topic Re: Pulte Mortgage Company, First Time Home Buyer, Nervous... Help! in Mortgage Loans

Pulte Mortgage Company, First Time Home Buyer, Nervous... Help!

Anonymous — Tue, 24 Nov 2015 20:18:55 GMT

Hi guys,

I guess I'm just here for re-assurance, because I am extremely nervous right now. I've been looking at a new build Pulte home for around a year. Originally, it was way too far out of my price range, but after holding out, they are willing to sell me one of the last ones for about 50K off, and pay closing costs if I go with their lender and closing team.

They want me to close by December 31st, and I have gone through the following steps:

1) Signed the contract and deposited by 4K earnest money deposit

2) Submitted my loan application for the condo

3) Talked to my loan consultant, who gave me a 4.1 interest rate to lock in, for a 340K FHA 30 year loan. since my mid-credit score was 675 and I'm putting down 20K.

4) Signed all my disclosures, and gave them bank account information for the appraisers fees.

5) Began uploading documents to the document center that I know they will need, even though my loan processor hasn't been assigned.

Now, I'm sitting and waiting. I've been reading online all htese horror stories about Pulte Mortgage, and how it takes them forever to close, and how they drag their feet, or straight up deny you at the last minute. I was a nervous wreck that I wouldn't get a good rate. I guess I just want your stories with them, especially if they aren't horrible.

Thanks

Re: Pulte Mortgage Company, First Time Home Buyer, Nervous... Help!

p- — Tue, 24 Nov 2015 22:01:01 GMT

I can't speak to that company, but having been through several mortgages, I can tell you, there are stories like that for every lender. Recently I was waiting for Penfed to get back to me, and got myself nearly panicked by reading horror stories on the review sites. But they turned out to be awesome.

Best thing to do is stay in communication with your L.O. and provide docs in a timely manner. They figure out real quick who the squeaky wheel is and will have your file top of the pile. I generally contacted them to confirm receipt of items I submitted, saying I wanted to make sure they went thorugh, but actually so I can see if they realized it yet.

It also might be a good idea to scan bank statements and pay stubs so you are ready if they ask.

Good luck!

Re: Pulte Mortgage Company, First Time Home Buyer, Nervous... Help!

Anonymous — Tue, 24 Nov 2015 22:08:26 GMT

@p- wrote:

It also might be a good idea to scan bank statements and pay stubs so you are ready if they ask.

Good luck!

Hahaha, scanning pay stubs and bank statements. They haven't even asked and I've already uploaded them to the portal. I'm so anxious to get everything done I'm trying to get everything to them in a timely manner. Timely as in, before they ask.

Re: Pulte Mortgage Company, First Time Home Buyer, Nervous... Help!

edcampbell613 — Wed, 25 Nov 2015 18:52:59 GMT

That is an extremley high rate for FHA.

Sounds like they did premium pricing saying they are paying for the closing costs.

Typical prefered lender smoke and mirriors.

What state and county are you buying in?

Re: Pulte Mortgage Company, First Time Home Buyer, Nervous... Help!

Anonymous — Wed, 25 Nov 2015 18:56:03 GMT

@edcampbell613 wrote:
That is an extremley high rate for FHA.

Sounds like they did premium pricing saying they are paying for the closing costs.

Typical prefered lender smoke and mirriors.

What state and county are you buying in?

I don't think that it is that high. I'm buying in Loudoun County, Virginia. For my credit being 670, that's the rate that most of the FHA loans I've seen. Why do you think it's high?

Re: Pulte Mortgage Company, First Time Home Buyer, Nervous... Help!

edcampbell613 — Wed, 25 Nov 2015 19:12:55 GMT

With the info you gave me, I just priced FHA at 3.75 giving 1.00% in lender credits = 3,400 (1% of 340,000)

4.125 sounds like a conventional rate. Are you sure you are doing FHA?

Re: Pulte Mortgage Company, First Time Home Buyer, Nervous... Help!

edcampbell613 — Wed, 25 Nov 2015 19:17:06 GMT

And I just priced a conoventiaonl rate at 4.125 with .25 % in lender credits. 360,000 w/ 5% down . Thats why i think you are doing a conventional loan. If not, find a new lender, thats a hight rate for what you are getting.

