topic Re: May Closers in Mortgage Loans

May Closers

sharriel — Fri, 25 Apr 2014 13:04:48 GMT

Thought I would start a May thread!

House Price: $132K

    Purchase Price: $128K with $4000 closing costs paid
    Property: SFH - 1570 sq ft
    Toured house on: 3/11/2014
    Submitted Offer on: 3/16/2014
    Signed Purchased Contract on : 03/19/2014
    Type of Loan: 30 year fixed FHA
    Loan Rate: 4.125%

Conditional Approval: 4/17/2014

Inspection - 4/11/2014

    Appraisal - 4/23/2014
    Clear To Close Date: TBD
    Closing Date: 05/16/2014 Tentatively

Re: May Closers

srchick — Wed, 09 Apr 2014 00:44:08 GMT

Congrats on your pending home purchase! You really went to work on raising your initial credit scores which is where I am presently. Curious: the cards you've listed show your limits, right? In order to qualify for the home what type of utilization did you have? Each of the credit monitoring companies indicate various amounts from 0-20% max on a card. I'm currently at 28%, but will be hitting 15% by months end. Pls advise. thanks much.

Re: May Closers

juggalo9er — Wed, 09 Apr 2014 00:47:14 GMT

@srchick wrote:
Congrats on your pending home purchase! You really went to work on raising your initial credit scores which is where I am presently. Curious: the cards you've listed show your limits, right? In order to qualify for the home what type of utilization did you have? Each of the credit monitoring companies indicate various amounts from 0-20% max on a card. I'm currently at 28%, but will be hitting 15% by months end. Pls advise. thanks much.

the only thing utilization with affect is your score......if you have multiple cards reporting a balance this will likely affect dti more than anything else. pay them all off except for one and leave less than $100 on it

Re: May Closers

srchick — Wed, 09 Apr 2014 01:02:57 GMT

That is EXACTLY my plan of action! I follow the info closely on this site (and others) because you can pick up good tips from others who've walked the credit tightrope. tks for the response.

Re: May Closers

Muschock — Wed, 09 Apr 2014 01:07:37 GMT

Purchase Price: $182,500
Property: SFH - 2600 sq ft
Toured house on: 3/13/14
Submitted Offer on: 3/13/14
Signed Purchased Contract on : 03/17/14
Type of Loan: 30 year fixed USDA
Loan Rate: 4.5%
Loan Conditional Approval: 4/7/14
Appraisal - 4/2/14 appraised at 186k
USDA Approved: TBD
Closing Date: 05/1/2014

Woohoo, getting closer!!!

Re: May Closers

juggalo9er — Wed, 09 Apr 2014 01:21:31 GMT

@Muschock wrote:
Purchase Price: $182,500
Property: SFH - 2600 sq ft
Toured house on: 3/13/14
Submitted Offer on: 3/13/14
Signed Purchased Contract on : 03/17/14
Type of Loan: 30 year fixed USDA
Loan Rate: 4.5%
Loan Conditional Approval: 4/7/14
Appraisal - 4/2/14 appraised at 186k
USDA Approved: TBD
Closing Date: 05/1/2014

Woohoo, getting closer!!!

wait till you sign the papers and realize it will be 2044 before your loan is paid off lol! i closed monday

Re: May Closers

Muschock — Wed, 09 Apr 2014 01:33:07 GMT

Ha! I hope not...my plan is 15yr pay off...or hit the lottery...haha!!

Re: May Closers

azidovsky — Wed, 09 Apr 2014 10:50:22 GMT

This could be me! Still waiting on Short Sale approval letter, hopefully this week. Started USDA but in the middle of changing to FHA 203K to address water quality issue and plumbing.

Purchase Price: $190K

Property: SFH - 1900 sq ft

Toured house on: 2/22/14

Submitted Offer on: 2/24/2014

Signed Purchased Contract on: 2/26/14

Type of Loan: 30 year fixed FHA 203K

Loan Rate: TBD

Loan Approved:TBD

Inspection - 3/26/14

Appraisal - TBD

FHA Approved: TBD

Closing Date: TBD

Re: May Closers

Anonymous — Wed, 09 Apr 2014 18:07:08 GMT

Purchase Price: $108,500

Property: SFH - 2400sq ft

Toured house on: 3/17/2014

Submitted Offer on: 3/18/2014

Signed Purchased Contract on : 03/19/2014

Type of Loan: 30 year fixed PHFA 3% down conventional

Loan Rate: 5.125%

Loan Approved: TBD

Inspection - 03/28/2014

Appraisal - TBD

PHFA Approved: TBD

Closing Date: 05/30/2014 Tentatively

Re: May Closers

juggalo9er — Wed, 09 Apr 2014 18:45:02 GMT

Hate to be the cloud in everyones "May Closer" but its only April.....

