topic Re: Updates in Mortgage Loans

Updates

Anonymous — Fri, 07 May 2010 12:26:11 GMT

"Updates"

For those closings soon, where are you currently with your loan?

When are you scheduled to close?

Re: Updates

Anonymous — Fri, 07 May 2010 12:33:43 GMT

We received our loan commitment letter last week from our lender, just needed to send the homeowner's declarations page over, which I did at the end of last week. LO said that was the last condition for final approval, so I imagine we'll hear something pretty soon.

We are looking at a May 28th closing date.

Re: Updates

Anonymous — Fri, 07 May 2010 13:21:08 GMT

Set to close on 5/21. Currently waiting for approval from rural development and hoping that file gets processed before the guaranteed loan funds are depleted. This is the last hurdle and a big one considering all of the "what-ifs" involved. If the guaranteed loan falls through, there is a way that I might be able to swing a downpayment for a FHA, but that will be sticky and much more anxiety provoking down the stretch. Wish me luck.

Re: Updates

Anonymous — Fri, 07 May 2010 13:28:23 GMT

Our loan went to the underwriter yesterday. We have till the 18th for a letter per our contract. Our scheduled closing was set for May 31st however I was told recently it was moved to May 28th.

Re: Updates

Anonymous — Fri, 07 May 2010 15:23:30 GMT

We're scheduled to close the 31st, but we haven't even gotten the completed appraisal yet. I hope this doesn't fall through because we can't make it to closing on time...

Re: Updates

Anonymous — Fri, 07 May 2010 15:45:12 GMT

We need to have our financials and appraisal done by the end of the month and June 18th as our closing date.

Re: Updates

Anonymous — Fri, 07 May 2010 15:56:07 GMT

The 31st is a holiday must be the reason we were moved to May 28th

Re: Updates

Anonymous — Fri, 07 May 2010 16:04:42 GMT

Signed contract on 03/21/2010, VA through BofA. Have received conditional approval (have to submit information regarding child support and a few other minor things). Closing is set for 5/24/2010.

Re: Updates

goodcredit60 — Fri, 07 May 2010 18:13:19 GMT

My FHA loan has been with the B of A underwriter since April 20. We were scheduled to close Monday, May 10. All I get from LO is, "underwriters are...not in today, in training, etc...will try to get you an update tomorrow." By this point I'm sure we're not closing Monday, but why can't they be honest and tell me and the buyer that escrow will need to be extended a certain amount of time?

Re: Updates

Anonymous — Fri, 07 May 2010 19:09:38 GMT

we are scheduled o close May 21st. dont knowif that is going to happen though, the seller( bank owned) was supposed to fix some repairs and we dont know if they have or not. also, they gave the deadline of today for the appraisal, and we still havent heard anything.

Re: Updates

Anonymous — Fri, 07 May 2010 19:41:02 GMT

Ok, appraisal came in at $4,000 over our purchase price. We signed disclosures and GFE and all of that good stuff. I guess now we wait for UW and verifications?

Re: Updates

Anonymous — Fri, 07 May 2010 22:56:42 GMT

Thats great! as far as I know, those are the next steps provided there wasnt any issues with the appraisal as far as work needing to be done. Our appraisal came back today. Came in at asking price, so I hope thats ok. It did say, however, that we need a new garage roof. hopefully the bank who owns it is willing to negotiate on that. I guess we will find out on Monday when we talk to the realtor. Good luck w/everything! We are due to close on the 21st, but that may be ab issue now with the roof .

Re: Updates

Anonymous — Mon, 10 May 2010 19:25:55 GMT

I'm not scheduled to close until mid-June. I just sent some requested items to my lenders so I'm hoping to hear from them real soon with good news. I've applied for an FHA loan on a new construction which isn't even predicted to be complete until June 15. *Fingers Crossed*

I Re: Updates

Anonymous — Mon, 10 May 2010 22:52:25 GMT

My closing date is June 15th as well. I received conditional approval last week.....So the wait is on. I'm purchasing a new build in which I chose everything in that house. It would be very cruel if the loan was denied at this point....UGH! I'm trying to be patient....Not happening.

Re: I Re: Updates

Anonymous — Mon, 10 May 2010 23:23:30 GMT

TAI & YESLCAN...

I am in the same boat...we are set to close mid June. New home with the upgrades, So I hope we go through as well

Re: I Re: Updates

SCTeach28 — Tue, 11 May 2010 00:45:17 GMT

I am scheduled to close on June 11 on a new construction. The house is completed, I am just waiting to hear something. My file is currently in underwriting and my LO said that I would hear something by this Friday.

***I'm so NERVOUS, but at the same time I'm very EXCITED as well.

Re: Updates

Anonymous — Tue, 11 May 2010 12:49:36 GMT

File is still with the underwriter. Today I received an email with a closing date and time. The date changed again. We have 7 days and counting till we have to honor our financing date.

SETTLEMENT DATE & TIME: 5/27/10 at 01:00 PM

Re: Updates

Anonymous — Tue, 11 May 2010 19:21:08 GMT

God bless us all!

Re: Updates

Anonymous — Tue, 11 May 2010 20:13:25 GMT

I am hoping to get commitment letter from rural development tomorrow, but I am not counting on it. Most likely, I will end up getting a conditional commitment with a 3.5% guarantee fee rather than the 2%. It still beats trying to come up with a downpayment though.

Re: Updates

Anonymous — Thu, 13 May 2010 14:27:14 GMT

My loan was with the underwriter since Thursday. I received the call today, we have the go ahead to close. I'm in tears. I really thought we would have issues. WOW amazing, words can not express what I'm feeling now.