Re: Pulte Mortgage Company, First Time Home Buyer, Nervous... Help!

Anonymous — Wed, 25 Nov 2015 19:22:41 GMT

@edcampbell613 wrote:
With the info you gave me, I just priced FHA at 3.75 giving 1.00% in lender credits = 3,400 (1% of 340,000)

4.125 sounds like a conventional rate. Are you sure you are doing FHA?

They are paying all my closing costs + condo fees for a year for going with them. Do you really think closing costs are just $3,400 going wtih you as opposed to them? Because they are estimating my closing costs to be somewhere around $15,000 - which I know is high, but I don't care as long as I'm not paying them. :-P

Re: Pulte Mortgage Company, First Time Home Buyer, Nervous... Help!

Anonymous — Wed, 25 Nov 2015 19:27:06 GMT

@edcampbell613 wrote:
And I just priced a conoventiaonl rate at 4.125 with .25 % in lender credits. 360,000 w/ 5% down . Thats why i think you are doing a conventional loan. If not, find a new lender, thats a hight rate for what you are getting.

No - It clearly says:

Loan Program:

F01 - FHA 20, 25, or 30 Year Fixed Rate

Although, it's interesting that you are saying you can do better. If my financing falls through with them - which I'm extremely nervous about because I read all the horror stories, I might reach out.

I'm most concerned about the fact that I have two collections on my credit from 2012. Both of them mark me as the co-borrower, because I was in leases with other people, where I paid after the roommates defaulted until I could pay no more - but there's still a remaining balance. Since I've been on my own, I haven't been late, or defaulted on anything, and I didn't want to pay them off and make them recently active before the mortgage process.

Re: Pulte Mortgage Company, First Time Home Buyer, Nervous... Help!

edcampbell613 — Wed, 25 Nov 2015 19:34:41 GMT

15,000 ?????

WOW

Fees in that county are no way near that.

Visit www.timios.com for a fee quote, Timios is an avergae of what fees usually are. I checked Boston National and they were about the same. Find the GFE quote

Dont feel bad, all builders do this kind of thing, this is how they steer customers to their in-house lender. Border line CFPB violation.

Re: Pulte Mortgage Company, First Time Home Buyer, Nervous... Help!

Anonymous — Wed, 25 Nov 2015 19:44:03 GMT

@edcampbell613 wrote:
15,000 ?????

WOW

Fees in that county are no way near that.

Visit www.timios.com for a fee quote, Timios is an avergae of what fees usually are. I checked Boston National and they were about the same. Find the GFE quote

Dont feel bad, all builders do this kind of thing, this is how they steer customers to their in-house lender. Border line CFPB violation.

So this calculator for closing costs estimates $14,000 for an FHA loan:

https://smartasset.com/mortgage/closing-costs#8Wkux5WRVD

The zip is 20147 and the house price is $355,000.

Re: Pulte Mortgage Company, First Time Home Buyer, Nervous... Help!

edcampbell613 — Wed, 25 Nov 2015 19:46:57 GMT

I see the upfront MI is being paid outside of the loan?

thats odd.

I would get an accutare LE from the loan officer and have someone review it.

Also they are rolling the fees into the rate, so they are not giving you closing costs. its called premium pricing.

Re: Pulte Mortgage Company, First Time Home Buyer, Nervous... Help!

Anonymous — Wed, 25 Nov 2015 19:53:12 GMT

@edcampbell613 wrote:
I see the upfront MI is being paid outside of the loan?

thats odd.

I would get an accutare LE from the loan officer and have someone review it.

Also they are rolling the fees into the rate, so they are not giving you closing costs. its called premium pricing.

I did give it to an outside lender, and he said he could beat it just barely, but they wouldn't pay condo fees ($2640 for the year).

He also said as long as the interest rates don't jump up high in the next year, I can refinace in a year to conventional loan because they are selling it to me so much below what they are appraising for. (They are selling it to me for $355,000 - but the comps are selling for $390,000 to $410,000 - I'm getting this deal because they want to be out from under the property at end of year, it's a new build.)

What do you think about the possibility of my collections getting it bounced by the underwriter?