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ANXIOUS & WAITING ...

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shawneet
Valued Member

ANXIOUS & WAITING ...

Hello all,

This is my very first post in the forum, so please be easy on me. Smiley Wink My hubby and I are new to the new home building thing and here is our situation.  We found  a beautiful home (model) that we would like to have built and we sat down with the LO, did the paper work, gave initial documentation, etc.  We were "pre-qualified" for the home which was 264K.  We make around 93K (together) yrly and our mid scores, LO pulled were 668 him, and 669 me (EQ).  We put 2500 earnest money down, signed a contract, chose the lot, have been to the design center to add options, upgrades, etc.  and now we are at the bottom line of $274K.  Now here is the twist: My hubby has a rolling 30 day late on a mortgage from last year... it is due to be a year old in 7/2013 then both our CRs will be good with no late pays within last year+.  We do have a home that we are currently in (owning) and we will be renting it out when we finally get into the newly built home (and that mortgage payment has already been factored into our debt).  Now, when we did the loan application, the LO says that she was trying to get us into an FHA loan but the mortgage late was kicking us out.  She said not worry because the home isn't expected to be built and closed on until roughly Aug 2013 - Oct 2013 (per contract).  So, for the time being, we are set in a conventional mortgage, with 10% down (which we will definitely have to change - hoping for 3.5% down or no more than 5%), no rate lock, and are waiting for the loan commitment/pre-approval.  She says that we can change the down payment amount and re-visit other program possibilities in the summer because we have time for that, but right now they are just concerned with getting the letter to the lender because we only have 45 days from contract date to submit the approval to the lender.  So, we are now at about the 30 day mark in the process.  Should I contact the LO to find out what the process is looking like right now or is this normal to be in limbo like this? Our LO seems to be very professional and upfront and doesnt' seem to be giving us the runaround or anything, I'm just anxious (trying not to be) and want to know that all is really going to be okay.  I'm hoping that when later July/early August comes and my husbands report is pulled again that the mortgage late will no longer be a factor and that she can place us into an FHA program or something that won't require 10% DP ... we are hoping and able to do 5% or less ... praying for the "Less" Smiley LOL and the lender will also pay $6K of our closing costs because we are going thru one of their preferred lenders ... Suntrust.  So, any information (or peace of mind) that you guys can offer at this point will be greatly appreciated.  (Sorry for such a long post, too!)  Thanks so much!

Message 1 of 7
6 REPLIES 6
foofighter74
Established Contributor

Re: ANXIOUS & WAITING ...

yeah, it's your loan. If you want an update, don't be afraid to ask for one. 

Message 2 of 7
shawneet
Valued Member

Re: ANXIOUS & WAITING ...

I meant to say that the  BUILDER is going to pay $6k in closing costs because we are going thru one of their preferred lenders.  Well, I did email the LO for an update ... as of right now, no word. Maybe I should just sit tight and wait ... we really do still have something like 2 weeks left before hitting the 45 day mark.  I'm just one of those types who like to "know" what's going on and not assuming ... besides, even though she told us not to worry about the late/10% etc., I'm praying that won't affect anything.  My husband says not to worry because if there was a problem, then she never would have given us the go ahead when we completed the application with her (on the spot).  She would've told us right then that things didn't look good for us.  I'm trying to have faith and patience at the same time here! LOL   Thanks for the advice Foofighter74.

Message 3 of 7
kdmitchell27
New Contributor

Re: ANXIOUS & WAITING ...

No! If there's anything I learned here is that when you apply for  loan and you get no communication from your loan officer is to call them or email them until they get back to you. They are going to make money off you and there's no reason why they shouldn't get back to you or be up front with you.

 

if you have a concern or question it's your job to harass them until they get back to you!

Lender Pulled Credit Rating as of 4.10.2013. (Fico Experian: 660) (Fico TU: 685) (Fico Equifax: 659)
Message 4 of 7
shawneet
Valued Member

Re: ANXIOUS & WAITING ...

Thank you kdmitchell27!  I have emailed her (within the last hour or so) and I'm waiting on a response/update from her.   Hopefully I will hear something very soon.  I hate not knowing.  I thought that I had read somewhere that as long as you have gotten required disclosures and notices (i.e., title company welcome letters, GFE, etc.) then everything is good.  It's when the lender/LO starts calling/emailing and asking for things that you should be concerned.  Well, I don't know how reliable that piece of information is because although I've gotten required notices, I haven't heard a word from the lender/LO about the status and that's what's driving me bananas.  Maybe they don't communicate until it gets closer to the 45 letter approval time.  I don't know. This whole process is nerve racking and overwhelming.  We've been in our current home for 6+ years, and I honestly don't remember this part of the process. 

Message 5 of 7
kdmitchell27
New Contributor

Re: ANXIOUS & WAITING ...

Tell me about it. I don't remember all this either and we got out first home (which we regret 100000%). I've been doing this since the end of Feb and I just want it over and all these conditions are driving me crazy. I just need to get out of this house I'm in now or I'm going to kill my neighbor (I live in a townhouse with an idiot who thinks everyone wants to hear his music all day).

Lender Pulled Credit Rating as of 4.10.2013. (Fico Experian: 660) (Fico TU: 685) (Fico Equifax: 659)
Message 6 of 7
shawneet
Valued Member

Re: ANXIOUS & WAITING ...

LOL ... kdmitchell27 please don't kill anyone before you get into that new place!  But I can totally relate to the frustration.  We do regret the home that we're in and we also have a neighbor that thinks the whole street wants to hear him DJ ... but he has gotten much better.  I'm certain that we will receive an approval with conditions (because remember, the 30 day late isn't 12 months old until July 2013) but how long does it take from application time to receive the letter? Per contract, the buyer (my hubby and I) have 45 days to get an approval letter (conditional or full) to the builder.  We will be at the 30 day mark in 2 days.  My LO is aware of the 45 day requirement because she's the one who said to not worry about the program or 10% down because we'll revisit that , but we just want to get the approval letter in within the 45 days.  Well, still no word.  I'm trying to hold fast here but I think that I will give her a call since the email doesn't seem to be producing any response.  How long does it normally take to get an approval letter of some kind from your lender?  I need a little reassurance

Message 7 of 7
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