topic Cleared to Close Updated 5/16 in Mortgage Loans

Cleared to Close Updated 5/16

Anonymous — Mon, 16 May 2016 22:53:29 GMT

Pre-approved, working with a local lender who has worked with my realtor for a hundred years, doesn't forsee any problems.

It's actually been 60 days since my last preapproval, which I did intentionally to see if any slimeballs popped out of the woodwork (one did, paid it).

Hoping for a smooth process.

Fingers crossed!

Update: After the inspection and all paperwork in, Appraisal came back about 8 grand above what we're paying, and we are trying to move the closing date up since the people can leave sooner than they originally thought.

Hoping for a May closing!

Re: Offer in, inspection is next

StartingOver10 — Sun, 10 Apr 2016 12:35:07 GMT

Keeping fingers crossed that you get your offer accepted!

Re: Offer in, inspection is next

Anonymous — Sun, 10 Apr 2016 13:20:44 GMT

@Anonymous wrote:
Pre-approved, working with a local lender who has worked with my realtor for a hundred years, doesn't forsee any problems.

It's actually been 60 days since my last preapproval, which I did intentionally to see if any slimeballs popped out of the woodwork (one did, paid it).

Hoping for a smooth process.

Fingers crossed!

best of luck!

Re: Offer in, inspection is next

Anonymous — Sun, 10 Apr 2016 13:59:25 GMT

Thanks folks.

My middle 5 was 663 which is getting me 3.75 on an FHA. Only baddies are 2 paid medical or my score would probably be higher (my 8 for EX with no baddies is 720).

For the record we offered, they countered and we accepted the counter (met right in the middle between our offer and their initial ask, good median price for the neighborhood).

Lender rep is an older guy with lots of exp, feels very positive about it and is willing to answer my bajillions of questions :-)

The house appears lovingly maintained, new roof in the last couple years, checks every box we were looking for (slightly further from my son's private school than we hoped, but not awful) and the neighborhood has lots of other kids.

So if inspection and appraisal go well we should be good to go!

I'm updating here because a year ago my credit score was 5something across the board, and I signed up for a capital one platinum card with a 300$ limit to start rebuilding. Learned how to get bad stuff removed, and I'm in a position that I can buy a house now, which would not have happened without the rebuilders forum.

Re: Offer in, inspection is next

GirlMelanie89 — Sun, 10 Apr 2016 16:32:46 GMT

Hi hanales, did you opt out of pre approvals before you applied 60 days ago?

Re: Offer in, inspection is next

Anonymous — Sun, 10 Apr 2016 17:20:36 GMT

I did not Melanie, however most of my bad credit days are long behind me (>10 years) so I can FOAD most of them.

We were mostly worried about missed medical stuff that has occurred in the last few years.

Re: Offer in, inspection is next

GirlMelanie89 — Sun, 10 Apr 2016 18:31:17 GMT

Gotcha! Gotcha! Better to be safe than sorry!! Very smart move!

Re: Offer in, inspection is next

Anonymous — Wed, 13 Apr 2016 20:07:00 GMT

Ok inspection went smoothly, house is a creampuff.

Got my loan documents today and I am totally confused. So we are printing everything to understand.

Did get a locked in rate at 3.625 which I am happy with since my middle is 662. This is on a FHA 3.5% down.

House accepted offer was 195 with seller paying 5K of closing costs, but the estimate says that total cash needed at closing is higher than I'm understanding.

Can someone help? My mortgage agent is calling me later I'm just a bit confused.

Our Down Payment is about 7K. Do I need another 7K on top of that for closing?

Here are the images.

Re: Offer in, inspection is next

Anonymous — Wed, 13 Apr 2016 20:18:42 GMT

It looks like of the $7236 it is showing $3532 as your downpayment. How much did you put down for earnest money?

Re: Offer in, inspection is next

Anonymous — Wed, 13 Apr 2016 20:22:30 GMT

3000. But it is showing that as a Plus not a minus which is why I'm confused. Sorry I'm dumb! This is something I've never been through before.

