topic Re: October Closers!! in Mortgage Loans

October Closers!!

sphinx313 — Fri, 24 Sep 2021 21:26:54 GMT

Location: Indiana

Purchase price - $200,000
% Down - 10%
Product - 30 yr FHA
Mid score - 654

Sellers Credit - $600, Lender: $1,600 + $5,xxx to mortgage broker.
Rate - 2.75% Locked until 11/4.

Estimated Close Date - October 19th
Possible issues - None to our knowledge. First time buyers. Out of underwriting with a "clean file". Chapter 7 medical bankruptcy 8/2019 discharge. Just waiting on the scheduled appraisal and then closing soon after. If anyone has any questions let me know! Good luck on your closing!!

Re: October Closers!!

Anonymous — Sat, 25 Sep 2021 03:22:47 GMT

Location: Minnesota

Purchase price - $255,000

% Down - 3.5%

Product - 30 yr FHA

Mid score - 686

Sellers Credit - $200, Lender: $0

Rate - 3.25%

Estimated Close Date - October 28th

Possible issues - Unknown at this time. First-time homebuyer; just handed over my earnest money check and hoping everything goes smooth.

Re: October Closers!!

Anonymous — Mon, 27 Sep 2021 20:47:39 GMT

Oh man, I was going to be posting in this thread but last week our builder said they had to push our close date out another 4-5 months after losing a sub. Original completion was August, then pushed to October, now pushed to Jan/Feb. We've been in contract since July of 2020.

Oh well.

Re: October Closers!!

Jkrause702 — Tue, 28 Sep 2021 01:06:59 GMT

Location: Georgia

Purchase price - $227,000
% Down - 0%
Product - 30 yr USDA
Mid score - 705

Rate - 2.75% Locked until 10/22.

Estimated Close Date - October 4th
Possible issues - Everything looks good except having been asked for a CPA letter and not employing the services of a CPA and the current likelihood of a government shutdown of USDA offices before receiving commitment.

Re: October Closers!!

Anonymous — Tue, 28 Sep 2021 05:31:52 GMT

Location: Tennessee

Purchase price - $322,000
% Down - 5%
Product - 30 Yr Conventional
Mid score - 644

Rate - 3.35% Locked until 10/12.

Estimated Close Date - October 4th
Possible issues - Everything is running smoothly. Was approved through underwriting two weeks ago. Have already been sent initial closing disclosures. Was told our appraisal was due Monday 27th but they did not provide our lender the results. Hopefully it comes sometime today. Waived the appraisal contingency all together because we are buying in a very sought out neighborhood. Waiting and hoping it appraises for the purchase price!

Re: October Closers!!

Anonymous — Tue, 28 Sep 2021 15:54:01 GMT

Watching and happy for you all.

Trying to patiently wait for November.

Re: October Closers!!

Anonymous — Tue, 28 Sep 2021 18:57:04 GMT

Location: Indiana

Purchase price - $279,000
% Down - 0%
Product - 30 yr 10/1 ARM (In-House product)
Mid score - Mine: 715, Wife's: 699

Sellers Credit - $970, Lender: $0
Rate - 3.269% locked until 11/5.

Estimated Close Date - October 21st
Possible issues - We have to sell our current house before we can close, assuming the buyer's loan doesn't fall through this shouldn't be an issue.

Re: October Closers!!

salahbh — Thu, 30 Sep 2021 23:35:55 GMT

Location: Michigan

Purchase price - $242000
% Down - 0%
Product - 30 yr Foxed 2.75 USDA Guranteed
Mid score - Mine 740 My wife 751

Sellers Credit - 0
Rate - 3.269% locked until 11/5.

Estimated Close Date - October 5th

Go the clear to close today 09/30/2021 after USDA approved the loan .

Possible issues - Insurance company put the wrong address for EOI should be corrected by 10/01

Can't wait to close and move in the place I am renting along with the property management are mentally killing me lol good thing I opted to go on a month to month basis after lease was up in July.

