topic Re: June 2015 Closers in Mortgage Loans

June 2015 Closers

Anonymous — Fri, 03 Jul 2015 15:41:35 GMT

After all of your helpful advice, tons of research, & a bit of stress, we finally got our letter to officially house hunt. We went under contract yesterday with a closing date of June 15th. The sellers are having a modular built for themselves & we're using USDA Direct, so the long time frame is beneficial to all involved. These will be the longest 2 months to get through!

Home Location: Virginia

Purchase Price: $174,900

Property type: Single family brick ranch 3 br/ 1 ba 1,767 sq. ft recently renovated with a 2 car garage on 1/2 acre. The roof is 2 years old & has a 35 year transferable warranty!

Lender Name: USDA

Notes about Lender: This is a loan directly from the USDA with no downpayment required

Type of Loan: Single Family 502 Direct / 33 year term

Approved on: The USDA issued our Certificate of Eligibility on March 26, 2015 but before mailing it, our LO had a family emergency & suddenly left the office for one full week. We drove an hour each way to pick up our letter in person the day she got back-- April 2, 2015.

Submitted Offer on: April 14, 2015

Ratified Contract on: April 15, 2015

Ernest Money Deposit: $500

Inspection: Passed with only minor issues on April 24, 2015

Purchase contract addendums: All minor issues from the insp. will be fixed by seller

Loan Rate: 3.25%

Survey Ordered: April 30, 2015

Survey Completed: May 14, 2015

Application submitted: May 14th, 2015 (delayed due to USDA requiring a plot plan/survey that didn't seem to exist, so we had to order & pay $300 for a survey)

Loan Processing:

Appraisal Ordered: May 15, 2015

Appraisal Completed: June 23, 2015

Mortgage Commitment Letter:

Went to underwriting:

Underwriting Complete:

Final Approval:
Walk Through:

Closing Date: ~~Scheduled for June 15, 2015~~ Extended to on or before July 31, 2015

I also have a journal-type post you can follow in this forum.

Feel free to copy & paste for your own use:

Home Location:

Purchase Price:

Property type:

Lender Name:

Notes about Lender:

Type of Loan:

Approved on:

Submitted Offer on:

Ratified Contract on:

Ernest Money Deposit:

Inspection:

Purchase contract addendums:

Loan Rate:

Survey Ordered:

Survey Completed:

Application submitted:

Loan Processing:

Appraisal Ordered:

Appraisal Completed:

Mortgage Commitment Letter:

Went to underwriting:

Underwriting Complete:

Final Approval:
Walk Through:

Closing Date:

Re: June 2015 Closers

frugalQ — Fri, 17 Apr 2015 12:40:00 GMT

Woo hoo!!!!! Congratulations!!!

It will be the longest, but also one of the most rewarding experiences!

Re: June 2015 Closers

Anonymous — Fri, 17 Apr 2015 14:02:59 GMT

Hello Leavingthecity

I am also getting modular home built. My closing date is also June 15th. Good luck to you!

Re: June 2015 Closers

Anonymous — Fri, 17 Apr 2015 21:39:02 GMT

Congrats and Good Luck to all!

Re: June 2015 Closers

Anonymous — Thu, 23 Apr 2015 16:59:45 GMT

There are 53 days to go until our closing on June 15th & time has slowed to a crawl. Each day feels like three. I've researched everything I can think of & now have nothing left to do except wait. Everything's going smoothly & coming together well but it's all happening in slow-motion since the government is involved. I don't know how those of you buying short sales maintain your sanity.

Re: June 2015 Closers

wendlan — Fri, 24 Apr 2015 02:52:42 GMT

I have a closing date of June 15 also! Tenative that is. Offer accepted and all loan documents signed. Inspection is Sat and then the appraisal will be done. Then to the dreaded underwriting. I have already given every paystub, tax returns, alternative trade lines,retirement papers ect.. Hopefully they don't need too much more.

Re: June 2015 Closers

CS800 — Mon, 04 May 2015 18:24:25 GMT

I have a closing end of June with BOA.. I have done it before but still nervous.

