topic Re: My mortgage process (original edited) in Mortgage Loans

My mortgage process (original edited)

cartwrna — Wed, 30 Dec 2015 02:36:49 GMT

12/29-Pre approved for conventional mortgage mid-score was a 688 I believe loan officer said. Credit report has one collection from early 2013 that I paid in full in October on all 3 bureaus, another collection on just Experian for $86 unpaid from 2010. DTI will be low, around 12% front end/35% back end with mortgage.

12/29-Put in an offer on a foreclosure that was built in 2010. 1,352sq ft living area, basement not finished but all it needs is carpet/hardwood put in and ceiling panels to finish into a large family room adding another 400-500sq ft. 2 car garage and sits on 3 lots. Asking price was $100,000. I gave a full price offer with $1,000 towards closing due to having to do the abstract (Fannie Mae won't cover it). Only reason I gave full asking price is 2 other people were preparing to put offers in as well. I hope they accept mine!

Re: Put offer on home!

StartingOver10 — Wed, 30 Dec 2015 01:09:23 GMT

Sending you good vibes your way {{{{ you }}}}

Re: Put offer on home!

Anonymous — Wed, 30 Dec 2015 02:05:03 GMT

Will keep fingers crossed for you. All the best and keep us posted on results...

Re: My mortgage process (original edited)

Sassy_Taurus — Wed, 30 Dec 2015 19:35:26 GMT

Sending good vibes your way.

Re: My mortgage process (original edited)

cartwrna — Thu, 31 Dec 2015 03:02:20 GMT

12/30-Realtor called me today and said that Fannie Mae counter offered. Same price and them paying $1,000 towards closing. They put in that they wanted it to close by February 12th. My realtor spoke with my loan officer and she said that it is totally unrealistic and can't be done, especially with the 60 day rule. Our original closing we put in was for March 1st. We countered same thing but close would be February 28th. That's earliest we can shoot for. In all reality I feel like that may be a mistake if we run into snags and closing needs to go longer. Doesn't look like they want any delays/extensions and I'm really not wanting to lose any earnest money I put down. Even if it is only $1,000 which was put in our original offer. I was really needing to use my 2014-2015 tax return as 2013 has an issue and needs to be amended. I also have some large deposits for October, which I can't source. (Was money I had in my safe, around 6k which I need for DP and closing costs. I was wanting to drag the paperwork out until at the earliest January 30th. Kind of grinding my teeth now. What do you guys/gals think?

Re: My mortgage process (original edited)

cartwrna — Thu, 31 Dec 2015 03:11:05 GMT

12/30 9PM- Realtor just called and stated Fannie Mae officially accepted my offer. He said to break open champagne, isn't that due after we get keys and over the bumps LOL

Re: My mortgage process (original edited)

Anonymous — Thu, 31 Dec 2015 03:29:30 GMT

Awesome!! Congrats on the accepted offer!! Keep us updated!

Re: My mortgage process (original edited)

cartwrna — Thu, 31 Dec 2015 03:48:49 GMT

Thanks theoldman, I'd be super excited if I wasn't stressing about my tax returns and the unsourced money. I wasn't expecting it to go this quickly. I felt I had to make an offer though or not have a shot at this house. They accepted my offer pretty easy, now I'm curious how low the other offers were since it is a foreclosure. Curious if I should tell my mortgage officer about my "unsourced money" and the need for just 14-15 return. Maybe she will let me wait to give those documents until the 30th. As long as we can make it through underwriting and have a close date of February 25th within that months time frame I think I would be okay.

Re: My mortgage process (original edited)

cartwrna — Thu, 31 Dec 2015 03:49:48 GMT

The 15' return I can have stamped at the IRS office and then transcripts aren't needed according to the previous lender I had been working with.

Re: My mortgage process (original edited)

Sassy_Taurus — Thu, 31 Dec 2015 04:21:44 GMT

Congrats on your offer being accepted!

Re: My mortgage process (original edited)

Lemmus — Thu, 31 Dec 2015 05:10:04 GMT

...my advice is to tell your LO everything up front and follow their advice to the letter ...the unsourced deposits will give an underwriter the hives ...I had to provide copies of the deposit receipts along with an LOE even though it was the deposit return from a previous purchase contract with the same lender ...the UW will want you to show where those funds came from one way or the other ...they are scared to death of illicit income sources

...your LO is almost certainly going to insist on your financial docs asap including a 4506T allowing them to pull your IRS returns ...those are govt requirements, not limited to just your current lender ...delaying the docs for a full month is the same as delaying the loan app and will almost certainly sink your purchase contract ...every one I've seen has required a loan committment letter long before the closing date ...not getting it in on time is cause to cancel the contract

...hth

Re: My mortgage process (original edited)

cartwrna — Thu, 31 Dec 2015 12:29:25 GMT

Found out this morning I'm okay on bank statements. Going back through texts with my LO they only require 2 months of statements which won't show the cash deposits from October. Only other hurdle is taxes. Going to talk to LO first thing in morning (I work today 7-7). Worst case scenario I need to hurry and amend my 2013 taxes, I'll go to an IRS office, amend, and have them stamped. Hopefully that will work.

