topic ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES??? in Mortgage Loans

ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

wildbillcody — Tue, 09 Jul 2013 18:27:09 GMT

We have three weeks until closing and we don't even know if we have a loan yet. I don't think we are even in underwrting. They are verifying our employment and waiting on tax transcripts, the whole situation is bizzare to me. It's been 14 years since we bought a home and i realize things in the mortgage industry has changed drastically but this is crazy. When we applied back in 1999, we were told yes or no on a loan way before closing of escrow and now here we sit with our home sold and in escrow and our new home in escrow and we don't even know if we have a dang loan. I am just frazzled and bewildered on how this whole process can even get this far when you don't let the parties involved know if they even have a loan. Sorry, I am just venting.

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

Anonymous — Tue, 09 Jul 2013 20:27:23 GMT

Things have changed since 1999. Loans being handed out to everyone with a pulse was what caused the housing meltdown in the first place. Furthermore, banks are not yet hurting for people wanting home loans or refinacing. So they won't make things easy even for people with good credit, much less mediocre or bad credit.

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

Anonymous — Tue, 09 Jul 2013 20:35:13 GMT

Yes times have definitely changed. I'm 3 weeks from closing and no word on final approval yet. Its driving us nuts

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

Anonymous — Wed, 10 Jul 2013 00:15:09 GMT

Yep, I feel the same way. I'm supposed to close on the 17th and our loan has yet to be submitted to the usda. They have yet to give us a yes or no, they keep trying to direct the blame elsewhere. First the builder never told them how far along they were, they assumed the closing date was just when they should start on our loan. Then it was the appraiser for just today sending the appraisal in. The appraisal was done almost two weeks ago, you can tell because the pictures of the house in the appraisal was taken of the house un painted, it was painted two weeks ago.

It seems to me the lenders are just scrambling to get there end done.

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

wildbillcody — Wed, 10 Jul 2013 15:58:51 GMT

Well it looks like we are in the same boat together. I talked with my LO yesterday and I expressed how nervous I was about any issues from underwriting and she told me we have a clean file and she doesn't foresee any issues unless there was something we missed. I know yesterday the verified income for us so it is moving forward. Good luck

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

OptimalCS — Wed, 10 Jul 2013 16:10:36 GMT

Frazzled nerves and sleepless night!! I've been there.

In the end everything worked out great.

Closed 6/14/11

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

Anonymous — Wed, 10 Jul 2013 18:26:05 GMT

How do people on this forum seem to know their "closing date" or "scheduled closing date"?

I have not received even a hint of an actual closing date.

The loan officer says "we are waiting on a title opinion", but that's it.

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

Anonymous — Wed, 10 Jul 2013 21:53:59 GMT

My closing date was listed on my contract. My realtor wrote down June 17th then the builder came back and said July 17th. I just got word that my papers were sent to the USDA two days ago. They were accepted today. The USDA is 18 days behind in Georgia which means the soonest I could close will be the 29th. They really cut it close.

One other thing I find amusing is that if I hold the closing up I have to pay $50 a day, if they hold the closing up it's nothing.

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

0x47 — Thu, 11 Jul 2013 01:15:12 GMT

It isn't just you. We put an offer on a home 6/14, they accepted our offer 6/16, we selected our current lender 6/17, inspection completed 6/22, appraisal came in higher than purchase price on 6/28, final negotiations on repairs done 7/1, went into underwriting 7/1, got the loan approval today 7/10, and should have clear to close 7/11 or 7/12.

So yeah, we are less than a week before closing and we just got the loan. Three weeks? Nothing to worry about .

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

Anonymous — Thu, 11 Jul 2013 15:02:04 GMT

YES!!!!!! US!!!!!!!!! We put our offer in on 5/17. After counter offers, offer accepted on 5/21. Had to do 2 rescore plans while extending our closing date from 7/1 to 8/9. Final got our pre-approval letter 7/1 and loan/file was sent to underwriting on 7/9....title has been ordered, GFE was signed, once we get a conditional approval or approval they will order the appraisal! They said we could know by tomorrow (7/12) or Monday (7/15)....meanwhile we're biting our nails....our DTI was 31% but when you add in our new projected mortgage it comes to 44% so we're wondering what they will say about that....we are doing a VA loan. I just want to know already!!! Either way, it's less than a month before we close and we're still waiting on approval, and appraisal. I'm hoping if it's final by tomorrow or Monday, we can get this appraisal done in a week and maybe close a little earlier?? GOOD LUCK TO ALL....and yes, we all seem to be on the same CRUISE SHIP....

