topic Re: August 2020 Closers in Mortgage Loans

August 2020 Closers

StarraeAday1 — Tue, 30 Jun 2020 14:29:30 GMT

Anyone else yet?

Purchase Price: $160,000 w/$4,000 seller concessions

Down Payment: 3.5% from Missouri DPA program

Product: FHA 30-year

Mid-Score: 683

Rate: 3.75% due to receiving DPA

Closing Date: August 14

Possible Issues: Foreclosure in June 2017 and Ch7 BK discharged in January 2018. We've been preapproved by our LO; he ran our info through AUS and got an automated approval and he doesn't seem worried. But max DTI is 45% and we're at 44.63%, mostly due to them using 1% of my student loans. We own a very small business that's been open barely two years and the business pays one of the auto payments, so we're banking on disregarding the business income and that auto payment to make our DTI work. We have a full year of the business paying the loan so LO says it shouldn't be a problem, but I have anxiety over EVERYTHING.

Our offer was accepted on June 26 and I think LO got started on everything yesterday, so I’m assuming that inspection and appraisal are the next steps, right?

Re: August 2020 Closers

StarraeAday1 — Thu, 02 Jul 2020 12:16:45 GMT

@StarraeAday1 wrote:
Anyone else yet?

Purchase Price: $160,000 w/$4,000 seller concessions
Down Payment: 3.5% from Missouri DPA program
Product: FHA 30-year
Mid-Score: 683
Rate: 3.75% due to receiving DPA
Closing Date: August 14
Possible Issues: Foreclosure in June 2017 and Ch7 BK discharged in January 2018. We've been preapproved by our LO; he ran our info through AUS and got an automated approval and he doesn't seem worried. But max DTI is 45% and we're at 44.63%, mostly due to them using 1% of my student loans. We own a very small business that's been open barely two years and the business pays one of the auto payments, so we're banking on disregarding the business income and that auto payment to make our DTI work. We have a full year of the business paying the loan so LO says it shouldn't be a problem, but I have anxiety over EVERYTHING.

Our offer was accepted on June 26 and I think LO got started on everything yesterday, so I’m assuming that inspection and appraisal are the next steps, right?

Our inspection is scheduled for tomorrow morning, 7/3. I got my initial disclosures yesterday, and I need to reach out to my LO today because I don't fully understand what all the numbers will ultimately mean because we're receiving DPA. And our DTI isn't as high as I calculated because they grossed up my husband's SSDI income and my monthly average was slighly higher than I expected; DTI ended up being around 42%.

Re: August 2020 Closers

StarraeAday1 — Thu, 02 Jul 2020 12:30:52 GMT

Inspection is set for tomorrow, 7/3. I signed our initial disclosures yesterday, but I need to reach out to my LO to explain how the numbers will ultimately work because of our DPA. Our DTI ended up being around 42% because they grossed up my husband's SSDI and my monthly average is apparently a little higher than I calculated. No idea how it happened, but I'll take it. It all seems to be going fairly quickly, I wonder if there's any chance we might be able to close early.

Re: August 2020 Closers

StarraeAday1 — Mon, 06 Jul 2020 21:09:28 GMT

Our inspection got pushed to today at the request of the sellers. It went very well and they found only minor problems. Overall, the bones of the house are extremely solid and everyone seems surprised that we're getting this house at this price in this neighborhood, which I'll take!

Re: August 2020 Closers

Anonymous — Tue, 07 Jul 2020 17:12:53 GMT

Were you present at your inspection?

Re: August 2020 Closers

StarraeAday1 — Tue, 07 Jul 2020 17:14:35 GMT

@Anonymous wrote:
Were you present at your inspection?

Yes, it was nice to be able to take our time and poke around everywhere. Our inspector was very thorough and went over everything with us; we got our inspection report emailed last night.

Re: August 2020 Closers

Anonymous — Tue, 07 Jul 2020 17:14:42 GMT

Purchase Price: $225,000 w/ Seller paying closing costs
Down Payment: 3.5%
Product: FHA 30-year
Mid-Score: 645
Rate: 2.875%
Closing Date: August 6th
Possible Issues: I am very close on DTI max, so no wiggle room with account balances. Also, I am hoping nothing pops up on my credit (old collections etc) My nerves are starting to get the best of me...
Offer was accepted on 7/3, inspeciton scheduled 7/9 and paid for appraisal also.Hoping all goes well for us ALL!

Re: August 2020 Closers

StarraeAday1 — Tue, 07 Jul 2020 19:15:41 GMT

@Anonymous wrote:
Purchase Price: $225,000 w/ Seller paying closing costs
Down Payment: 3.5%
Product: FHA 30-year
Mid-Score: 645
Rate: 2.875%
Closing Date: August 6th
Possible Issues: I am very close on DTI max, so no wiggle room with account balances. Also, I am hoping nothing pops up on my credit (old collections etc) My nerves are starting to get the best of me...
Offer was accepted on 7/3, inspeciton scheduled 7/9 and paid for appraisal also.Hoping all goes well for us ALL!

