topic Re: Any late Nov/early Dec closers? in Mortgage Loans

Any late Nov/early Dec closers?

Anonymous — Fri, 18 Oct 2019 17:58:03 GMT

I’ve been under contract on a new build since late April but we’re finally getting close(r). I’d love to get a thread going where anyone closing around the same time can connect with others in the same boat.

Here are my details:
Purchase price - 600k
Down - 3.5%
Product - FHA
Mid score - 680
Rate - 4%
Possible issues - So far so good, but the one thing stressing me out is a tight DTI. I have 225k in student loans so the attributed 1% makes things tight. Otherwise, I have no debt other than a pretty average car loan, and one small CC I let report.
Closing date: 12/6

Re: Any late Nov/early Dec closers?

Anonymous — Fri, 18 Oct 2019 17:43:59 GMT

I went under contract in May and I am supposed to close in December.

Here are my details:
Purchase price - 219k
Down - 3.5% - or possible down payment assistance
Product - FHA
Mid score - 618 as of today it was 631 yesterday > : ( so not sure where I will end up
Rate - unknown

I have the same issue with DTI from my student loans as well.

Re: Any late Nov/early Dec closers?

Anonymous — Fri, 18 Oct 2019 19:40:16 GMT

Hi,

closing hopefully around 12/15, new build as well

purchase price: 400k

down payment: 10%

product: conventional

Lower Mid Score: i think 780

Rate: havnt locked in yet, but hoping for low 3s

DTI is ok, the rest of my peripherals are ok as well.

Re: Any late Nov/early Dec closers?

Anonymous — Fri, 18 Oct 2019 20:11:45 GMT

Here are my details:
Purchase price - 241k
Down - 3.5%, down payment assistance
Product - FHA
Mid score - 634
Rate - 3.75%
Possible issues - So far approved w/conditions. DTI is close but LO says im good to go. One item has me worried and thats my federal taxes i owe and have installment agreement w/IRS but still i read horror stories. Underwriting approved me thus far but still im just waiting to hear those dreaded words. Aside from IRS payment plan, all else is good, low utilization on CC's and 1 car note.
Closing date: 11/15

Re: Any late Nov/early Dec closers?

Quzy — Sat, 19 Oct 2019 00:46:47 GMT

Under contract on a new build with Pulte Homes since late May. Estimated closing is Nov 27th.

Details:
Purchase price - 357k
Down - 3.5% - already paid in earnest money.
Product - FHA
Mid score - 580
Rate - 3.85%
Possible issues - had a major issue today which could cause me to be written off the loan with my husband. I had a nice pretty score of 593 on experian for my Fico2 score then a $45 AND $100 collections that popped up today from 2015, so I had two major hits. It’s been a day, let me tell you, my Fico2 dropped to 526! My loan processor needs to do a rapid rescore BUT I was able to get the collection paid immediately and because it’s such a small medical debt the attorney for the collections told me he would remove it. I received a confirmation email for removal and it will come off in 30 days. My loan processor told me she would do a rapid rescore with the email and it should bounce me back up. Fingers crossed! This won’t cause us to lose the home, because my husband can go on it alone, but it really messes up the debt to income ratio.

Closing date: 11/27

Re: Any late Nov/early Dec closers?

Anonymous — Sat, 19 Oct 2019 03:12:25 GMT

Hi Quzy,

Keep me posted. I am positive every thing will work out. It is such a stressful time. My scores have been all over the place.

Re: Any late Nov/early Dec closers?

Anonymous — Sat, 19 Oct 2019 05:49:18 GMT

I had something similar happen a few weeks ago... a medical bill was randomly sent to collection without EVER being sent to me OR my insurance (which would’ve paid it). I contacted the office immediately and they basically wrote it off, pulled back the collection, and it was off my report in a day or two. I didn’t even have to do a rapid rescore because my score bounced right back. Hang in there!

Re: Any late Nov/early Dec closers?

Anonymous — Sat, 19 Oct 2019 16:29:32 GMT

Good morning
Contract mid April for new build for our retirement home in another state
Hubby already retired but I’m not (3 more yrs) and must remain primary residence in this state due to job requirements. Therefore this is treated as a “second” or “vacation” home
Lowest mid score 675
375k purchase price
10% down
4.1% conventional
Scheduled closing 11/26
Sent to UW on 10/14 and told it was moving smoothly along. Don’t anticipate any hiccups but you never know. The waiting is horrible.

Re: Any late Nov/early Dec closers?

Anonymous — Tue, 22 Oct 2019 00:43:37 GMT

Gosh, I am ready to be done with this. Today, I got a collection notice... for a medical bill my ADULT daughter hasn't paid. She's been racking up a ton of medical bills lately, not paying them (she can afford to), and somehow they're being billed under my name. I have contacted the medical provider 6-7 times trying to get this out of my name and each time they insist it's not in my name, there's nothing sent to my address, even though I literally have the bills in my hand. And now a collection agency confirmed this was just sent to them ONLY in my name. I'm at my wit's end.

I got the name and number of a supervisor finally who hopefully can help me, but what the heck... nothing is on my credit report right now and I may have to just pay this (to the tune of around $700) to avoid it reporting. My daughter is completely refusing to answer me so there's no way she's going to pay. ARGH.

Re: Any late Nov/early Dec closers?

Elindocain — Tue, 22 Oct 2019 13:58:57 GMT

Thanks for starting this thread! Scheduled November Close on new build.

Here are my details:
Purchase price - 710k
Down - 5%
Product - 30 year conventional
Mid score - 749
Rate - 4.125%

First time homebuyer. This is definitely a process!

