topic Re: GETTING VERY CLOSE!!!! :D in Mortgage Loans

GETTING VERY CLOSE!!!! :D

Anonymous — Mon, 04 Feb 2013 18:28:45 GMT

I have GREAT news everybody!

I just got off the phone with my LO and he just told me CHFA fully approved the loan!!!! We are 48-72 hours away from clear to close! My file is now headed to UAMC's underwriter for final approval!!! This is a slam dunk because UAMC submits the loan app to the UW early in the process, which gets all the conditions the UW wants satisfied for approval. So this last review is just a final check versus a first check. Getting full approval from CHFA was the last major milestone for approval!!

My LO said that worst case, we will be in our new home by THIS WEEKEND. My LO said we will definitely close this week!!!

So I'm going to call and schedule our move for Thursday!!!!

:-)

Re: GETTING VERY CLOSE!!!! :D

Anonymous — Mon, 04 Feb 2013 18:40:13 GMT

Woohoo! Congrats!

On the move, why not Friday, just to be safe?

Re: GETTING VERY CLOSE!!!! :D

tooleman694 — Mon, 04 Feb 2013 19:02:25 GMT

woohoo

Mike and I are right behind you

Re: GETTING VERY CLOSE!!!! :D

Anonymous — Mon, 04 Feb 2013 19:15:32 GMT

@tooleman694 wrote:
woohoo

Mike and I are right behind you

Maybe you...me, not so much...June seems so far away.

I'm sweating bullets about that judgment that I'm making payments on again. What if the attorney reports the payments to the court (and I think they will/are supposed to) and that then triggers the judgment to show on my credit reports? That would be devastating.

Re: GETTING VERY CLOSE!!!! :D

raisinitup — Mon, 04 Feb 2013 19:15:34 GMT

@Anonymous wrote:
I have GREAT news everybody!

I just got off the phone with my LO and he just told me CHFA fully approved the loan!!!! We are 48-72 hours away from clear to close! My file is now headed to UAMC's underwriter for final approval!!! This is a slam dunk because UAMC submits the loan app to the UW early in the process, which gets all the conditions the UW wants satisfied for approval. So this last review is just a final check versus a first check. Getting full approval from CHFA was the last major milestone for approval!!

My LO said that worst case, we will be in our new home by THIS WEEKEND. My LO said we will definitely close this week!!!

So I'm going to call and schedule our move for Thursday!!!!

:-)

I'm so excited for you. I heard another poster mention UAMC - are you happy with their services ? We have a charge off from 5 years ago that we don't want to have to pay (it's $13k) so I've been apprehensive to start applying with any LO's but I think I'm just gonna jump right in !

Re: GETTING VERY CLOSE!!!! :D

Anonymous — Mon, 04 Feb 2013 19:57:00 GMT

Thank you all! We are very excited!!! I know I should schedule the move for Friday but I just want to get out of here as quick as I can given the circumstances. I will check and see if it is possible to book two days tentatively. The movers are coming out tomorrow to estimate our moving costs and bring some additional boxes.

I have been pretty happy with UAMC. I will be even happier with them once I get cleared to close. My total out of pocket costs for our home are:
- inspection: $425
- earnest money: $2,000
- interest for Feb: ~$650 (total due at closing)
Home Price: $347,900
Interest: 4.125%

That's not bad at all considering it is a zero down loan.

The only thing I didn't like is the long processing time as we put earnest money down on 1/2 and signed the contract on 1/5 and it is now 2/4 and we are still waiting. I had one unpaid collection since filing the second bankruptcy (ch 13) in 2005. All they wanted was a letter of explanation.

The Chapter 13 was deleted from my reports in Oct 2012 but they still wanted the discharge letter for both the Chapter 7 and 13 and also wanted the filing papers for the Chapter 13 and I had to pay pacer to look those up and download them. Only the Chapter 7 is still on my credit reports and it will be deleted in Aug 2013 but they didn't want the filing papers for the Chapter 7 and I found that very odd. I didn't think they would want anything Chapter 13 related because it is no longer on my credit report but they did.

