topic Re: September closers! in Mortgage Loans

September closers!

Anonymous — Sat, 17 Jul 2021 22:00:46 GMT

Starting the thread for September!

Location: Seattle currently but purchasing in Mesa, AZ

Purchase price - $575,000
% Down - 20%
Product - 30 yr fixed
Mid score - 709

Sellers Credit - $0
Rate - 2.625% or 2.875% (trying to decide if buying points makes sense for me)

Estimated Close Date - September 8
Possible issues - I'm selling my house in Seattle but it's not on the market until I get home and get it listed next week. The market is very hot so no real worries but that adds complexity.

I also always worry about DTI because I have $2750 per mo attributed student loan payments (actual is $588). I wasn't planning to buy yet so I just bought a car that made that tighter than it should've been. I'm sure it'll be fine because I qualified for 650k multiple places but I do have bonus and RSU income that may calculate differently in UW. I did an initial UW before moving forward so should be fine but it adds stress!

Oh and we're rushing the appraisal to make sure it's close to offer amount because I waived that contingency. I have 10 days to back out with the inspection contingency so may have to if it appraises way less. I had to go over asking to get it as a contingent buyer so we'll see what happens!

Re: September closers!

Anonymous — Tue, 20 Jul 2021 01:52:25 GMT

It occurs to me that I'm too early for most September closers since I have a longer closing date due to making a contingent offer. I'll talk to myself for now!

We had the inspection today and other than some broken roof tiles by the solar installers, it was perfect. The sellers have a roof warranty so they'll be able to get that fixed.

Now we're waiting on the appraisal since I waived that contingency... but we rushed it so it'll be back before our inspection contingency expires. Fingers crossed that it comes in at what I offered!

Re: September closers!

Anonymous — Tue, 20 Jul 2021 19:44:31 GMT

Location: Massachusetts

Purchase price - $317,000
% Down - $5,000. Loan is USDA and 0% but I gave a $5,000 deposit which will go towards closing costs.
Product - 30 yr fixed
Mid score - 659

Sellers Credit - $0

Estimated Close Date - September 1
Possible issues - None on my end. Sellers are closing on their new house the same day, so hopefully all goes well with that and we don't get delayed.

Re: September closers!

Anonymous — Thu, 22 Jul 2021 03:15:17 GMT

Congrats Kelly!

I had less than 24 hrs after getting home from AZ to get my house ready for pro pics. It was a whirlwind but we got it done this afternoon. I'm going to leave this weekend from 10-8 Fri-Sun and fingers crossed we get an offer by then since it's not easy to leave with three dogs!

My loan moved to UW today so hoping for good news soon. I reran my DTI and it's 12/38 without including RSUs so I think I'm good to go there. I'm feeling good about the new mortgage so my only concerns are what it'll appraise for and getting under contract on this house!

Re: September closers!

Anonymous — Sun, 25 Jul 2021 11:19:41 GMT

Long time lurker on this site; first-time poster. But this site has been very educational in my journey.

Location: Metro DC (MD)
Purchase price - $651,000
% Down - 5.01%
Product - Conventional
Mid score - 694 (Both spouse and I)
Sellers Credit - $0
Rate - 2.99% or 2.75% (might buy points)
Estimated Close Date - Tentative Early Sept, won’t know exact till 30 days out.
Possible issues - We did get a conditional approval pending updated asset statements and insurance/appraisal completion from our lender. This is a new build so material shortages could push the timeline.

Re: September closers!

Anonymous — Mon, 26 Jul 2021 04:31:53 GMT

Welcome Alasu!! Congrats on the conditional approval.

I'm pretty stressed. Have to either back out or move forward tomorrow and the appraisal was done Friday but have no info yet. I waived the contingency so if it appraises too low, I'll have to pull out. Meanwhile my house has been on the market for 3 days with only 3 showings... and my contingency requires it be under contract by Tuesday.

Fingers crossed for good news tomorrow!

Re: September closers!

Anonymous — Mon, 26 Jul 2021 22:26:08 GMT

Good news: Appraised at 575k so no issue with that on the purchase!

Bad news: Only one showing again today. Just reduced the price by 25k but if we're not under contract tomorrow I won't get my earnest money back if I can't close. Really need this house to sell!!

Re: September closers!

Anonymous — Wed, 28 Jul 2021 01:27:14 GMT

We're under contract! Close on this house 8/26 so trying to bump up my purchase closing to 9/3!

Re: September closers!

Anonymous — Thu, 29 Jul 2021 18:50:55 GMT

We're chugging along. Closing has moved to 9/3 so now it's just a waiting game!

Re: September closers!

Anonymous — Wed, 04 Aug 2021 02:06:45 GMT

Feels like time is moving so slowly. I scheduled a call with my processor to get a status update and he said all we need to close is proof of paid off mortgage when my house sells (8/26 closing) and a revised insurance policy that reflects our new closing date. So nothing to do but wait! I started packing and arranging the move. So excited!

Re: September closers!

MauiMan85297 — Thu, 05 Aug 2021 19:19:18 GMT

@Anonymous wrote:
Starting the thread for September!

Location: Seattle currently but purchasing in Mesa, AZ
Purchase price - $575,000
% Down - 20%
Product - 30 yr fixed
Mid score - 709
Sellers Credit - $0
Rate - 2.625% or 2.875% (trying to decide if buying points makes sense for me)
Estimated Close Date - September 8
Possible issues - I'm selling my house in Seattle but it's not on the market until I get home and get it listed next week. The market is very hot so no real worries but that adds complexity.

I also always worry about DTI because I have $2750 per mo attributed student loan payments (actual is $588). I wasn't planning to buy yet so I just bought a car that made that tighter than it should've been. I'm sure it'll be fine because I qualified for 650k multiple places but I do have bonus and RSU income that may calculate differently in UW. I did an initial UW before moving forward so should be fine but it adds stress!

