topic Re: January and February in Mortgage Loans

January and February

MrChairman — Thu, 03 Jan 2013 02:56:41 GMT

Let's get the Jan and Feb. closers thread going!

Re: January and February

jandj80 — Thu, 03 Jan 2013 04:43:49 GMT

I will jump on this. Here's the short story- After several bumps in the road (cancer, then bankruptcy, then doing good, then job elimination) my dh landed a great job about 3 years ago. However, the aforementioned had tanked our credit scores to the low 400's. Found this site in July, worked my @$$ off, and got those scores up to what they are in my siggy. We were preapproved in November for a mortgage, needing a 580 midscore. Credit scores have gone up slightly since approval, and will likely go up a bit more after util goes down again this month. Still a little gun shy since I know they will pull again around the 21st of this month. We are going FHA, have had to do two letters of explanation, the typical paperwork, etc. Have downpayment and closing saved, and everything is going along so far. Right now we are just waiting on appraisal. It has been said that the sellers will adjust their price if the appraisal is low, so I am not stressing that one too much. Things must be okay as the insurance company was notified today that we need to come in and sign the paperwork for the policy. Our LO is pretty relaxed about it, she always says I should worry only if she is worried (easier said than done). At this point, we are scheduled to close at 8am on January 28th. We have had our file already manually reviewed by underwriting, and we did not have any conditions come back as of yet. However, there can still be conditions following the appraisal. We are currently renting, and scared to death of giving up our rental in a very tight market, in the middle of winter. with no where else to go, so everything has to work out. 26 days and counting!

Re: January and February

MrChairman — Thu, 03 Jan 2013 10:13:50 GMT

Jand sounds like everything is going well for you! I love to read the stories of how people pulled their credit out the dumps thanks to this board! Keep us posted on the closing later this month!

Re: January and February

Anonymous — Thu, 03 Jan 2013 11:42:20 GMT

Thanks for starting this thread. We will be on contract as soon as Sat! And will close in mid Feb...maybe a little sooner. I will post back once we close!

Re: January and February

Anonymous — Tue, 15 Jan 2013 22:06:03 GMT

First time home buyer journey on a foreclosure...

Purchase Price: $135k - Freddie Mac Foreclosure
Property: SFH - 2500 sq ft with detached 1600 bldg
Toured house on: 11-8-2012
Submitted Offer on: 11-10-2012
Signed Purchased Contract on : 11-21-2012
Type of Loan: USDA Guaranteed
Loan Rate: 3 %
Loan Application submitted: 11-30-2012
Loan Approved: 1-2-2013
Closing Date: 1-11-2013
Closed On: 1-11-2013

Re: January and February

Wonderyears — Wed, 09 Jan 2013 22:01:50 GMT

Jessica... AWESOME home! Only 135! Congrats!

Re: January and February

Anonymous — Wed, 09 Jan 2013 22:06:24 GMT

thank you wonderyears!!!!!!!! We are very excited

Re: January and February

Anonymous — Thu, 10 Jan 2013 01:13:51 GMT

Purchase Price: $145K
Property: 1750 square feet-Split Level-New Construction
Toured house on: 11-18-2012
Submitted Offer on: 11-19-2012
Signed Purchased Contract on : 11-20-2012
Type of Loan: FHA
Loan Rate: 3.25%
Loan Application submitted: 11-21-2012
Loan Approved: 1-4-2013
Closing Date: 1-9-13
Closed On:1-9-13

Will finaly exhale when deed is recorded tomorrow!!!

Re: January and February

Anonymous — Thu, 10 Jan 2013 02:48:48 GMT

We have been renting our home since 7/2011

Applied for pre-approval on 10/19

Pre-Approved USDA guaranteed 10/28

Negotiated with landlord from 112,000 down to 95,000

Signed Contract 11/2

Applied for loan 11/8

Appraisal 11/ 17

Survey 11/20

Official incorrect docs came in mail 11/20

New official corrected docs came in mail 11/30

Email sent confirming uw approved file 12/13

Received email commitment with conditions 12/18

Met all conditions 12/19

LO wanted doc signed requesting to increase loan amount by $1000 12/20

LO said file would be going to USDA that week 12/28

Called USDA - didn't have record of file 12/31

Called LO -told they are waiting on USDA 1/4

My attorney called and said he and banks attorney are good to go.. What's the hold up? 1/9

Called USDA - still no file on record 1/9

Emailed LO - told USDA is back logged will contact processor 1/9

I'm TIRED! Plus I will be out of town all of next week.....

Re: January and February

Anonymous — Thu, 10 Jan 2013 04:16:31 GMT

Purchase Price: $317k - New Built
Property: SFH - 5485 sq ft
Toured house on: 11-20-2012 (House Was In the Frame only)
Submitted Offer on: 12-10-2012
Signed Purchased Contract on : 12-11-2012
Type of Loan: FHA
Loan Rate: 3.5 %
Loan Application submitted: 11-27-2012
Loan Approved: Still in Underwriting
Closing Date: Possible Closing on Mid Feb
Closed On N/A

They are Putting the Drywall today But Dont know how Long on till they Finsh it

Re: January and February

Anonymous — Thu, 10 Jan 2013 04:20:14 GMT

Wow hackgizz! Congrats!!! That is a lot of home for only $317K! What state did you buy this in?