Re: May Closers

Anonymous — Wed, 09 Apr 2014 18:51:25 GMT

Don't be a cloud then ... April showers will bring our May flowers.

Re: May Closers

juggalo9er — Wed, 09 Apr 2014 19:47:07 GMT

@Anonymous wrote:
Don't be a cloud then ... April showers will bring our May flowers.

thanks lol

Re: May Closers

Anonymous — Wed, 09 Apr 2014 19:52:14 GMT

This is so nerve-wracking. I obsessively check my email to make sure I didn't miss anything from the mortgage processor. Our first (and current) home was via FHA and it was nothing short of a nightmare.

Purchase Price: $164,900
    Property: SFH - 1972 sq ft
    Toured house on: 3/26/14
    Submitted Offer on: 3/27/14
    Signed Purchased Contract on : 3/27/14
    Type of Loan: VA fixed 30 year
    Loan Rate: 4.25%
    Loan Approved: ---

Inspection: 4/3/14

    Appraisal: Ordered 4/4/14
    VA Approved: ---
    Closing Date: 05/16/2014 tentatively

But...this is all contingent on our current home selling (and appraising for FHA, as buyer has FHA loan)

Re: May Closers

Anonymous — Wed, 09 Apr 2014 21:29:41 GMT

It will be all worth it in the end!! I am trying my best to not stress!!

Re: May Closers

Anonymous — Wed, 09 Apr 2014 23:49:05 GMT

does home equity count!!!??? lol

Re: May Closers

sharriel — Thu, 10 Apr 2014 12:35:05 GMT

@juggalo9er wrote:
Hate to be the cloud in everyones "May Closer" but its only April.....

I'm confused at this statement. I know it's only April but many of us have May closing dates. Why does it matter?

Re: May Closers

sharriel — Thu, 10 Apr 2014 12:36:52 GMT

@Anonymous wrote:
This is so nerve-wracking. I obsessively check my email to make sure I didn't miss anything from the mortgage processor. Our first (and current) home was via FHA and it was nothing short of a nightmare.

Purchase Price: $164,900
    Property: SFH - 1972 sq ft
    Toured house on: 3/26/14
    Submitted Offer on: 3/27/14
    Signed Purchased Contract on : 3/27/14
    Type of Loan: VA fixed 30 year
    Loan Rate: 4.25%
    Loan Approved: ---
    Inspection: 4/3/14
    Appraisal: Ordered 4/4/14
    VA Approved: ---
    Closing Date: 05/16/2014 tentatively

But...this is all contingent on our current home selling (and appraising for FHA, as buyer has FHA loan)

This is soooo me!! Everytime I hear the ding on my phone meaning an email, I immediately stop what I am doing. She said that I have my documents back to her faster than any other client that she has ever had! lol

Re: May Closers

mccallb — Thu, 10 Apr 2014 14:11:55 GMT

Wow you got a 4.125% with a 670 middle score? Thats great! What bank?

Re: May Closers

Anonymous — Thu, 10 Apr 2014 14:43:24 GMT

So far, we've been asked for the following:

a copy of the homeowner's insurance quote
a letter stating that we have no childcare costs
signed tax return transcript request

@sharriel -- I dropped everything I was doing to send that over immediately.

I just got off the phone with a rep from CBC Innovis. We had a conference call with my student loan company, verifying the amount of each loan and the monthly payment if NOT on the income-based repayment plan. I'm pretty sure these student loans are going to cause a problem for UW due to the IBR plan.

The LO preapproved us and sent our docs with all my student loans, our current mortgage and with the new mortgage. I'm seriously afraid this will cause problems as he even mentioned the DTI will be tight. I'm happy to wait until our buyer's loan closes to get the approval on our new house. In fact, that would be preferable.

Re: May Closers

sharriel — Thu, 10 Apr 2014 16:58:52 GMT

@Anonymous wrote:
So far, we've been asked for the following:
a copy of the homeowner's insurance quote
a letter stating that we have no childcare costs
signed tax return transcript request
@sharriel -- I dropped everything I was doing to send that over immediately.

I just got off the phone with a rep from CBC Innovis. We had a conference call with my student loan company, verifying the amount of each loan and the monthly payment if NOT on the income-based repayment plan. I'm pretty sure these student loans are going to cause a problem for UW due to the IBR plan.

The LO preapproved us and sent our docs with all my student loans, our current mortgage and with the new mortgage. I'm seriously afraid this will cause problems as he even mentioned the DTI will be tight. I'm happy to wait until our buyer's loan closes to get the approval on our new house. In fact, that would be preferable.

I've been asked for the following:

last 2 years of W-2's

last 2 paystubs

homeowner's insurance quote

last 2 months bank statements

Wonder why they needed childcare costs...I guess for your expenses. Mine didn't ask me.