topic Re: October 2020 Closers in Mortgage Loans

October 2020 Closers

Anonymous — Fri, 28 Aug 2020 16:24:31 GMT

Well, putting myself here now. Got a long ways off, but that was because we gave seller some house searching concessions. That said, they found a place and we are keeping the original closing date for now as it gives us time to sell and possibly close before this one.

Purchase Price: $845,000

Down Payment: 20% (get a 6k closing cost credit from seller)

Product: 30 year Jumbo

Mid-Score: 768 (EXP F2; again, a shoutout to @calyx for the F2 guide)

Rate: 3.125 (60 day lock, but cost nothing to lock and I didn't expect to get anything better)

Closing Date: October 16 , 2020. Option from seller to move up closing date if things on my current property move faster.

Possible Issues: Appraisal comes in low (unlikely), current home doesn't sell (not a sale contingent situation, but just from a pratical cash flow perspective of carrying costs I don't really wanna hold 2 properties for 3+ months).

Just sent to UW. Expect appraisal by Monday.

Re: October 2020 Closers

Anonymous — Sat, 29 Aug 2020 03:57:24 GMT

So I'm gonna add mine as well. We are excited to finally purchase our first house. After lots of hard work fixing my credit and saving to be able to post here.

Purchase Price: $230,000

Down Payment: $8,050/$6,900 seller concession

Product: FHA

Mid-Score: 722

Rate: 2.875/ Not locked could be lower

Closing Date: October 23 , 2020

Possible Issues: Was pre approved without pay stubs. But my lender assured me that it shouldn't be a issue as long as it matched what I told them, which it does. But still bothers me. Just signed contracts today and starting the process inspection will be scheduled next week.

Re: October 2020 Closers

Anonymous — Sun, 30 Aug 2020 01:53:22 GMT

Our closing date has to be delayed til October to give us a date after our 2yr Chp 7 discharge date.

Purchase Price: $465,555

Down Payment: 0- Closing Cost Grant for 10,200

Product: 30 year VA loan

Mid-Score: 657

Rate: 2.75

Closing Date: October 13, 2020.

Possible Issues: VA appraisal has been ordered so nail biting time until it comes back approved. The only comparable was in July for 469,000 so hopefully we do not have a problem

Re: October 2020 Closers

Anonymous — Sun, 30 Aug 2020 14:17:11 GMT

We have a close by date of October 5 in our contract however everyone seems to expect it will be sooner at present. House is already empty and seller would be fine moving that up. Worked hard for seven years to get here to purchasing our first home. Been waiting 20 years of marriage to do it!

Purchase price 200,000

down payment 5%

conventional

mid score 635

we were pre approved , found my dream house (it predates the civil war !). And has an offer accepted in six days. Last week we paid the earnest money , signed all the disclosures , got the inspection done and handed over a check for the appraisal. Underwrites have the file as of Friday afternoon, and appraisal should be done this week according to the mortgage officer. I can’t wait for it to all be over with , as I feel like I can’t breathe for far It all falls apart

Re: October 2020 Closers

Anonymous — Sun, 30 Aug 2020 14:36:28 GMT

Forgot to add we were also told to get. Quote for home owners insurance to the mortgage guy , made calls on that Friday hoping to hear back early this week

Re: October 2020 Closers

Anonymous — Mon, 31 Aug 2020 14:12:08 GMT

@Anonymous do you mind adding more info on any reserves required, income, or lender info. You seem to have a pretty good preapproval deal for a conventional loan at that score.

Re: October 2020 Closers

Anonymous — Mon, 31 Aug 2020 15:57:54 GMT

@Anonymous wrote:
We have a close by date of October 5 in our contract however everyone seems to expect it will be sooner at present. House is already empty and seller would be fine moving that up. Worked hard for seven years to get here to purchasing our first home. Been waiting 20 years of marriage to do it!

Purchase price 200,000
down payment 5%
conventional
mid score 635

we were pre approved , found my dream house (it predates the civil war !). And has an offer accepted in six days. Last week we paid the earnest money , signed all the disclosures , got the inspection done and handed over a check for the appraisal. Underwrites have the file as of Friday afternoon, and appraisal should be done this week according to the mortgage officer. I can’t wait for it to all be over with , as I feel like I can’t breathe for far It all falls apart

Congrats on the dream house! Agree a lot on the stress levels right now. After much fanfare and a ton of showings and interest in our first week on the market, it feels like things have come to a halt for interest in our property. Starting to worry about selling, even though we have a large cushion between now and closing date for new place.

Just want the piece of mind of certainty with our place selling and being able to get back to a somewhat normal life.

Re: October 2020 Closers

Anonymous — Mon, 31 Aug 2020 17:40:03 GMT

@Anonymous wrote:
So I'm gonna add mine as well. We are excited to finally purchase our first house. After lots of hard work fixing my credit and saving to be able to post here.

Purchase Price: $230,000
Down Payment: $8,050/$6,900 seller concession
Product: FHA
Mid-Score: 722
Rate: 2.875/ Not locked could be lower
Closing Date: October 23 , 2020
Possible Issues: Was pre approved without pay stubs. But my lender assured me that it shouldn't be a issue as long as it matched what I told them, which it does. But still bothers me. Just signed contracts today and starting the process inspection will be scheduled next week.

So just got my Mortgage Disclousers all signed and rate locked @2.875. Going to schedule inspections for next week if they are available. Other issues rised, were I took a FMLA leave in June till August 19th. My lender needs a written VOE even after it was all verified thru Work Number. So working on getting that done. Other then that and paystubs I should be good too go. Should get approved with conditions thru UW. Just curious on what the condions will be.

