12-2012
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Re: What are you waiting for today ????

And just like that, I went into UW and right back out cause the loan officer isn't communicating with the processor and the doc's I sent were not what was needed.


ARGH! A day wasted.

Lender Pulled Credit Rating as of 4.10.2013. (Fico Experian: 660) (Fico TU: 685) (Fico Equifax: 659)
Regular Contributor
raisinitup
Posts: 224
Registered: ‎12-11-2012
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Re: What are you waiting for today ????

@lulu3, they didn't contact us to set it up. We actually gave the LO our credit card # and they scheduled it and the appraiser went out and did it. My LO didn't even realize it had been done until the sellers told me and I passed along the info to her. It is not suggested that you're there for the appraisal since the appraiser is a neutral party and pretty much doesn't say much while he's there. The inspection (which is not required by FHA) is where you guys could attend if you want to. I would double check with the LO and make sure you have clarity on that.
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Regular Contributor
raisinitup
Posts: 224
Registered: ‎12-11-2012
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Re: What are you waiting for today ????

OK kdmitchell27, that's ridiculous. I think you need to call your LO and the processor to the carpet in a nice email letting them know what confusion they're inability to communicate what's needed is causing you and your family.
12/11/12 Starting Score EQ FICO - 583/ TU FICO - 615/
4/1/13 - Lender Pull - TU - 645 EQ - 675 EX 712
Each One - Teach One

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