topic Re: Closing on Cinco de Mayo! in Mortgage Loans

Closing on Cinco de Mayo!

newmomnewme — Mon, 23 May 2022 17:39:29 GMT

3 Reasons for this post

1. HOPE

I wanted to provide a little hope for those still battling in the Wild Wild West Sellers Market 2020-present.
2. REALITY

This market stinks (for buyers). What is meant to be will be. I can't force a bad deal no matter how desperate I felt.
3. NAVY ROCKS!

Navy has been a pleasure so far throughout my process. I feel like I talk to the LO daily, she has 90 other clients and makes the time to explain everything that I ask. I didn't get a great rate, but Im well under 5% with HIGH DTI, So-so MMS, and only 11k DP.

So, I started looking in July 2020 pulled in by crazy low rates. I was originally looking for new construction...took a break until Spring 2021 and quickly gave up - no new construction available, prices were ridiculous.

After spending WAY too much during covid and most of 2021: Amazon, DoorDash, instacart, etc., I applied for a mortgage loan with Navy. Details and timeline below:

Dec 15 - Pre-Approved $250k @ 3.25% MMS 668 (should have applied with 2 others)

Dec-Feb - Lost multiple bidding wars😟

Mar 1 - Found house in a prime location list price 179k & 2021 Appraisal price $250k😮

Mar 7 - bid $222k and won 🥇

Mar 8 - Loan Estimate: 4.125% DP: 11.1k

Mar 9 - Sent pay stubs and 2021 W-2

Mar 10 - Assigned 5/5/2022 Closing and ordered appraisal

Mar 11 - Received Conditional Approval

Mar 15 - Request commute letter

Mar 15 - Request financial statements
Mar 16 - Received Approved Appraisal

Mar 16 - Request Lead Paint acknowledgment (home built before 1978)

Mar 18 - Sent EMD 😧

Mar 18 - Request Commute letter

Mar 18 - Sent to Underwriters ?

Apr 1 - Contacted HR

Apr 11 - New Loan Processor Assigned 😱

Apr 12 - Another Conditional Approval

Apr 12 - Request to pull credit - expired 3/15

Apr 15 - Apr 28 - Underwriters ?
May 6 - Remote Letter sent

May 6 - Closing Disclosures - paid for 4%

May 10 - Loan Processor contacting Settlement attorney to get date

May 23 - Closed! 🔑

I'll update this thread, I am thinking about buying .5% in points since the rates look like they are going to keep going up.

Re: Closing on Cinco de Mayo!

Mr_Mojo_Risin — Sat, 12 Mar 2022 18:27:28 GMT

@newmomnewme wrote:
3 Reasons for this post
1. HOPE
I wanted to provide a little hope for those still battling in the Wild Wild West Sellers Market 2020-present.
2. REALITY
This market stinks (for buyers). What is meant to be will be. I can't force a bad deal no matter how desperate I felt.
3. NAVY ROCKS!
Navy has been a pleasure so far throughout my process. I feel like I talk to the LO daily, she has 90 other clients and makes the time to explain everything that I ask. I didn't get a great rate, but Im well under 5% with HIGH DTI, So-so MMS, and only 11k DP.

So, I started looking in July 2020 pulled in by crazy low rates. I was originally looking for new construction...took a break until Spring 2021 and quickly gave up - no new construction available, prices were ridiculous.

After spending WAY too much during covid and most of 2021: Amazon, DoorDash, instacart, etc., I applied for a mortgage loan with Navy. Details and timeline below:

Dec 15 - Pre-Approved $250k @ 3.25% MMS 668 (should have applied with 2 others)
Dec-Feb - Lost multiple bidding wars😟
Mar 1 - Found house in a prime location list price 179k & 2021 Appraisal price $250k😮
Mar 7 - bid $222k and won 🥇
Mar 8 - Loan Estimate: 4.125% DP: 11.1k
Mar 9 - Sent pay stubs and 2021 W-2
Mar 10 - Assigned 5/5/2022 Closing and ordered appraisal
Mar 11 - Received Conditional Approval

I'll update this thread, I need to send EMD tomorrow, LO said take a picture of it.

That's super cool news for you!

I'm thinking about using Navy within the next couple of months, so I certainly appreciate your detailed post.

I look forward to seeing your experience here. Thanks again!

Re: Closing on Cinco de Mayo!

newmomnewme — Tue, 12 Apr 2022 17:57:38 GMT

Update - seller needs loan commitment letter, NFCU sent conditional approval letter and the seller's attorney says he needs a final approval? I just got a message saying I made it through underwriting...I don't see any conditions.

I am guessing no news is good news?

Re: Closing on Cinco de Mayo!

babygirl1256 — Wed, 13 Apr 2022 04:16:41 GMT

Congrats on your mortgage processsing . . . whishing you success in closing without any problems!!!

Re: Closing on Cinco de Mayo!

newmomnewme — Wed, 13 Apr 2022 05:48:55 GMT

@babygirl1256 Thanks! It's an absolute roller coaster ride...

Re: Closing on Cinco de Mayo!

DSTforlife — Thu, 14 Apr 2022 16:58:40 GMT

Congratulations! I've been following your journey regarding the commuter letter. I am so happy it has all worked out for you! Once you get the keys, make a quick stop somewhere and have a margarita to celebrate the closing and Cinco de Mayo!!

Re: Closing on Cinco de Mayo!

CiSer904 — Thu, 14 Apr 2022 17:14:15 GMT

This is amazing and refreshing to hear! Congratulations!!!

So my husband and I were denied a VA loan through Navy and their reason was high DTI. If you don't mind me asking, what was your when you applied? We have worked SO hard to lower it a lot so we were so upset when we found out that was the reason fro disapproval.

Re: Closing on Cinco de Mayo!

newmomnewme — Thu, 14 Apr 2022 22:50:58 GMT

@CiSer904 I think my DTI is 49%....SL added at 1%. Maybe the overlays are different for VA loans?

Re: Closing on Cinco de Mayo!

newmomnewme — Thu, 14 Apr 2022 22:51:36 GMT

@DSTforlife For Sure!!!

Re: Closing on Cinco de Mayo!

newmomnewme — Mon, 23 May 2022 17:38:29 GMT

Finally signed all documents and got my keys!! I'm a home owner guys!!! Thanks so much for all your support through this grueling process!!!!

Re: Closing on Cinco de Mayo!

Hex — Mon, 23 May 2022 18:21:51 GMT

@newmomnewme

I'm so happy for you! I checked for a post from you on 5/5 and over the next few days. When I didn't see one I was worried that maybe you didn't get the house after all. I didn't ask you for an update because I didn't want to make you sadder. But you did it and now you are happy! Excellent! Congratulations!!!

Re: Closing on Cinco de Mayo!

DSTforlife — Mon, 23 May 2022 22:35:41 GMT

Congratulations!!! I am so happy you closed!! Now you can relax!!

Re: Closing on Cinco de Mayo!

newmomnewme — Tue, 24 May 2022 04:14:20 GMT

Thanks so much @Hex and @DSTforlife 🤗

I was soooooo stressed out. So much back and forth. I was told it was because neither I or the seller reside in the state where I purchased. Regardless, it's over now and I am going to take a couple days to unwind before I start planning any renovations and our move. Best Day Ever!