topic Re: January/February 2020 Closers in Mortgage Loans

January/February 2020 Closers

radfam — Wed, 18 Dec 2019 17:08:05 GMT

Hey all. Starting a thread for those of us in January and February 2020 closing. Right now our process is just starting, though we expect a 45-60 day close. Tentatively 1/31, but contract is no later than 2/17.

Copied from Nov/Dec message thread for use here:

Purchase price -
% Down -
Product -
Mid score -
Rate -

Estimated Close Date:
Possible issues -

Re: January/February 2020 Closers

radfam — Wed, 18 Dec 2019 17:08:23 GMT

Purchase price - 245k
% Down - 0%, but there is a loan origination fee of $2k
Product - VA (Vendee Program)
Mid score - 631 is lowest between the two mid scores
Rate - 3.75%

Estimated Close Date: 1/31 or before 2/17
Possible issues - Previous foreclosure seasoned as of 12/2018, but still in the back of my mind because I'm a nervous nelly like that.

Re: January/February 2020 Closers

jv032889 — Wed, 18 Dec 2019 17:21:52 GMT

Purchase price - $234k
% Down - 0 down
Product - VA loan
Mid score - 646
Rate -3.5%

Estimated Close Date: January 28th
Possible issues - recent credit inquiries and BK in Nov 2016

Re: January/February 2020 Closers

radfam — Thu, 19 Dec 2019 18:00:48 GMT

Our contract is back with the VA now for signatures. Once we have that back, our mortgage file can transition from preapproved to a live loan! Here we go....

Re: January/February 2020 Closers

Cat27hargadon — Thu, 19 Dec 2019 18:51:23 GMT

I am supposed to be closing 12/30 - moved from 12/20. I am hesitant to post because as of yet; I have not had none of the issues alot of posters have been experiencing and I don't want to "jinx" myself.. My back ground - I filed Ch 7 BK/Discharged in 2015. My original goal was to buy a home after my 2 years post BK. Well lift happened. I had an accidant and got behind on some CC's while I was waiting for Short term disablity to kick in, My sister went behind my back and added me as a co-signer to a car that was late more than it was on time, car got repo'd at least 2-3 times... needless to say 2017 was horrible for me, when It was to be my year to achieve my goals.. for whatever reason, I was thinking I had to wait another few years to begin the home buying process.. I decided to contact a broker to see what the process was and was actually pre-approved!! Color me surprised!! I had not been managing my CC's as well as I should, no late payments, However, I was utilizaling over 100%, again thinking I wouldn't start this process until next year. So in late November 2019, I received the pre-approval and put a bid on a home, was going to originally close 12/20, during week 2 switched to my local bank/CU and the close date has been pushed to 12/30 due to the sellers needing more time.

Purchase price - 300K
% Down - 3.5
Product - FHA
Mid score - 602
Rate - 3.5

Estimated Close Date: 12/30
Possible issues -

Re: January/February 2020 Closers

355F1 — Sat, 21 Dec 2019 05:18:16 GMT

First-time home buyer, new build with Pulte Homes using Pulte Mortgage

Purchase price - $621,000
% Down - 10% cash, 10% HELOC piggyback (5.49%apr)
Product - 30-yr conventional
Mid score - 787
Rate - 3.625 w/ .5 discount points paid
Estimated Close Date: Jan 9, 2020
Possible issues -None

Pulte also offered $10k towards closing costs with this amazing deal.

Re: January/February 2020 Closers

Herestohoping19 — Fri, 20 Dec 2019 04:24:55 GMT

Purchase price - 123,600
% Down - 10%
Product - Conventional
Mid score - 658
Rate - 4.1%
Estimated Close Date:1/11/2020
Possible issues - Waiting. Got commitment letter after approval conditions met but no response on title docs from my lawyer or mortgage company and medical bills chasing me hoping we close before they hit my credit but not with my luck so far. Student loans already killed my DTI.

Re: January/February 2020 Closers

ldkcivilservant — Fri, 20 Dec 2019 17:19:12 GMT

Good luck to all you posters above. I was where you were a couple of months ago, you'll get there!

Re: January/February 2020 Closers

radfam — Fri, 20 Dec 2019 18:56:19 GMT

Executed contract signed and back to our loan officer now! He is opening the loan file and we will begin working with the loan processor. Here's hoping for a smooth ride.

Re: January/February 2020 Closers

lovelife2 — Tue, 24 Dec 2019 06:06:15 GMT

Good luck everyone, just closed last week, and its quite the process, but so worth it.