Doc just went to UW

Re: June 2015 Closers

sports1965 — Wed, 06 May 2015 20:53:59 GMT

Home Location: South Florida

Purchase Price: $170000

Property type:Foreclosed Townhouse 1688 AC

Submitted Offer on: April 12

Ratified Contract on: April 27

Ernest Money Deposit: $3000

Lender Name: GuaranteedRate

Notes about Lender: Easy to deal with Lender

Type of Loan: FHA 30 Year Fixed

Appraisal Ordered:5/5

Inspection:

Loan Rate: 3.875%

Appraisal Completed:

Went to underwriting:

Underwriting Complete:

Final Approval:
Walk Through:

Closing Date: Scheduled for June 11, 2015

Re: June 2015 Closers

Anonymous — Thu, 21 May 2015 21:48:58 GMT

After all the stressing over the list of required repairs from the home inspection, we just got word that the sellers have agreed to repair everything! Woohoo! We're moving on with a hard contract! Next up, we have to order a survey since there's no plot plan or survey on record. No one can find one anywhere! The sellers bought the home 3 years ago using just the legal description on the deed, but the USDA says that won't do. Since the sellers are covering all the repairs, we're gonna cover the cost of the survey ($350).

How's everyone else doing?

Re: June 2015 Closers

wendlan — Mon, 04 May 2015 19:35:14 GMT

We are done with homeowners insurance, waiting on official approval and conditions from underwriting, hate the waiting!

Home Location: Pennsylvania

Purchase Price: $134000, seller paying $8040 closing costs

Property type: singlefamily 3br 1 1/2 bath newly remodeled 50x188 lot

Submitted Offer on: April 15,2015

Ratified Contract on: April 16,2016

Ernest Money Deposit: $1000

Lender Name: Peoples Bank Mortgage

Notes about Lender: manual underwriting due to ch 13 bankruptcy in past

lender works with less than perfect credit

Type of Loan: FHA

Inspection: 4/25/15

Purchase contract addendums: Seller fixed minor items from inspection

Loan Rate: 4.125

Application submitted:

Loan Processing:

Mortgage Commitment Letter:

Appraisal Ordered:

Appraisal Completed:

Went to underwriting: 4/27/15

Underwriting Complete:

Final Approval:
Walk Through:

Closing Date: Scheduled for June 15, 2015

Re: June 2015 Closers

Anonymous — Thu, 21 May 2015 21:10:12 GMT

Contract accepted today!

Home Location: Illinois

Purchase Price: $93,000

Property type: Single family farmhouse style, 3 bd/2 full bath 1490 sq ft/full basement 1.5 car garage .25 acre. Wanted a bit more rural and land, but the house swayed me from a property I liked better but a house Iliked less.

Submitted Offer on: May 3, 2015

Ratified Contract on: May 4, 2015

Ernest Money Deposit: $1000

Lender Name: USDA

Notes about Lender: USDA direct thru Oregon,IL office

Type of Loan: Single Family 502 Direct

Inspection:5/7/2015

Purchase contract addendums: seller to replace garage roof.

Loan Rate: 3.125%

Application submitted:

Loan Processing:

Mortgage Commitment Letter:

Appraisal Ordered: 5/21/15 for appraisal on 6/4/15

Appraisal Completed:

Went to underwriting:

Underwriting Complete:

Final Approval:
Walk Through:

Closing Date: Scheduled for June 30, 2015

Homebuyers class to be taken wednesday, 5-6-2015. Passed.

Seller agreed to all repairs 5/21/15 all minor.

Re: June 2015 Closers

Anonymous — Mon, 04 May 2015 19:55:05 GMT

@Anonymous wrote:
.25 acre. Wanted a bit more rural and land, but the house swayed me from a property I liked better but a house Iliked less.

We wanted more land too. I had dreams of chickens, goats, & even had my eyes on a pet Texas Longhorn steer someone local to me was trying rehome on Craigslist. I really wanted a pet bull! Just before our Certificate of Eligibility came, I realized we would have to get satellite internet if we wanted the small farm. Everyone I know that has satellite net complains of its high prices & unreliable performance. Since we're homeschooling our daughter (11), broadband is a must with all the surfing & streaming we do. Goodbye, sweet dream! Hello, neighborhood setting. :/ The upside is, this house is move-in ready & all the farmhouses we saw needed work.