But all in all, it was a pretty good experience with UAMC. They did request multiple rounds of conditions which flustered me. But looking back, it was a fairly smooth process. I think if I wasn't under the pressure from my landlord, I wouldn't have been so upset over certain things. :-)

Re: GETTING VERY CLOSE!!!! :D

raisinitup — Mon, 04 Feb 2013 20:03:44 GMT

That's so awesome and great of you to outline everything for those of us who are still in the considering process. I've watched you encourage everyone else and give advice all while you were sitting on pins and needles on your own situation. Muchos gracias :-)

I think I'll add UAMC to my list of those to look further into since they write loans in Florida and didn't require you to pay that collection. We're really trying to avoide having to use our down payment $$ to pay off a 5 year old reposession, especially since they're not bothering us about it.

Re: GETTING VERY CLOSE!!!! :D

ccubedzx3 — Mon, 04 Feb 2013 20:04:55 GMT

Congrats!! I cannot wait to be in your shoes!! We are still 3 months or so from closing, we cannot wait!! Do you have any pictures of your new place that you can share? Sounds great!!

Re: GETTING VERY CLOSE!!!! :D

Anonymous — Mon, 04 Feb 2013 20:05:34 GMT

Kmathies, I think you should at least talk with a loan officer to see what they say. :-) My unpaid collection is in the amount of $1100 and as I said it didn't have to be paid. My LO cited my credit score as being the driving factor for their decision. My mid fico is 703. If it has to be paid, sometimes they will roll it into the loan at closing. Best of luck to you! I look forward to reading about your journey!

Re: GETTING VERY CLOSE!!!! :D

Anonymous — Mon, 04 Feb 2013 20:23:15 GMT

A 5 year old collection they may let slide. :-) Your collection is older than mines and it is not under the shadow of bankruptcy like mines.

And you all are so very welcome and I look forward to future chats when we are all in our new homes! I will continue to follow your journeys once my loan process is over.

I am very happy I found the loan program I did as it saves us a lot of money to use for new furniture! So encourage everyone to look for downpayment assistance programs in your area. Call your local housing authority to see what's available! I make $96,000 a year and I still qualified for zero downpayment assistance. You may even qualify for a grant! My downpayment is rolled into a second mortgage. But search around, there are still non conventional mortgage assistance loans available. And CHFA, our local housing authority will service my loan for the full 30 year term! And they have REAL hardship programs unlike the ones touted by big banks, which means if you fall on hard times, you are more likely to keep your house!

I would absolutely love to post a picture of our house but I can't because my landlord could run across these forums and find out where I live but I did want to post a picture of my kitchen since tooleman started a thread about it. :-)

Re: GETTING VERY CLOSE!!!! :D

Anonymous — Mon, 04 Feb 2013 20:26:24 GMT

Congratulations! So happy for you.

Re: GETTING VERY CLOSE!!!! :D

Uppingmyscore — Tue, 05 Feb 2013 00:43:06 GMT

WooHoo....you're almost at the finish line.

Re: GETTING VERY CLOSE!!!! :D

Anonymous — Tue, 05 Feb 2013 06:07:21 GMT

Great to hear that your finally closing I am waiting on pins and needles myself since I just sent over this morning the final documents the UW asked for on my conditions. Now just waiting for those magic words "Clear to Close". Of course my closing is not scheduled until the 18th of Feb. Would they still issue a clear to close this far in advance or do you guys think they are going to make me wait?

Really kind of nervous about waiting I can't think of any possible additional piece of paper they could want. I have sent them 6 months worth of investment statements. Two years of tax returns, plus they pulled my transcripts from the IRS. They have all the letters and explanations and everything I am wondering if they want to come and shave a hair sample or want a urine sample while they are at it. LOL

But the processor did say the UW indicated he didn't believe there was anything else they would need after I got those last couple things (old business tax returns from a company that I owned and sold).

