topic Re: September 2020 Closers in Mortgage Loans

September 2020 Closers

Shawn19AL — Wed, 05 Aug 2020 15:05:57 GMT

Being optimistic and throwing myself over here.

Purchase Price: $285K (275k with a 10k sellers concession)

Down Payment: $0

Product: VA- 30 year

Mid-Score: 675

Rate: 2.625 (not locked yet)

Closing Date: September 15th , 2020

Possible Issues, This is a new lender. The seller wanted me to use their lender even though I had a DU approval with my original lender. I have one collection that I didnt plan on paying. The lender didnt say anything when they pulled my credit so we will see.

Signed my initial disclosures, apprasial is going to be ordered either today or tomorrow, Signed up for insurance for the house. Just reached out to the inspection company to schedule inspection date.

Re: September 2020 Closers

boohoo — Thu, 06 Aug 2020 00:41:28 GMT

I am nervously posting here, too.

Purchase Price: $310k (walked back from $325k list)

Down Payment: $3.5%

Product: FHA- 30 year

Mid-Score: 585

Rate: 5.25 (not locked yet) WITH POINTS.

Closing Date: September 10th , 2020

Right now I am just happy to be approved even though I have a super **bleep**ty rate and crazy upfront money. My scores have been in the toilet and I honestly wasnt planning to buy a house until spring, (and was thinking I would have decent scores by then) but sometimes things happen for a reason. This is the right house for us. I am scared to death something is going to fall through.

Re: September 2020 Closers

Anonymous — Thu, 06 Aug 2020 02:46:03 GMT

Best of luck!! Sending you postive vibes for a smooth closing. 2.675% is an amazing rate!!

Re: September 2020 Closers

Anonymous — Thu, 06 Aug 2020 03:05:50 GMT

Purchase Price: $472K

Builder Credit: $7500

Down Payment: $47,200

Product: Conventional - 30 year fixed

FICO8 Mid-Score: 736

Fico5,4,2 Mid-Score: 712

Rate: 3.0% as of July 1st 2020; Will lock in rate in September, hopefully secure a rate around 2.875%.

Closing Date: September 28th , 2020

4th home purchase

Possible Issues: Builder is severely behind schedule due to Covid-19. Builder informed me today that the design selections have been ordered but had to resubmit order as matte black kitchen and bathroom hardware was missing from the design selection sheet. Lender plans to submit loan to underwriter. I do not anticipate any issues as far as lending.

Appraisal order last week.

#September2020Closer

Re: September 2020 Closers

Anonymous — Thu, 27 Aug 2020 21:16:56 GMT

First time poster

Purchase Price: $158k (Asking 150k)

Down Payment: $3.5%

Product: FHA- 30 year

Mid-Score: 702

Rate: Not sure yet

Closing Date: September 18th , 2020

Re: September 2020 Closers

Anonymous — Thu, 06 Aug 2020 17:04:41 GMT

First time poster.. I've been lurking for months

Purchase Price: $390K

Down Payment: $14K

Product: FHA- 30 year

Mid-Score: 701

Rate: 2.375 (Locked my rate last Friday)

Closing Date: September 9th , 2020

Possible Issues: This is a new build. So far they are on track to be completed. Could be a delay with electrial issues they have warned me about.

Fingers crossed everything goes well. So far the process has been smooth.

Re: September 2020 Closers

Shawn19AL — Thu, 06 Aug 2020 23:31:50 GMT

Home inspection scheduled for this Saturday.

Re: September 2020 Closers

Cjethompson2017 — Fri, 07 Aug 2020 23:32:45 GMT

Purchase Price: $323k

Down Payment: $32,300

Product: FHA-30 year

Mid-Score: 568

Rate: TBD

Closing Date: September 7, 2020

My scores will improve by the time they pull scores again. I paid off 3 collection accounts that will delete, but they are taking their sweet time deleting. I am thrilled to be approved, but I hope our scores increase a bunch before we close. This is our dream home and I'm really really nervous!

Re: September 2020 Closers

Anonymous — Sat, 08 Aug 2020 19:09:20 GMT

Purchase Price: $390k

Down Payment: 5% 20k

Product: VA-25 year

Mid-Score: 633

Rate: 2.357 locked

Closing Date: September 7th , 2020

hoping all goes smoothly, original closing date was scheduled for August 14 but my credit score drop significantly and I had to switch lenders.

Re: September 2020 Closers

Shawn19AL — Sat, 08 Aug 2020 22:58:26 GMT

Only issues found during inspection were cosmetic and a few outlets were dead. So electrical box needs to have a few updates.

Waiting on the inspection report to be emailed and appraisal to happen.

Re: September 2020 Closers

WhiteCollar — Sun, 09 Aug 2020 15:57:14 GMT

Who gave you that great rate?

Re: September 2020 Closers

Shawn19AL — Wed, 12 Aug 2020 16:45:59 GMT

Appraisal is scheduled for this Sunday.

Re: September 2020 Closers

Cjethompson2017 — Wed, 12 Aug 2020 17:03:15 GMT

@Shawn19AL wow! They're going really fast. I started the process a tad late, but we're a tentative close date of September 7 and haven't heard anything about the appraisal yet.

Re: September 2020 Closers

Shawn19AL — Wed, 12 Aug 2020 17:25:04 GMT

Ive been pushing like crazy. We were trying to find someone else but appraisals are backlogged and this was the slot we had so we're going to go with it.

I would really like to close on Sept 15 th but Ill take the end of Sept too @Cjethompson2017

Re: September 2020 Closers

Cjethompson2017 — Wed, 12 Aug 2020 17:29:30 GMT

@Shawn19AL Is there anything else that would hold it up besides appraisal? Everybody has been saying appraisals are behind, but everything else seems to go fairly smoothly?

im nervous something is going to happen in this month. 😂 I'm not worried about credit scores TOO much. They approved us as is, and they should only get better, but I'm still terrified.

Re: September 2020 Closers

Shawn19AL — Wed, 12 Aug 2020 17:32:21 GMT

underwriting is the only thing im worried about. this is a new lender. my old lender they ran me through underwriting to get my approval and everything they asked for I gave and had a DU approval. This lender might be iffy about my one collection left so im just ready to hear back from them to see @Cjethompson2017

Re: September 2020 Closers

Cjethompson2017 — Wed, 12 Aug 2020 17:36:21 GMT

@Shawn19AL That's interesting. I'm wondering if mine did the same thing. I also have just one collection left on my report, but I plan to pay it. I was just hoping to pay after I close. They wanted an explanation for every negative thing I had on my report.

Re: September 2020 Closers

Shawn19AL — Wed, 12 Aug 2020 17:40:18 GMT

Same thing, I wanted to set up a payment arrangment after I close. If I have to pay it before, I will but im hoping not

@Cjethompson2017

Re: September 2020 Closers

Cjethompson2017 — Wed, 12 Aug 2020 17:44:54 GMT

This process has been so stressful for me. I will think twice about purchasing another home again after this one. Lol

Re: September 2020 Closers

Anonymous — Wed, 12 Aug 2020 18:33:02 GMT

Appraisal is being ordered this week, and my file being sent to UW today!