Re: January and February

Anonymous — Thu, 10 Jan 2013 04:26:25 GMT

Purchase Price: $347,900
Property: Single Family Home, new construction, 4 bd, 3 1/2 ba, study, 2500 sq ft finished, 1000 sq ft unfinished walkout basement, deck built in backyard on main level, has a covered patio in front
Toured house : 1/2/13
Submitted offer on: 1/2/13
Signed Purchased Contract On : 1/5/13
Type of loan: 1st mortgage FHA, 2nd mortgage CHFA for 3% down
Loan rate: 3.25% initial (not locked yet)
Loan application submitted: 1/7/13
Loan approved: still in underwriting
Closing date: hopefully end of this month, no later than Mid February
Closed on: n/a

Re: January and February

Anonymous — Thu, 10 Jan 2013 04:38:37 GMT

This is in Central Florida

7br and 5 bathrooms the same Builder have the same house in Orlando for 467k

But i like the Country side of Central Florida

Re: January and February

tshope4205 — Thu, 10 Jan 2013 16:28:14 GMT

So excited now! Found house in late October - however, my mid-score was only 570ish - couldn't get loan. Went crazy trying to pay down cards & remove negatives....got my score up to 649 mid, and was pre-approved for loan in early December!! The house is very well-maintained, but cosmetically needs A LOT Of updating, but we are excited to put in the work ourselves & build equity over the long run....The house has a ton more space than our previous home, and the layout is great!

Purchase Price: $264,500
Property: Single Family Home in one of the best school districts in our city!, 4 bd, 2 1/2 ba, 2600 sq ft + 1000 sq ft fnished basement, and 3 season room off of family room/kitchen.
Toured house : 10/29/2012
Submitted offer on: 12/17/12
Signed Purchased Contract On : 12/19/2012
Type of loan: FHA
Loan rate: 3.25%
Loan application submitted: 12/19/12
Loan approved: waiting on 401k check & chimney inspection to see if we want to request additional repairs, but all other conditions have been signed off on.
Closing date: hopefully 1/23/13
Closed on: n/a

Re: January and February

Anonymous — Thu, 10 Jan 2013 16:57:54 GMT

@tshope4205 wrote:
So excited now! Found house in late October - however, my mid-score was only 570ish - couldn't get loan. Went crazy trying to pay down cards & remove negatives....got my score up to 649 mid, and was pre-approved for loan in early December!! The house is very well-maintained, but cosmetically needs A LOT Of updating, but we are excited to put in the work ourselves & build equity over the long run....The house has a ton more space than our previous home, and the layout is great!

Purchase Price: $264,500
Property: Single Family Home in one of the best school districts in our city!, 4 bd, 2 1/2 ba, 2600 sq ft + 1000 sq ft fnished basement, and 3 season room off of family room/kitchen.
Toured house : 10/29/2012
Submitted offer on: 12/17/12
Signed Purchased Contract On : 12/19/2012
Type of loan: FHA
Loan rate: 3.25%
Loan application submitted: 12/19/12
Loan approved: waiting on 401k check & chimney inspection to see if we want to request additional repairs, but all other conditions have been signed off on.
Closing date: hopefully 1/23/13
Closed on: n/a

Congrats on your hard work to get approved.

Enjoy your new home

Re: January and February

Anonymous — Wed, 23 Jan 2013 17:21:00 GMT

Wow jessica04! Very nice! A lot more home than I get. I'm in Coastal North San Diego. I've been waiting a long time to post this up...

Purchase Price: $199,000.00

Property-Short Sale: Split Level 1 bd, 1.5 ba, 954 sq/ft, open layout with hight vaullted ceilings, fire place, and best of all attached 2 car garage for my toys ie motorcycles, golf coarse view

Toured house: 3/14/2012

Submitted Offer: 3/14/2012

Signed Purchase contract: 3/15/2012

Bank Approval Letter: 12/29/2012 (Wow!)

Entered Escrow:12/31/2012

Type of Loan: Conventional 10% down

Loan Rate: 3.75% 30yr fixed

Closing date: Must be before Feb 8th... 01/25/2013

Closed on: TBA

Re: January and February

Anonymous — Thu, 10 Jan 2013 23:18:40 GMT

Wow, wally101, that is a long time to be under contract! Congratulations on finally getting through that part. I am sure your time until closing will fly by now.

Re: January and February

Anonymous — Thu, 10 Jan 2013 23:49:10 GMT

Yeah...it took forever to get the short sale approval letter from the bank!

Re: January and February

jandj80 — Sat, 12 Jan 2013 02:59:25 GMT

Congrats to everyone closing and already closed!

Update for us: File back from underwriting. We are good to close. Set up final walk through for 1/26, and close at 8am the 28th. Had to take in proof of savings deposits, and that was the only condition given by the UW. Appraisal came in right at 240K. So barring any major complications I think we are all set! Yay!!

Re: January and February

Anonymous — Sat, 12 Jan 2013 03:28:00 GMT

I'm so excited to finally post here!!!

Purchase Price: $46,500
Property: Single Family Home, 3 bd, 1 ba, 1312 sq ft, includes stove, fridge, washer & dryer, enclosed front porch, enclosed back patio, fenced in yard, 2 car detached garage, attached carport. Very immaculate and well cared for.
Toured house : 12/13/12
Submitted offer on: 12/16/12
Signed Purchased Contract On : 12/17/12
Type of loan: FHA 3.5 down (my name only with a non-purchasing spouse)
Loan rate: 3.25% locked
Loan application submitted: 12/18/12
Loan approved: Today, with one condition of LOE for source of 2 recent savings deposits
Closing date: On or before 1/20, and since thats a Sunday, I'm betting on before
Closed on: TBD, but positive that by this time next week i will have a set of keys!