Re: October 2020 Closers

Anonymous — Mon, 31 Aug 2020 18:21:49 GMT

Sure - no reserve required. My income is around 130k a year and my lender is Mortgage One it may just be local in my area I’m not sure . Our rate is 4% but not locked yet loan officer is hoping to get it a little lower

Re: October 2020 Closers

Anonymous — Mon, 31 Aug 2020 18:29:55 GMT

Spoke with my lender today, got in the home owners insurance quote he asked for , he’s finalizing the file for underwriters . The only letter he wanted me to draft was one explaining a credit inquiry from early June which was just from refinancing a personal loan I have had. We will be underwriting next during which I may not sleep at all lol

Re: October 2020 Closers

Anonymous — Mon, 31 Aug 2020 19:57:12 GMT

Appraisal came in and is good to go. Everything in underwriting and a waiting game on so many fronts.

Re: October 2020 Closers

Anonymous — Mon, 31 Aug 2020 22:23:06 GMT

Hello all, I am going to add myself here as well. Fingers crossed.

Purchase Price: $355,000

Down Payment: $7000

Product: VA

Mid-Score: 655/680 DW

Rate: 2.75/ Not locked could be lower

Closing Date: October 5, 2020

Lender: Veterans Lending Group

Homeowners Insurance: First American Home Insurance.

Possible Issues: VA Appraisal of the property ordered and is due back Sep 11. Earnest Money paid; all initial disclosures signed, and the application is with Underwriting for conditional approval. Initial inspections are complete; just waiting on Appraisal. Hopefully, all works out so we can get the clear to close as WA state makes you wait a little longer after you sign to close.

Re: October 2020 Closers

Anonymous — Tue, 01 Sep 2020 08:25:42 GMT

Same. File went to underwriters yesterday. And we were notified the appraisers are really busy right now so it could be early next week before we hear from them. So the waiting game begins. Mortgage officer did say he expects we should be signing second round of disclosures by mid week next week and after that it should go quicker. But the next ten days or so feel long somehow. He and the realtor keep making cracks about how we need to start packing it’s going fast but I’m too scared to pack anything lol. Waited so long to get here I’m so worried it’s gonna fall apart somehow. Trying to trust the mortgage people know what they’re doing when they say there shouldn’t be a problem

Re: October 2020 Closers

Anonymous — Tue, 01 Sep 2020 15:41:12 GMT

Hi Everyone!
My file went to the underwriter on this morning. Praying and believing for good news soon.

New Construction

Purchase Price: $389,000

Down Payment: 3.5%

Product: FHA

Mid-Score: 664

Rate: 2.87 locked

Closing Date: October 2, 2020

Possible Issues: I have not filed Taxes yet for this year. I do have an extension on file with IRS. I have been on my current job just over a year, but same occupation over 13 yrs.

Re: October 2020 Closers

Anonymous — Tue, 01 Sep 2020 16:02:41 GMT

New Construction

Purchase Price: $274,000

Down Payment: 3.5% (7500 lender credit)

Product: FHA

Mid-Score: 687

Rate: 2.875 locked

Closing Date: October 1 , 2020. Not set in stone.

Possible Issues: None I can forsee.

Earnest deposit:5000

I've already received conditional approval from underwriting. Just submitted homeowners insurance quote today. Just waiting on construction to be complete!

Re: October 2020 Closers

Anonymous — Wed, 02 Sep 2020 18:18:25 GMT

Underwriter asked for recent bank statements today so I know they are working on the file. We had already given those to the mortgage officer but sent again anyway. Appraisal should happen any day now, though they’re backed up and they said it may be early next week yet. I’m so nervous I could cry, or puke, or both. So close to the dream and scared of it all coming undone. Everything is exactly like it was when we were pre approved last month so hopefully it holds up !

Re: October 2020 Closers

Fico82 — Wed, 02 Sep 2020 21:20:38 GMT

Hey Fico Fam !

New Construction

Asking Price: $ 160k

Purchase Price: $ 155k

Down Payment: 20%

Product: Conv. 30

Mid-Score: 791

Rate: 3.25 not locked

Closing Date: Estimated on or before Oct 5

Possible Issues: None Yet. Just executed contract on Aug 31 . Gave check for earnest and option. This friday the 4th will be inspection.

I see some others saying got quote for mortgage insurance..which companies you guys getting quotes from ?

Re: October 2020 Closers

Bulldogs72 — Thu, 03 Sep 2020 03:25:14 GMT

Purchase Price: $426,000

Down Payment: 3.5%

Product: FHA

Mid-Score: 680

Rate: 2.75

Closing Date: October 6 , 2020.

Appraisial was on Monday, should hear back by Friday. Inspection was Tuesday and went great. First time owning a home in 10 years. Fingers croosed!!!!

Re: October 2020 Closers

Anonymous — Fri, 04 Sep 2020 17:54:02 GMT

Just sitting around in what my lender. Calls the underwriting pipeline - appraisal ordered a week ago still hasn’t happened . The waiting game is killing me

Re: October 2020 Closers

Anonymous — Fri, 04 Sep 2020 18:00:50 GMT

Yea I'm in the boat. Waiting game, inspection is on Tuesday. My loan was just to processing. Not going to order appraisal until inspection report comes back. Then the dreaded UW. Not sure if I can just get a AUS and be good since I have a FHA. Guess time will tell.