Re: Any late Nov/early Dec closers?

ldkcivilservant — Tue, 22 Oct 2019 16:05:58 GMT

New build like the OP, scheduled to be compelted end of November.

Purchase price - 205k
Down - $0 - but $2500 paid as deposit that will be allocated to closing costs.
Product - USDA
Mid score - 751
Rate - 4.5%, maybe a smidge lower by the time welock it in.

Re: Any late Nov/early Dec closers?

Anonymous — Wed, 23 Oct 2019 16:42:18 GMT

Nice to see so many upcoming closers! And new builds!

Where is everyone at in the process? I went through upfront underwriting and conditional approval months ago. I've since been through processing and have been hanging out in the "update documents" stage for a month or two. Every now and then, they ask for another document, usually one I've sent multiple times and that is literally already in the portal multiple times... but oh well. I got a raise in September, which I've been trying to get added to my file to help with DTI since it was tight before the raise, but even that seems impossible. My LO is awesome but the processor seems very scattered. Then again, with a 12/6 close, I know I'm not their first priority. Looking forward to finally being DONE!

Re: Any late Nov/early Dec closers?

ldkcivilservant — Wed, 23 Oct 2019 17:03:48 GMT

I am trying to ram mine through to USDA as soon as possible so that we can at least stop worrying about the loan side - we are very close to the upper end of their income limits so the sooner they give they OK on the guarentee the sooner I'll feel better. I'm also concerned about a potential Government shutdown after 11/21 really putting the wrench in things.

In terms of docs, our file has been through underwriting once already and came out conditionally approved only needing one further bank statement. They haven't asked for anything else yet.

They are projecting an 11/15 closing - I think it'll be more like 12/15, but like I said, if it can be ramrodded to USDA soon rather than later that'll make me feel better!

Re: Any late Nov/early Dec closers?

JGGM — Wed, 23 Oct 2019 17:14:35 GMT

I technically do not fall in the time frame you mentioned, but mine is new construction as well. Final walk through is tomorrow afternoon. Mortgage has been clear to close since last week. I received my closing disclosure yesterday. For me, the mortgage process was not nearly as bad as I had imagined. I do not, however, think I will ever build a house again. Dealing with the builder has been a less-than-desirable experience for me. Even with 24 hours before final walk through, I have to keep contacting the project manager to get a couple things resolved (that were pointed out in our initial walk through last week). I get that some things are minor and can be fixed in minutes, but one of my items was to replace a section of the driveway due to a grease/oil stain that will not come up. He says it will be ripped up and poured today. I guess I'm a little too much of a control freak, and I hate procrastination.

Re: Any late Nov/early Dec closers?

Anonymous — Fri, 25 Oct 2019 01:50:12 GMT

How did your walkthrough go?

A new build has been a lot more stressful than I expected. I really hope it’s worth it in the end.

My daughter finally paid off the collection they were trying to report on mine, and thankfully for her they agreed to pull it back since it was just sent there!

Re: Any late Nov/early Dec closers?

JGGM — Fri, 25 Oct 2019 10:38:25 GMT

Walk through went pretty well. They damaged a plank of wood flooring and were replacing it while I was there. They addressed all issues my inspector told me to have fixed. Closing is today at 9am CST. I can't believe the process is done. Looking back, I signed paperwork in June, so in a matter of just 4.5 months, my build went from dirt to complete - which seems crazy. It's a tract home in a subdivision, Ashton Woods is the builder. The craziest part is with taxes and insurance, my mortgage is almost $200 less than my rent!

Now to get the keys, so I can order my plantation shutters!

Re: Any late Nov/early Dec closers?

ldkcivilservant — Fri, 25 Oct 2019 15:59:55 GMT

Unfortunatly our lender got wind of the fact that the closing was likely to be delayed before they sent the file to USDA

They now don't want to send it until the middle of November, which I guess is fine.

In other news, my attorney finally reached a settlement on an auto wreck that I caused 3 years ago today. Relieved on that. We had been approved through underwriting twice even with the lawsuit pending, but it's still good to get that potential elephant off our backs.

Re: Any late Nov/early Dec closers?

Anonymous — Fri, 25 Oct 2019 22:13:31 GMT

update:

Closing date: 10/31

Lender says CTC should be first week November, has to resubmit my file back to UW now that appraisal is complete just awaiting report. Realtor sent a request for extension to 11/15, seller instead sent me a Termination of contract. Sellers want out of contract because i didnt pay the appraisal on date of according to contract and wants the $1,000 in earnest money ASAP.

I highly doubt i'll even close on the 31st, not sure what else to do. I'm at the point where i really dont care if i lose the house, i'll be out $2,250 of my own money if this falls through. If i get the house great, but at what further cost and is it even worth it anymore. I was motivated in the beginning and this last week i really lost all motivation.

Re: Any late Nov/early Dec closers?

JVille — Sat, 26 Oct 2019 03:40:40 GMT

Pretty unusual sounds like your seller has a buyer in the wings and is looking for an excuse to get out. Very very unlikely they will be able to keep your earnest money. It’s nearly impossible these days to do that.

Re: Any late Nov/early Dec closers?

Anonymous — Sat, 26 Oct 2019 04:22:04 GMT

Prior to being in contract with the seller, the first offer i made they counter offered to close two weeks prior to the 31st. My realtor was able to keep our original date of Oct 31st, after the 5th counter offer they accepted. This whole ordeal with the sellers has been strange from the beginning.

It is very possible the sellers currently have another offer. I'll update as things change.