Oh and we're rushing the appraisal to make sure it's close to offer amount because I waived that contingency. I have 10 days to back out with the inspection contingency so may have to if it appraises way less. I had to go over asking to get it as a contingent buyer so we'll see what happens!

Much drier weather for you, been in Mesa for 4.5 years and just sold and pending escrow- our new build has a close date of 9/9. You should be fine then with student loans if the min payment is reporting instead of it showing a $0 due. If so, you can have the conventional loan done through Freddie and they will only use .5% instead of Fannie's 1%.

Re: September closers!

finfree — Thu, 05 Aug 2021 19:02:41 GMT

I'm refinancing (no cash out) and it will probably close in September (late August might be too optimistic). Rate is 2.25% on a 15 year fixed with no points. FICO2 middle score is 798. Fannie Mae waived appraisal, which saves time and $$ (my lender was able to achieve this; Fannie Mae at first required an appraisal). I have 20 years left on my original 30 year mortgage, which is at 4.375%. Just went to underwriting, so now the fun starts.

Re: September closers!

Anonymous — Sat, 14 Aug 2021 05:55:53 GMT

It's been awhile, hopefully more September closers join soon!

I set up utilities this week and my move is scheduled. It's super hard to get out of state movers right now so we have to put everything on the truck before closing on this house, so I sure hope my buyer doesn't have any issues!

Everything is done on my purchase other than clearing the condition of selling my current home. Closing on this one on the 26th, then the new house 9/3. Meanwhile my dishwasher broke today so getting someone out on Tuesday. Figures, right?

Re: September closers!

Anonymous — Sun, 15 Aug 2021 21:34:10 GMT

Location: Seattle

Purchase price - $735,000
% Down - 25%
Product - 30 yr fixed
Mid score - 802

Sellers Credit - $0
Rate - 2.500% (no points or orgiantion, $500 lender credit)

Estimated Close Date - September 1
Possible issues: New construction. Finishing touches to house (long punch list). Waiting on certificate of occupancy (should be this week!). Appraisal is still outstanding (but have enough down to account for a low appraisal). Student loans (need to use IDR payments and just pulled the loans out of forbearance in July).

Re: September closers!

Anonymous — Tue, 17 Aug 2021 14:55:33 GMT

We've had major storms daily in the DC area so the timeline has been pushed. Our official close date is 9/29 now. The initial appraisal did come back above the asking price so that's one good thing.

Re: September closers!

MauiMan85297 — Wed, 18 Aug 2021 16:38:12 GMT

Purchase price - $539,000
% Down - 5% (Non-disabled vet so the VA FF is only 1.6% which is covered by my realtors 2.0%)
Product - VA 30 yr fixed
Mid score - 719

Sellers Credit - 2% (Coming from realtor)
Rate - 2.25% w/ $2200 in lender credit

Estimated Close Date - Sept 9th is now the definitive close date instead of August 15th (New build est close date)
Possible issues: None, our current home closes escrow Aug 30th (All cash offer+ 2 week post possesion at no charge). My owner is doing

my loan as I can't do my own loan.

Builder: Blandford Homes LLC

Re: September closers!

Anonymous — Wed, 18 Aug 2021 16:46:03 GMT

@Anonymous wrote:
Location: Seattle
Purchase price - $735,000
% Down - 25%
Product - 30 yr fixed
Mid score - 802
Sellers Credit - $0
Rate - 2.500% (no points or orgiantion, $500 lender credit)
Estimated Close Date - September 1
Possible issues: New construction. Finishing touches to house (long punch list). Waiting on certificate of occupancy (should be this week!). Appraisal is still outstanding (but have enough down to account for a low appraisal). Student loans (need to use IDR payments and just pulled the loans out of forbearance in July).

Nice to see another person from Seattle! I'm selling my house here and moving to Arizona. Good luck on the build!

Re: September closers!

Anonymous — Wed, 18 Aug 2021 16:46:54 GMT

@Anonymous wrote:
We've had major storms daily in the DC area so the timeline has been pushed. Our official close date is 9/29 now. The initial appraisal did come back above the asking price so that's one good thing.

Yikes! Glad the appraisal came back high. Do you have repairs that need to be done to the house?

Re: September closers!

Anonymous — Wed, 18 Aug 2021 16:48:00 GMT

@MauiMan85297 wrote:
August 2021 Closers Thread
Purchase price - $539,000
% Down - 5% (Non-disabled vet so the VA FF is only 1.6% which is covered by my realtors 2.0%)
Product - VA 30 yr fixed
Mid score - 719
Sellers Credit - 2% (Coming from realtor)
Rate - 2.25% w/ $2200 in lender credit
Estimated Close Date - Sept 9th is now the definitive close date instead of August 15th (New build est close date)
Possible issues: None, our current home closes escrow Aug 30th (All cash offer+ 2 week post possesion at no charge). My owner is doing
my loan as I can't do my own loan.
Builder: Blandford Homes LLC

Welcome to the group!

Re: September closers!

Anonymous — Wed, 18 Aug 2021 16:50:20 GMT

Can you believe that in spite of literally never overdrafting, I somehow did today? I have been keeping the majority of funds in savings and today an auto payment went through early and somehow posted 3 overdrafts over night as a result. I immediately transferred money from savings to checking but the overdrafts will be on my statement. I check my accounts multiple times a day so I have no idea how this managed to hit and post in the span of a few hours but here I am. Really hoping that no one will ask for another set of bank statements before we close on 9/3.... or that if they do, the fact that I have a pile of money in savings will offset the oops. Ugh, just what I needed, more stress!