topic Re: May 2015 Closers in Mortgage Loans

May 2015 Closers

Anonymous — Sat, 25 Apr 2015 03:03:17 GMT

Didn't see a thread yet. Closing scheduled for May 16 at 1:00 PM.

Re: May 2015 Closers

SashaDixon — Sun, 26 Apr 2015 21:21:45 GMT

Closing May 1!!!! Never thought we would get there!!!!

Re: May 2015 Closers

nuggets321 — Wed, 13 May 2015 02:44:21 GMT

Home Location : Walsenburg, CO

Purchase Price : $ 125,000

Property : Single Family detached 2005sqft / 2654 (incl basement) + attached 1-car garage

Submitted Offer : April 2 , 2015

Signed contract : April 2, 2015

Earnest Money : $ 1,000

Lender Name : Freedom Financial Services/ Mortgage Solutons of Colorado

Notes about lender : Only that my particular loan officer is a VERY good communicator and replies to everything 7 days/wk within 15 mins

Type of Loan : USDA GUARANTEED

Loan Rate ; Locked 4-6-2015 @ 3.875

TIL (truth in lending) sheet / GFE (good faith estinmate)/preilimary docs received 4-06-15

Appraisal was ordered 04-19-2015

Appraisal performed 04-24-2016

Appraisal completed and sent to clearinghouse : 4-30-15

REINSPECTION for corrected items completed and updated appraisal sent 5-8-15

Lender access to appraisal and buyer received copy : 5-1-15 *** Update 5/3 : see that the lender "soft pulled" credit on all 3 bureaus

** DEAD IN THE WATER AND LOAN SHUTDOWN DUE TO NO 5/8" drywall in garage and seller wont repair.... USDA Guaranteed Loan R.I.P ( glad loan processor caught it before it wasted another week in UW )

Sent to underwriting : pending

Closing Date listed on contract : May 14, 2015

Mortgage Scores per Lender : Experian 693 EQ 697 TU 721

Derogatories on reports : Zero / No lates / No collections /

* Initally pre-approved having gone through full buyer underwriting in February, 2015 BUT not able to find a suitable home until now.... Appraisal ordering and assignment has pushed the closing too close for comfort.....

Re: May 2015 Closers

Anonymous — Tue, 28 Apr 2015 18:57:10 GMT

Home Location : Louisville, KY

Purchase Price : $ 122,500

Property : Single Family 1252 s.f. with 650 s.f finished basement

Submitted Offer : 3/15/15

Signed contract : 3/17/15

Earnest Money : $ 500.00

Lender Name : First Rate Mortgage/Mortgage Solutions of Colorado

Notes about lender :Knows her business well.

Type of Loan : FHA

Loan Rate ; 4.25% may change 4.0% Yay!

TIL/GFE/preilimary docs received 4-03-15

Appraisal was ordered 04-9-15

Appraisal performed 04-14-2015

Appraisal completed and sent to clearinghouse : 4-14-15

Sent to underwriting : pending update-cleared underwriting and waiting on final approval pending appraiser re-inspection of fha repairs

Tentative closing : May 4, 2015

Down to my last week I hope. Waiting for FHA re-insepction then off to UW for final approval and waiting to hear those magic words, CLEAR TO CLOSE!!!!! FINGERS CROSSED!

.

redbullinf — Mon, 27 Apr 2015 13:56:41 GMT

Re: .

peepers — Mon, 27 Apr 2015 13:58:08 GMT

So happy to be able to post in one of these finally! Good luck to all still in "CLC limbo"

Home Location : Des Moines, IA

Purchase Price : $197,500 plus $3500 towards closing cost/fees/etc

Property : Single Family 2 story + finished w/o basement. 4 bedroom, 3 bath, attached 2 car garage

Submitted Offer : May 7th , 2015 (day after pre-approval from lender)

Signed contract : May 8th, 2015

Earnest Money : $ 1,000

Lender Name : First Mortgage Company

Notes about lender : Fabulous

Type of Loan : VA...funding fee waived due to husbands partial disability. No PMI

Loan Rate ; 3.75%

TIL/GFE/preilimary docs received not sure what this is??

Appraisal was ordered 04-14-2015

Appraisal performed 04-16-2015

Appraisal completed and sent to clearinghouse : pending. should be by this Wednesday

Sent to underwriting : last week

Tentative closing : May 19th,, 2015

Re: .

Anonymous — Mon, 27 Apr 2015 21:22:20 GMT

Home Location : Northwest Georgia

Purchase Price : $48,900

Property : Single family 1930s bungalow, ~900 sq ft. (there are only two of us and it's so cute)

Submitted Offer : 3/8/15

Signed contract : 3/11/15

Earnest Money : $ 350

Lender Name : United First Community Bank

Notes about lender : my LO is amazing

Type of Loan : FHA-backed 30-year fixed state first time home-owner program

Loan Rate : 3.875% first mortgage, 0% APR on $7500 second mortgage (DPA, only paid back if house is sold or refinanced.)