Re: October Closers!!

BigBS — Fri, 01 Oct 2021 22:25:23 GMT

Location: Alabama

Purchase price - $635,000
% Down - 0%
Product - 30 yr VA
Mid score - 753

Sellers Credit - $2500
Rate - 3.25%.

Estimated/Actual Close Date - October 1st
Possible issues - None.

Re: October Closers!!

sphinx313 — Tue, 05 Oct 2021 19:39:19 GMT

Running into a minor situation where the lender may "back out" $2,000 in funds in my checking transferred from my brother's account when he bought my appliances. My paychecks should cover it, but we were expecting to close early and now the 22nd is the earliest. There are bigger problems, but just giving some data points.

Re: October Closers!!

JamP — Wed, 06 Oct 2021 02:33:13 GMT

Location: Michigan

Purchase price - $162,000
% Down - 5%
Product - 30 Year Conventional
Mid score - 790

Rate - 3.5%

Close Date - October 8th (Original Close Date October 22nd)
Possible issues - Everything is in order but always looking for something to keep me from closing. Wish me luck!!

Data Points: Prequalified early in the Spring - Looked at 25+ houses, outbid on 8 houses, backed out on 1 house due to repairs. Finally this house was found on September 2nd. Bid on September 4th with Appraisal Gap Clause 5k and anything under 3k waved on Inspection. Bid accepted on September 6 for 12k more than asking. Took 5 days to get an Inspection. Took around 3 weeks to get Appraisal, appraised at 165k. Had to redo the mortgage because DW Student Loans shown as being garnished so ended up removing her from the Mortgage. This has been the most stressful situation I have ever had in my life and I have had heart surgery

Re: October Closers!!

Jkrause702 — Thu, 07 Oct 2021 02:39:24 GMT

@Jkrause702 wrote:
Location: Georgia
Purchase price - $227,000
% Down - 0%
Product - 30 yr USDA
Mid score - 705
Rate - 2.75% Locked until 10/22.
Estimated Close Date - October 4th
Possible issues - Everything looks good except having been asked for a CPA letter and not employing the services of a CPA and the current likelihood of a government shutdown of USDA offices before receiving commitment.

The possible issues never came to be. Closed on my first home this past Monday. 30 day close time on USDA was not bad at all.

Re: October Closers!!

Anonymous — Thu, 07 Oct 2021 15:26:49 GMT

@Anonymous wrote:
Location: Indiana
Purchase price - $279,000
% Down - 0%
Product - 30 yr 10/1 ARM (In-House product)
Mid score - Mine: 715, Wife's: 699
Sellers Credit - $970, Lender: $0
Rate - 3.269% locked until 11/5.
Estimated Close Date - October 21st
Possible issues - We have to sell our current house before we can close, assuming the buyer's loan doesn't fall through this shouldn't be an issue.

Found out the house we bought (just a little over a year ago) has a bad roof. Our home inspector missed it last year, but the buyer's inspector did not miss it this year. We have to spend a little over $6k replacing half of the roof. So much for making a profit off of our sale. Fortunately, this shouldn't delay us selling our house or delay the closing on our new home.

Re: October Closers!!

Sydspapa — Thu, 07 Oct 2021 16:54:28 GMT

November!

Location: Nebraska

Purchase price - $343,000
% Down - 4.2%
Product - 30 yr FHA
Mid score - 762

Sellers Credit - N/A Lender: Paid closing costs
Rate - 2.25% Locked until 11/10.

Estimated Close Date - November 10th 2021
Possible issues - None, can't wait!

Re: October Closers!!

Anonymous — Fri, 08 Oct 2021 01:20:51 GMT

Location: Minnesota

Purchase price - $635,000

% Down - 20%

Product - 30 yr Conventional, Fixed

Mid score - 711

Sellers Credit - $3000, Lender: $0

Rate - 3.125%

Close Date - October 20th

Possible issues - None, hopefully. Signed contract back on August 25th, but seller requested a "long" close. Glad it's almost done.