Re: January/February 2020 Closers

Herestohoping19 — Thu, 26 Dec 2019 02:42:34 GMT

Lucky you, I am still waiting for title search to be done....Happy Holidays and congrats.

Re: January/February 2020 Closers

RyanG — Thu, 26 Dec 2019 21:34:10 GMT

Just got the final approval today!

Purchase price - $308,000
% Down - 3.5%
Product - FHA 30-Year
Mid score - 684
Rate - 3.375

Estimated Close Date - Jan 7
Possible issues - Hopefully None. All inspections done. Final approval received. Just waiting on Closing Disclosure closer to the date.

Re: January/February 2020 Closers

radfam — Fri, 03 Jan 2020 14:30:09 GMT

Awesome news, RyanG! We just got our condional approval. Have to write up LOEs for a few minor things but should get all of that taken care of today. Our furthest close date is 2/17, so I'm hoping that getting all this done now means we get CTC sooner. We originally proposed a close date of 1/31. Fingers crossed no hiccups between now and then!

Re: January/February 2020 Closers

radfam — Sat, 04 Jan 2020 14:34:04 GMT

Everything gathered up and back to underwriter! I’m terrified the UW will come back and deny us. Mostly because I don’t want to end up homeless and scrambling for another rental. We have to put our 30 day notice in on 1/18 or around there. I want to wait for CTC, so hopefully that lines up.

Title company buyer purchase agreements also signed. Homeowners insurance quotes sent in. Now we wait (very nervously) for the UW.

Re: January/February 2020 Closers

Cjaysmom — Sun, 05 Jan 2020 05:07:11 GMT

Purchase price - $430,000
% Down - 15%
Product - Conventional (Portfolio)
Mid score - 691
Rate -6.5% (will refinance when my short sale is seasoned -- around August 19, 2020)

Estimated Close Date: 1/16
Possible issues - You need to read my post ("I can't believe this is happening!") to know that I believe anything could happen between now and the 16th. I've been on a HUUUUGE roller coaster ride in trying to purchase my condo. (I live in Boston, MA suburbs and my purchase price is considered cheap) Fingers (and toes) are crossed. Heck, my eyes are even crossed until I close on the 16th.

Re: January/February 2020 Closers

radfam — Tue, 07 Jan 2020 14:12:52 GMT

I read your other post, Cjaysmom. Quite the ride! Fingers, toes, and eyeballs crossed for you! I'm still waiting to hear back again from the underwriter after submitting LOEs during our conditionally approved stage.

Re: January/February 2020 Closers

iced — Tue, 07 Jan 2020 18:24:47 GMT

@Cjaysmom wrote:
Purchase price - $430,000
% Down - 15%
Product - Conventional (Portfolio)
Mid score - 691
Rate -6.5% (will refinance when my short sale is seasoned -- around August 19, 2020)
Estimated Close Date: 1/16
Possible issues - You need to read my post ("I can't believe this is happening!") to know that I believe anything could happen between now and the 16th. I've been on a HUUUUGE roller coaster ride in trying to purchase my condo. (I live in Boston, MA suburbs and my purchase price is considered cheap) Fingers (and toes) are crossed. Heck, my eyes are even crossed until I close on the 16th.

Indeed, $430,000 is on the bottom of the price scale, especially if you're within the 128 loop. We've been looking ourselves for over 2 years now, and just can't find the right place at the right price.

Re: January/February 2020 Closers

radfam — Tue, 07 Jan 2020 19:14:38 GMT

I found a pretty interesting graphic on the mortgage loan process and thought I would share. For anyone like me (I prefer a visual), this is pretty helpful.

Disclaimer, I do not know "OVM Financial." This isn't the lender I'm using and I'm not affiliated with them in any way. I just pulled the image off of google.

Re: January/February 2020 Closers

radfam — Tue, 07 Jan 2020 20:59:29 GMT

Nothing back yet for us from the UW, but we did hear from our LO just a little bit ago. Insurance binder requested. When we submitted conditions on Friday of last week, I sent over our homeowners insurance quote as only the quote was requested at that time. Glad to be having some more movement towards CTC but still waiting (im)patiently for the official thumbs up from the UW.

Re: January/February 2020 Closers

Herestohoping19 — Wed, 08 Jan 2020 04:02:49 GMT

Closer than I am. Heard back from LO today we have been officially delayed from our original closing date on the 11th to possibly the 17th due to our closing being a Saturday that they apparently just realized when it’s been the same since November......Well anyways we also don’t have the title search done apparently they only just ordered it yesterday sheesh. So yeah, we will see if we close next week. Trying to stay positive when secretly I’m seething.