Re: My mortgage process (original edited)

cartwrna — Fri, 01 Jan 2016 03:04:52 GMT

After some research I have found a few threads that state the missed w2 won't disqualify me, as long as I didn't need that income to qualify. I do have a 2013 return it's just missing a w2 from when I changed jobs. A few mortgage officers I found in other threads stated that its not an issue, as long as I wasn't counting on the income to qualify which I'm not. But that they would encourage that an amended return be done after close to save yourself from a bigger headache if the IRS catches it before you fix it.

Re: My mortgage process (original edited)

cartwrna — Mon, 04 Jan 2016 20:27:31 GMT

Spoke with loan officer today in regards to the unfiled w2 and got some good news. They can push me through with it not being filed as long as I go with an in house loan which is underwritten and serviced by them for life of loan, or until I refinance. I am unable to go with a loan that will be sold on secondary market due to the issue which I'm fine with. I settled on a 3/1 ARM @ 3.5% which I'll refinance after that term. I also have to draft a LOE for why the w2 was not filed. I go drop off all of my paperwork on Thursday morning.

Re: My mortgage process (original edited)

StartingOver10 — Mon, 04 Jan 2016 21:39:35 GMT

@cartwrna wrote:
@Spoke with loan officer today in regards to the unfiled w2 and got some good news. They can push me through with it not being filed as long as I go with an in house loan which is underwritten and serviced by them for life of loan, or until I refinance. I am unable to go with a loan that will be sold on secondary market due to the issue which I'm fine with. I settled on a 3/1 ARM @ 3.5% which I'll refinance after that term. I also have to draft a LOE for why the w2 was not filed. I go drop off all of my paperwork on Thursday morning.

That is terrific news...congratulations!

Re: My mortgage process (original edited)

cartwrna — Tue, 05 Jan 2016 01:59:07 GMT

Thanks StartingOver10. She tried just telling me it would be ok up front (my mortgage loan officer). I wouldn't take that as an answer due to they don't always know everything and explained that I would hate to get close to closing and then it come up as an issue. I requested she ask someone else so she went to her manager. That's when she found out that I would need to do in house financing for it to work. Glad I had her go higher up!

Re: My mortgage process (original edited)

cartwrna — Thu, 07 Jan 2016 18:51:43 GMT

1/7-Gave mortgage officer all paperwork needed for loan (w2s, 2 months bank statements, LOE for unfiled w2, 30 days pay stubs). Signed all paperwork including 4506-t.

1/7-Appraisal ordered for home

1/7-quoting homeowners insurance, need to provide within 10 days.

All looks to be going well so far, since I'm doing an in house mortgage my file will be underwritten by my mortgage officer. She doesn't see any snags thus far. Hopefully appraisal comes back good

Re: My mortgage process (original edited)

cartwrna — Thu, 07 Jan 2016 18:56:57 GMT

Cash needed at closing was estimated at $4200, that's with a $1000 credit for my earnest money check. They have to redo it though as they didn't include some fees I have to pay on behalf of Fannie Mae since it's a foreclosure and they won't cover them. I am doing 3% down 100k loan.

Re: My mortgage process (original edited)

cartwrna — Wed, 13 Jan 2016 11:39:47 GMT

1/11- Lender sent me a list of things they needed to finish processing and get me to underwriting (believe my loan officer underwrites file since its in house loan she said). Requested-proof that one and only collection left for $86 was paid and proof. I paid it same day and immediately dropped receipt off to bank. 2nd request was wife's name, social, and DOB for the title (added her to it, but financing is solely me). As I'm staying on top of stuff as much as possible I also sent them my most recent pay stub via PDF that was generated yesterday So far so good!

Re: My mortgage process (original edited)

cartwrna — Fri, 15 Jan 2016 15:58:16 GMT

1/15- spoke with lender to see what she thought as far as appraisal time to get back. Said that all we are waiting on is the appraisal and title work back, and that they have until end of month. then it's a quick checklist of things and my loan is done! Due to it being an in-house loan she said I have already been through the first underwriting. That's good news I hope.