Begin -- 6/1/2017 -- 499 / 543 / 534

Re: October Closers!!

Anonymous — Sun, 10 Oct 2021 13:57:11 GMT

@Anonymous wrote:
Location: Minnesota
Purchase price - $635,000
% Down - 20%
Product - 30 yr Conventional, Fixed
Mid score - 711
Sellers Credit - $3000, Lender: $0
Rate - 3.125%
Close Date - October 20th
Possible issues - None, hopefully. Signed contract back on August 25th, but seller requested a "long" close. Glad it's almost done.

Update. Received closing disclosures Friday which match initial disclosures closely but are missing the earnest money deposit. So i'll get new ones Monday. I hope I did not jinx anything when I said no issues so far.

Re: October Closers!!

Anonymous — Sun, 10 Oct 2021 14:08:36 GMT

Hopefully your close on Friday went as planned. If it did, congratulations.

@JamP wrote:
Location: Michigan
Purchase price - $162,000
% Down - 5%
Product - 30 Year Conventional
Mid score - 790
Rate - 3.5%
Close Date - October 8th (Original Close Date October 22nd)
Possible issues - Everything is in order but always looking for something to keep me from closing. Wish me luck!!
Data Points: Prequalified early in the Spring - Looked at 25+ houses, outbid on 8 houses, backed out on 1 house due to repairs. Finally this house was found on September 2nd. Bid on September 4th with Appraisal Gap Clause 5k and anything under 3k waved on Inspection. Bid accepted on September 6 for 12k more than asking. Took 5 days to get an Inspection. Took around 3 weeks to get Appraisal, appraised at 165k. Had to redo the mortgage because DW Student Loans shown as being garnished so ended up removing her from the Mortgage. This has been the most stressful situation I have ever had in my life and I have had heart surgery

Re: October Closers!!

Anonymous — Mon, 11 Oct 2021 11:04:07 GMT

Location: Ohio

Asking/Purchase price: 417k/417k

% Down: 5%

Product: 30 yr. fixed VA loan

Seller/lender credits: 550 seller/1800 lender

Rate: 2.5%

Mid score: 781

Close date: Oct 28, 2021

Other points: I gave the seller 24 hours in the contract to accept. I told the agent that the offer I submitted was it and if the seller had any other offers, not to even counter. I don't get into "bidding wars" on assets. Offer accepted that day. Full inspection/appraisal/financing contingencies were included, just like the "good old days" of 2019. Union Savings Bank out of Dayton, OH has been wonderful to deal with. We gaven the sellers 14 days after close. They are a nice older couple moving to Florida!

Re: October Closers!!

JamP — Wed, 13 Oct 2021 01:52:45 GMT

@JamP wrote:
Location: Michigan
Purchase price - $162,000
% Down - 5%
Product - 30 Year Conventional
Mid score - 790
Rate - 3.5%
Close Date - October 8th (Original Close Date October 22nd)
Possible issues - Everything is in order but always looking for something to keep me from closing. Wish me luck!!
Data Points: Prequalified early in the Spring - Looked at 25+ houses, outbid on 8 houses, backed out on 1 house due to repairs. Finally this house was found on September 2nd. Bid on September 4th with Appraisal Gap Clause 5k and anything under 3k waved on Inspection. Bid accepted on September 6 for 12k more than asking. Took 5 days to get an Inspection. Took around 3 weeks to get Appraisal, appraised at 165k. Had to redo the mortgage because DW Student Loans shown as being garnished so ended up removing her from the Mortgage. This has been the most stressful situation I have ever had in my life and I have had heart surgery

No issues. Signed and had keys by 9am. Now to get moved and change our address on about 10k different things.

Re: October Closers!!

Anonymous — Wed, 13 Oct 2021 13:49:33 GMT

@JamP Congratulations!