Nice! I kind of wish we didn't have to get DPA so we could get a lower FHA rate too, but I'll live with it. I keep hoping my DPA program will drop their rates a bit since regular rates are so low at the moment, but no luck yet.

Re: August 2020 Closers

Anonymous — Tue, 07 Jul 2020 19:39:25 GMT

My other rate option was 3.125 but I think this one was good for like the next 30 days at least. I signed the rate lock form lastnight. Fingers Crossed. This is all so exciting and scary at the same time!

Re: August 2020 Closers

ccorr3326 — Tue, 07 Jul 2020 22:50:04 GMT

@Anonymous Do you mind sharing your lender ?

Re: August 2020 Closers

Anonymous — Wed, 08 Jul 2020 00:50:34 GMT

Purchase Price: Raleigh, NC Asking price: $399,999 Accepted Offer: $395,000

Down Payment: 5%

Product: Conventional

Mid-Score: 630

Rate: pay 1 point 4.00% pay 2 points 3.50% (no lock yet)

Closing Date: August 14

Possible Issues: Timing (new contruction and they need 20-30 days to complete the home from July 2)

Re: August 2020 Closers

Anonymous — Wed, 08 Jul 2020 04:45:18 GMT

BancorpSouth

Re: August 2020 Closers

StarraeAday1 — Thu, 16 Jul 2020 16:27:08 GMT

Inspection went well. There were a few things we asked them to fix and they've agreed, but we're still waiting to hear what their insurance says about the roof. We're hoping for replacement, obviously. I haven't seen the appraisal yet, but I was told it came back at purchase price with no repair conditions, so that was good news.

Our file went to underwriting on 7/14, so I'm just waiting for conditions to come back and hoping I can meet them. Underwriting requested info from my insurance company yesterday, so I know something is going on.

I did get some AMAZING news today, though. The DPA program we're using dropped its rate from 3.75% to 3.25% and we hadn't locked yet. This is going to save us something like $50/month and helps pad our DTI a little bit more. We're very, very happy today!

Re: August 2020 Closers

Anonymous — Thu, 16 Jul 2020 16:32:44 GMT

Yayyy! So glad that everything is moving along for you. Thats excellent on the rate drop. Question--how did you know when your file went to underwriting? Like did your lender tell you or what. I am so confused on all of this stuff. I am just praying for no issues and clear to close soon

Re: August 2020 Closers

StarraeAday1 — Thu, 16 Jul 2020 16:36:26 GMT

My lender seems to have an automated program that emails with status changes. It's kind of cool.

Re: August 2020 Closers

Anonymous — Thu, 16 Jul 2020 16:37:39 GMT

Update on my process:

Secured insurance, inspection went well - only minor issues, which seller has agreed to fix by 4 days before closing.

I will probably have to paint my bonus room and upstairs bathroom though after drywall repairs- no biggie.

Appraisal should be done in the next few days - not worried as all of the houses in this area are increasing in value- usually appraise over.

I have submitted documents, showing that my earnest check cleared the bank and that my downpayment funds are in my personal account. Now its just a waiting game I guess until they ask me for more--

also the sellers closed on their home this week and have pretty much moved out! I am so nervous and excited I cannot take it! August 4th please come fast

Re: August 2020 Closers

Anonymous — Thu, 16 Jul 2020 17:00:54 GMT

Ok the title company sent me something to track closing and they have had me verify a few things

Re: August 2020 Closers

Anonymous — Mon, 20 Jul 2020 03:01:53 GMT

Purchase Price: 270,000

Down Payment: 3% WHEDA Homebuyer assistance program

Product: Conventional

Mid-Score: 738

Rate: 3.25%

Closing Date: August 7

Possible Issues: I have no idea. I am just staying positive and hoping for a smooth process. Our file came out of underwriting Friday and appraisal report is due by end of day tomorrow. Then that will go to underwriting before we get it. We had an accepted offer on June 29th. Inspection was done on July 6th. Seller is replacing roof on garage and we got credits for other small repairs needed. Went to underwriting on July 14th and came out July 17th without "much additional documentation needed". So I don't know what they need yet. Loan processor said she will speak with the loan officer Monday then be in touch. Thats where I am at so far. Keeping fingers 🤞 all goes smooth.

Re: August 2020 Closers

Anonymous — Wed, 22 Jul 2020 18:06:53 GMT

Hello,

Purchase Price: $240,000

Down Payment: 3.5%

Product: FHA 30-year

Mid-Score: 728

Rate: 2.75%

Closing Date: August 31

We already had the inspection & all documents were sent to underwriting. Appraisal was ordered and is scheduled for 7/27/2020. My lender told me that i was approved through automated underwriting but still everything need to be checked by someone just to make sure. I am anxious and super nervous. My lender told me that we should have a response by the end of today but still waiting...

Re: August 2020 Closers

StarraeAday1 — Wed, 22 Jul 2020 19:28:50 GMT

Our sellers' insurance agreed to replace the roof, so we're doing a happy dance over here! File is still stuck in processing, but I was told today that the processor is on vacation. Just waiting to see what conditions come back at this point, I think.