Application submitted : 3/13/2015

Inspection : completed 3/12/2015, seller agreed to fix most minor things, will not replace missing window screens (lol)

TIL/GFE/preilimary docs received: 3/16/15

Appraisal was ordered 3/23/15

Appraisal performed 3/26/15

Appraisal completed and sent to clearinghouse : 3/31/15

Loan processing: 3/27/15

Sent to underwriting : 4/13/15

Underwriting complete : conditional approval from lender 4/20 (closed 2 credit cards); sent to state office for 2nd underwriting 4/22

Mortgage Commitment Letter:

Final Approval:

Walk Through:

Closing Date: 5/29/15 on contract, we'll see!

Since we're doing the paperwork intensive state first-time homeowners program, LOTS of extra time was built into the contract for it to clear their second underwriting process, where it is right now. LO thinks we should be able to close early, but we don't need to. Our current apartment is rented for June 1, so we just need to be out by 5/31. Praying for no delays.

Re: May 2015 Closer

QueenBeeOC — Mon, 27 Apr 2015 21:26:09 GMT

I was waiting for this thread.

Home Location : Orange County, CA
Purchase Price : $ 538K
Property : Single Family detached
Submitted Offer : April 6th
Signed contract : April 7th
Earnest Money : $ 16,260
Lender Name : Mortgage Master aka Loan Depot
Notes about lender : Very happy! Super helpful even in my crazy moments
Type of Loan : FHA
Loan Rate ; Locked 4-16-2015 @ 3.375
TIL (truth in lending) sheet / GFE (good faith estinmate)/preilimary docs received 4-16-2015
Appraisal was ordered: This has been the biggest challenge, previous buyer was in escrow and the FHA case number was attached to their lender, waiting for appraisal to come back today or tomorow.
Appraisal performed Not Sure, they were going to pull more comps
Appraisal completed and sent to clearinghouse: Waiting
Sent to underwriting : Last week, have a few conditions to meet
Tentative closing : May 7th - when my husband is out of town. But hoping to sign loan docs this Friday before he leaves

Re: May 2015 Closer

planoser — Tue, 28 Apr 2015 00:12:23 GMT

Can everybody please post their mortgage scores so we know what score got you the rates listed. That would be a huge help for others, IMO.

Re: May 2015 Closer

Anonymous — Tue, 28 Apr 2015 00:42:03 GMT

EX 653 TU 669 EQ 638

My husband's are way higher (713, 727, 707) but I am the employed one (he's a full-time student) so my middle score counts. We needed a midscore of 640 to be eligible for the Georgia Dream program. My rate was set by the Georgia Department of Community Affairs and is the rate for all Georgia Dream loans with down-payment assistance (if you only take the first mortgage, it's 3.625%), regardless of credit score.

Re: May 2015 Closers

frugalQ — Tue, 28 Apr 2015 02:49:09 GMT

Congratulations to all May closers!!!

Re: May 2015 Closers

Anonymous — Tue, 28 Apr 2015 12:15:24 GMT

My Mortgage scores, when I got my pre-approval, were EX641, TU629, EQ628. My LO re-pulled since something derog dropped off my report and they are now EX661, TU647 and EQ629 (EQ did not drop it of course cuase they are terrible). LO is working on trying to get my interest rate lowered before closing. These scores reflect 20 credit inquiries due to an auto purchase and credit rebuilding before I found this site. My credit has been pulled 5 times during this mortgage process. So now everytime it gets pulled I lose 5 points across the board! I pray there will be no more pulls. 12 of them are from my auto purchase that will fall off on June.

Re: May 2015 Closers

peepers — Tue, 28 Apr 2015 14:14:55 GMT

my mid was 773, however my husbands was 686 (and he is the Veteran...doing VA him primary). However now it seems our interest rate is only going to be 3.5%. I must have read something wrong

Re: May 2015 Closers

QueenBeeOC — Tue, 28 Apr 2015 23:38:29 GMT

Our middle scores are 673 and 677. My highest is 691. My husband's highest is 679

Re: May 2015 Closers

InvincibleSummer3 — Wed, 29 Apr 2015 01:04:03 GMT

Home Location : Sparks, NV

Purchase Price : $ 227,000

Property : Single Family detached 1508 sq ft, w/ two car garage.

Submitted Offer : April 15, 2015

Signed contract : April 17, 2015

Earnest Money : $ 1,000

Lender Name : Guild Mortgage

Notes about lender : Adore my LO, I'm a little skittish (single mom of two and my oldest had cancer as a little one so financially we have been through the wringer, I'm cautious) but thus far the process has been remarkably smooth. She's very reassuring.