Re: June 2015 Closers

aymst1 — Mon, 04 May 2015 20:08:13 GMT

Home Location: NJ

Purchase Price: $242k

Property type: single family

Submitted Offer on: April 24

Ratified Contract on: April 26

Ernest Money Deposit: $1000

Type of Loan: 3% down conventional

Appraisal Ordered:

Inspection: May 3

Loan Rate: waiting for rate lock

Appraisal Completed:

Went to underwriting:

Underwriting Complete:

Final Approval:
Walk Through:

Closing Date: June 22, 2015

First time homebuyer doing this on my own

Re: June 2015 Closers

Anonymous — Mon, 04 May 2015 20:16:27 GMT

@Anonymous wrote:
@Anonymous wrote:
.25 acre. Wanted a bit more rural and land, but the house swayed me from a property I liked better but a house Iliked less.

We wanted more land too. I had dreams of chickens, goats, & even had my eyes on a pet Texas Longhorn steer someone local to me was trying rehome on Craigslist. I really wanted a pet bull! Just before our Certificate of Eligibility came, I realized we would have to get satellite internet if we wanted the small farm. Everyone I know that has satellite net complains of its high prices & unreliable performance. Since we're homeschooling our daughter (11), broadband is a must with all the surfing & streaming we do. Goodbye, sweet dream! Hello, neighborhood setting. :/ The upside is, this house is move-in ready & all the farmhouses we saw needed work.

The sat internet didn't scare me. I had found one simply beuatiful house on .7 acre, already had the chickens.It backed up to a farm, was about 5 miles out of town, so close enough to get there quick, but lots of peace and quiet when you wanted it. Unfortunately it had a slightly bowed foundation. I probably could have made it work,but it would have taken all of my cash to fix. The house was on well and septic, and I wasn't willing to goto having 0 cash in case something happened to the well or septic system. Sometimes being financially responsible stinks. I am thrilled with the one I am under contracton, tho. It was completely gutted by previous owners in 94, plaster is gone, new drywall. It has a bit of a weird layout, but works perfectly for me.

Re: June 2015 Closers

Anonymous — Mon, 04 May 2015 20:24:30 GMT

@Anonymous wrote:

Sometimes being financially responsible stinks.

Indeed. Being a responsible adult is exhausting.

Re: June 2015 Closers

wendlan — Wed, 06 May 2015 18:40:58 GMT

My loan went to underwriting 4/27 they told me I should hear early this week from them with the official approval and conditions. Well here it is Wed 5/6 and nothing.Is that unusual? How long does it take? I expect to hear conditions but I am not hearing anything at all.My last contact was Monday when we set up the homeowners insurance and she told me we have to wait for approval and conditions before doing the appraisal.

Re: June 2015 Closers

Anonymous — Thu, 07 May 2015 14:15:08 GMT

Home Location: NJ

Purchase Price: $295k

Property type: condo

Submitted Offer on: April 17

Ratified Contract on: April 24

Ernest Money Deposit: $1000

Type of Loan: 20% down conventional

Appraisal Ordered: 4/23

Inspection: Apr 23

Loan Rate: locked at 3.875%

Appraisal Completed: 4/29

Went to underwriting: It's under processing now

Underwriting Complete: TBA and fingure crossed it can be done smoothly

Final Approval: TBA
Walk Through:

Closing Date: June 15, 2015

First time homebuyer doing this on my own too. And I just pray it can be done smoothly.

Re: June 2015 Closers

Anonymous — Thu, 07 May 2015 15:55:43 GMT

I can't believe I'm posting in this thread!

Home Location: Cleveland, Ohio Suburb

Purchase Price: $155000

Property type: Single Family 1580sq

Submitted Offer on: May 5th

Ratified Contract on: May 7th

Ernest Money Deposit: $1000

Lender Name: Carrington Mortgage Services

Notes about Lender: Takes lower scores, pays closing costs. Easy to work with so far and replies quick to questions and issues.

Type of Loan: FHA 30 Year Fixed

Appraisal Ordered:

Inspection:

Loan Rate:

Appraisal Completed:

Went to underwriting:

Underwriting Complete:

Final Approval:
Walk Through:

Closing Date: Scheduled for June 26, 2015

Re: June 2015 Closers

wendlan — Thu, 07 May 2015 16:54:12 GMT

Congratulations all!!! Very exiting times! My LO is telling me we are on track and she is expecting to hear from underwriting any time now. Appraisal will be next week.

Re: June 2015 Closers

Anonymous — Thu, 07 May 2015 21:30:04 GMT

Congrats to those closing in June!!