@Anonymous wrote:
It looks like of the $7236 it is showing $3532 as your downpayment. How much did you put down for earnest money?

Re: Offer in, inspection is next

Anonymous — Wed, 13 Apr 2016 20:30:50 GMT

Got an email response explaining it!!!

Loan amount is sale price of 195,000 less the 3.5% down payment of $6,825. Therefore, $188,175 base loan amount. The FHA mortgage insurance is added to that amount (1.75% of base loan amount so $3,293. Therefore total loan amount is show as $191,468.

The $7,235 number is your total expense, down payment of 3.5% + the $425 appraisal fee ($6,825 + $425 = $7,235)

Actual funds at closing will be the $7,235 – 3,000 – 425 = $3,810

Hope that makes sense."

Jesus this is so hard lol. But it will be so worth it.

Re: Offer in, inspection is next

Anonymous — Tue, 26 Apr 2016 15:40:35 GMT

The waiting!

Appraisal done and looking good. Title check clear. Just waiting on underwriting so we can move the closing date up.

COME ON GUYS LET'S GO I CAN ONLY WHINE SO MUCH!

:-D

Re: Offer in, inspection is next Updated 4/23

Anonymous — Fri, 06 May 2016 18:31:36 GMT

Officially hit underwriting 5/3. They really know how to make a guy sweat!

Re: Offer in, inspection is next Updated 4/23

Anonymous — Mon, 09 May 2016 13:44:19 GMT

Mortgage approved! Only conditional is my first pay stub which I get this week (switched jobs mid process). He said we can close next week!

Re: Offer in, inspection is next Updated 4/23

StartingOver10 — Mon, 09 May 2016 15:29:06 GMT

Congrats on your mortgage approval!

Re: Offer in, inspection is next Updated 4/23

Anonymous — Mon, 16 May 2016 22:53:56 GMT

Cleared to close today. Closing next Monday. Am I done? Is that it?

Re: Offer in, inspection is next Updated 4/23

Anonymous — Tue, 17 May 2016 00:54:16 GMT

Yay! You are almost there!

Re: Offer in, inspection is next Updated 4/23

Anonymous — Thu, 19 May 2016 22:43:51 GMT

Signed off on the closing disclosure today. Am I done yet? lol. I really want to app for the discover card!

Re: Offer in, inspection is next Updated 4/23

Anonymous — Thu, 19 May 2016 23:42:12 GMT

@Anonymous wrote:
Signed off on the closing disclosure today. Am I done yet? lol. I really want to app for the discover card!

Don't do anything UNTIL you have keys in hand. Discover will always be there.

Re: Offer in, inspection is next Updated 4/23

Anonymous — Fri, 20 May 2016 00:38:38 GMT

@Anonymous wrote:
@Anonymous wrote:
Signed off on the closing disclosure today. Am I done yet? lol. I really want to app for the discover card!
Don't do anything UNTIL you have keys in hand. Discover will always be there.

I know I'm just being a baby. Closing is Monday

topic Cleared to Close *Updated 5/16* in Mortgage Loans

Cleared to Close *Updated 5/16*

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Re: Offer in, inspection is next *Updated 4/23*

Re: Offer in, inspection is next *Updated 4/23*

Re: Offer in, inspection is next *Updated 4/23*

Re: Offer in, inspection is next *Updated 4/23*

Re: Offer in, inspection is next *Updated 4/23*

Re: Offer in, inspection is next *Updated 4/23*

Re: Offer in, inspection is next *Updated 4/23*

Re: Offer in, inspection is next *Updated 4/23*

topic Cleared to Close Updated 5/16 in Mortgage Loans

Cleared to Close Updated 5/16

Re: Offer in, inspection is next Updated 4/23

Re: Offer in, inspection is next Updated 4/23

Re: Offer in, inspection is next Updated 4/23

Re: Offer in, inspection is next Updated 4/23

Re: Offer in, inspection is next Updated 4/23

Re: Offer in, inspection is next Updated 4/23

Re: Offer in, inspection is next Updated 4/23

Re: Offer in, inspection is next Updated 4/23