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

Genkeim — Thu, 11 Jul 2013 15:44:08 GMT

I think I've got a first class cabin on the frazzled nerves ship!!!

Went to open house on 6/2 loved it, put an offer in and it was accepted that night. Filled out mortgage paperwork on 6/9 got a 30 day rate lock at 4.25%, closing date was set for 7/12. After much foot dragging by the LO and a lot of back and forth on conditions we just cleared UW on 7/10 and was submitted to USDA. Had to extend rate lock for 30 days ($~1200), had to move closing to 8/10. Indiana USDA has a 28 day backlog so we're looking at a final approval around 8/7.

Realtor told us she has never had any conditions come out of USDA. We've got our fingers crossed that's the case. We don't have any time to deal with any further conditions!!!!

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

wildbillcody — Thu, 11 Jul 2013 19:03:38 GMT

We are waiting on the wonderful and ever so efficient IRS to get our tax transcripts to our loan officer. Our income has already been verified. I talked with our loan officer yesterday and i let her know how nervous i was and she said "you have a clean file, i don't forsee any underwriting issues BUT you never know, we could have missed something". so she gave me her best honest answer. I don't think we missed anything but who knows what the underwriters will dig for. Our transcripts will match up with our tax returns, our employement is verified, they have bank statements, paystubs, no collections or anything on our credit so keeping fingers and toes crossed that we proceed ahead.

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

Anonymous — Fri, 12 Jul 2013 14:29:07 GMT

Alright so I offered on 6/21/13 and it was accepted that day. I did my loan application on 6/26/13. The home inspection was completed on 6/22/13. I have not heard one thing and we're scheduled to close on 8/16/13. I'm using OHFA in OHIO as a 2nd mortgage grant for downpayment assistance. My HR let me know employment and income verification was completed and sent back yesterday so we're moving along I guess...I am VERY nervous. My realtor says the appraisers are backed up and that's the reasoning behind the delay. It's been ordered, but not done as of yet. SO I'm still in processing

I'm using Howard Hanna Mort Svs if interested...

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

alsobob — Fri, 12 Jul 2013 19:23:53 GMT

I'm right there with you guys. Started building a house, builder told me that it would take 90 days, that was 50 days ago. Had to extend my rate lock for another month at big cost to me.. But finally, my house is expected to close the 17th. Only problem was the transcript, filed nearly 2 months ago still didn't have it.. finally got the IRS transcript today, after spending weeks on hold and being hung up on, going to two local offices only to be told that no one is available to see me at 3pm on a Thursday when they close at 4:30!

Sent the transcript to the LO who sent it to the UW. We are hopeful to get the ok to close on Monday and do the walk through that day itself. If all goes well, we will close on time.. well the newly adjusted definition of on time lol.

Good luck to everyone! My suggestion to anyone on these forums is, one: read everything you can here and learn from our struggles and two: never, ever give up. If someone gives you the run around, keep calling, emailing, etc until you get an answer. Especially from the IRS. Talk about an organization that needs to clean house! Most over-entitled bunch of slobs I've ever seen.

Good luck!

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

jonjohn — Sat, 13 Jul 2013 02:11:32 GMT

What IRS transcripts are we talking about here? They didn't ask me for any transcripts..

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

swtneka — Wed, 17 Jul 2013 01:22:54 GMT

I A FRAZZELED AND I HAVENT EVEN APPLIED. THATS TOMORROW....

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

CreditRepairGirl23 — Wed, 17 Jul 2013 14:17:31 GMT

ME!!!

Nervous wreck right now.

My myfico journey has all been leading up to this point - credit repair to buy my first home.

Last year I got close but I was working with Chase and they just couldnt get me approved for enough , and I still had a few complications (collections etc)

Feb this year got pre approval from a smaller lender , found a house I loved and had a contract - after 3 months we had to terminate the sale due to septic system failing inspections and then the property failingtesting for a new system to be installed.

Heartbreak

Then found another house - go thorugh inspections everything again. Now have aug 2nd closing date. Our file was sent to USDA in pa monday.

My loan officer says hes never seen a file be rejected after their underwriters are done with it..but after being so close a few times and waiting so long - now that we are this close I am literally on pins and needles.

cant sleep, cant focus at work ugh

Re: ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

wildbillcody — Wed, 17 Jul 2013 14:39:00 GMT

I'm right there with you. We go into underwriting today and I'm so nervous.