Type of Loan : FHA

Loan Rate; 4.1%

Appraisal was ordered 04-20-2015

Appraisal performed 04-22-2015

Appraisal completed and sent to clearinghouse : pending

Sent to underwriting : 4-24-2015

Tentative closing : May 18, 2015

Mortgage Scores per Lender : Experian 698, EQ 666, TU 717

Derogatories on reports : No lates, ever, but one collection (an old medical debt that's about six years old). I had sub-500 scores for years, all the way up until 2011, so it's unreal that we're now within range. Fingers crossed!

Looking forward to building a life in our new home with two healthy & happy kids.

Re: May 2015 Closers

Anonymous — Wed, 29 Apr 2015 01:10:15 GMT

InvincibleSummer, I'm definitely crossing my fingers for you! You sound like an incredible mother.

Re: May 2015 Closers

planoser — Wed, 29 Apr 2015 01:23:12 GMT

Home Location : McKinney, TX

Purchase Price : $ 320,000

Property : Single Family detached 2700 sq ft, 3 car garage.

Earnest Money : $ 2,500

Lender Name : Herring

Notes about lender : Awesome service from LO, takes the time to explain everything at an easy to understand level and very responsive. Also shopped 3 lenders and they came in by far the best.

Type of Loan : Conventional 30yr

Loan Rate: 4.125%

Down: 10%

Appraisal performed 04-24-2015, came in at purchase price

Tentative closing : May 19, 2015

Mortgage Scores per Lender : Initially pulled Mid 658 but just did rescore at 662 after paying downa CC, waiting to hear what better rate I get, LO said should be 4.00 for sure but trying for possibly better

Derogatories on reports : No lates on either file, however I had a mystery collection hit from T-Mobile that sank me this past year. When I paid it I asked them to pull back from CA which they agreed. I should have pursued PFD in writing I guess

My regular FICO8s are 698 Mid, was depressed to see the mortgage score come in so low as I've never had any lates on my current mortgage or anything on my file.

Is this a good rate for my scores w/ 10% down?

Re: May 2015 Closers

LynGene — Thu, 07 May 2015 14:21:52 GMT

Woohoo! I get to finally post in a closing board! Congrats to us all!

Home Location : Houston, TX area

Purchase Price : $ 235,000

Property : Single Family detached 2400 sq ft, w/ 3 car garage.

Submitted Offer : 4/9/15

Signed contract : 4/13/15

Earnest Money : $ 2,000

Lender Name : Smart Financial CU

Notes about lender : So far so good. I feel like I'm in the dark a lot, but the LO is responsive at least.

Type of Loan : Conventional

Loan Rate: 4.0%

Appraisal was ordered: not sure

Appraisal received: 4/24/15

Sent to underwriting : a couple of weeks ago. Conditions back & we're all set! Just waiting on the close of our current home to finalize all of the conditions.

Tentative closing : 5/21/15

Mortgage Scores per Lender : EX 701, EQ 702, TU 697

Derogatories on reports: 1 small med bill, # of inquiries & avg age of credit

Tick, tock.... Waiting on the sell of our current house which will hopefully be 5/8. That process hasn't been nearly as efficient feeling as the buying side has!

Re: May 2015 Closers

b1gr3dmachin3 — Wed, 29 Apr 2015 19:11:11 GMT

Add me to the list....May 22nd!

Re: May 2015 Closers

Anonymous — Wed, 29 Apr 2015 19:44:08 GMT

Home Location: MA
Purchase Price: $269,500.00 with $4,500.00 seller paid closing costs/pre-paids

Property: Single-family detached home, 1 car garage, ~1300 sqft, Built in 1970

Mortgage Scores: Me – EX722 TU747 EQ770 (4/22); Spouse – EQ579 EX601 TU630 (4/29 - expecting they'll go up by the time we close)

Pre-Approval: March 11, 2015
Offer Submitted: April 6, 2015, Counter-Offer Received April 7, 2015

Final Offer Accepted: April 13, 2015

P&S Received: April 13, 2015

P&S Signed: April 22, 2015
Earnest (Deposit) Money: $2,500.00
Lender Name: Mortgage Masters
Type of Loan: FHA
Inspection: April 18, 2015
Purchase contract addendums:
Loan Rate: 4.0%
Application submitted: April 23, 2015
Loan Processing:
Mortgage Commitment Letter:
Appraisal Ordered: April 27, 2015
Appraisal To Be Completed: May 4, 2015
Went to underwriting:
Underwriting Complete:
Final Approval:
Walk Through:
Tentative Closing Date: May 29, 2015

Derogatories on Reports: Spouse has quite a few late payments, most of which are >1 year old, but he has a few within the past year (only CCs/car payment), but lender said as long as his score stays above 580 we're good. Expecting they'll want a LOE. I have Zero lates. Both have Zero lates for rent.

*Fingers crossed everything goes well! Just waiting on the FHA Appraisal - I know they're going to come back with some issues, as there's a bit of paint flaking on the back/sides of the house and some rotting exterior trim. Most stress of my life! I would've gotten the loan in just my name since my credit scores are a lot higher than his, but my DTI ratio is way too high to qualify on my own, so fingers crossed the loan process is smooth.