The funny thing is I have no negatives on my report at all just alot of new accounts from a year ago when all the bad stuff fell off. If not for that I would have a very high score. I think its absolutely insane the amount of stress and invasion of privacy these lenders put us through on home loans. Especially when my yearly income is close to 2/3 of the home value.

Re: GETTING VERY CLOSE!!!! :D

Anonymous — Tue, 05 Feb 2013 13:30:15 GMT

You can get the clear to close at any point.

If you get it early you can close early. The date is a approximation that they issue.

Re: GETTING VERY CLOSE!!!! :D

Anonymous — Tue, 05 Feb 2013 13:31:29 GMT

Yeah!!! Glad things are moving forward! It has been a story that while different from mine, is full of the same heart!

Re: GETTING VERY CLOSE!!!! :D

Anonymous — Tue, 05 Feb 2013 16:33:54 GMT

@Anonymous wrote:
Great to hear that your finally closing I am waiting on pins and needles myself since I just sent over this morning the final documents the UW asked for on my conditions. Now just waiting for those magic words "Clear to Close". Of course my closing is not scheduled until the 18th of Feb. Would they still issue a clear to close this far in advance or do you guys think they are going to make me wait?

Really kind of nervous about waiting I can't think of any possible additional piece of paper they could want. I have sent them 6 months worth of investment statements. Two years of tax returns, plus they pulled my transcripts from the IRS. They have all the letters and explanations and everything I am wondering if they want to come and shave a hair sample or want a urine sample while they are at it. LOL

But the processor did say the UW indicated he didn't believe there was anything else they would need after I got those last couple things (old business tax returns from a company that I owned and sold).

The funny thing is I have no negatives on my report at all just alot of new accounts from a year ago when all the bad stuff fell off. If not for that I would have a very high score. I think its absolutely insane the amount of stress and invasion of privacy these lenders put us through on home loans. Especially when my yearly income is close to 2/3 of the home value.

My situation is very similar to yours. We are scheduled to close on February 25. I too, have sent every possible document about my life that they could possibly need. Even had to send full copy of divorce papers from my two previous marriages. LOEs for every bank deposit outside my direct deposit for payroll, explanation for deposits from my employer that are not payroll....I travel, so I get expense reimbursements, etc. What more could they possibly need?? Hopefully this will be over soon. Waiting is the worst part of this whole process.

Re: GETTING VERY CLOSE!!!! :D

Anonymous — Tue, 05 Feb 2013 16:42:23 GMT

Thanks again everyone and Catacam (so sweet)! I got an email from my LO late last night that said himself and the loan processor got all my paperwork submitted to UAMC's underwriter by noon yesterday and they both put a rush on it! My LO said hopefully we will know tomorrow, which could be sometime today! You know if I hear anything, I will definitely let all of you know.

Oil Field Engineer: I know exactly how you feel. When I got a three way conference call between the lender and Chase, I was stunned! The lender wanted access to my Chase account but they needed my mother's maiden name so I was added to the call. As soon as I said my mother's name, the lender began to slam Chase with question after question. After Chase hung up, the lender asked me if I had any questions. I was stunned and said, no. LOL! But later on I found out they do that all the time. It was very intimidating though.

I think once 5-7 days pass after the time they said they should have everything, is when you can start to feel confident that they do have everything. They told me they had everything two or three times so the last time they said it, I didn't believe them. And when I started to not believe is when they truly had everything they needed from me and I haven't gotten a request for about 5 days now. It sounds like you are VERY close!!! I'm getting excited for you! :-)

Re: GETTING VERY CLOSE!!!! :D

Rindy — Sat, 15 Jun 2013 19:47:01 GMT

I noticed you were given 100% financing, what program was the LO able to offer ?