ANYBODY ELSE OUT THERE WITH A FRAZZLED NERVES???

[wildbillcody]

We have three weeks until closing and we don't even know if we have a loan yet. I don't think we are even in underwrting. They are verifying our employment and waiting on tax transcripts, the whole situation is bizzare to me. It's been 14 years since we bought a home and i realize things in the mortgage industry has changed drastically but this is crazy. When we applied back in 1999, we were told yes or no on a loan way before closing of escrow and now here we sit with our home sold and in escrow and our new home in escrow and we don't even know if we have a dang loan. I am just frazzled and bewildered on how this whole process can even get this far when you don't let the parties involved know if they even have a loan. Sorry, I am just venting.

[djacks]

Things have changed since 1999. Loans being handed out to everyone with a pulse was what caused the housing meltdown in the first place. Furthermore, banks are not yet hurting for people wanting home loans or refinacing. So they won't make things easy even for people with good credit, much less mediocre or bad credit.

[1LNurse]

Yes times have definitely changed. I'm 3 weeks from closing and no word on final approval yet. Its driving us nuts

[Db366]

Yep, I feel the same way. I'm supposed to close on the 17th and our loan has yet to be submitted to the usda. They have yet to give us a yes or no, they keep trying to direct the blame elsewhere. First the builder never told them how far along they were, they assumed the closing date was just when they should start on our loan. Then it was the appraiser for just today sending the appraisal in. The appraisal was done almost two weeks ago, you can tell because the pictures of the house in the appraisal was taken of the house un painted, it was painted two weeks ago.

It seems to me the lenders are just scrambling to get there end done.

[wildbillcody]

Well it looks like we are in the same boat together. I talked with my LO yesterday and I expressed how nervous I was about any issues from underwriting and she told me we have a clean file and she doesn't foresee any issues unless there was something we missed. I know yesterday the verified income for us so it is moving forward. Good luck

[OptimalCS]

Frazzled nerves and sleepless night!! I've been there. 

In the end everything worked out great. 

Closed 6/14/11

[EMSmedic]

How do people on this forum seem to know their "closing date" or "scheduled closing date"?

I have not received even a hint of an actual closing date.

The loan officer says "we are waiting on a title opinion", but that's it.

[Db366]

My closing date was listed on my contract.  My realtor wrote down June 17th then the builder came back and said July 17th.  I just got word that my papers were sent to the USDA two days ago.  They were accepted today.  The USDA is 18 days behind in Georgia which means the soonest I could close will be the 29th. They really cut it close.  

One other thing I find amusing is that if I hold the closing up I have to pay $50 a day, if they hold the closing up it's nothing.

[0x47]

It isn't just you.  We put an offer on a home 6/14, they accepted our offer 6/16, we selected our current lender 6/17, inspection completed 6/22, appraisal came in higher than purchase price on 6/28, final negotiations on repairs done 7/1, went into underwriting 7/1, got the loan approval today 7/10, and should have clear to close 7/11 or 7/12.

So yeah, we are less than a week before closing and we just got the loan.  Three weeks?  Nothing to worry about .

[eva322]

YES!!!!!!  US!!!!!!!!!  We put our offer in on 5/17.  After counter offers, offer accepted on 5/21.  Had to do 2 rescore plans while extending our closing date from 7/1 to 8/9.  Final got our pre-approval letter 7/1 and loan/file was sent to underwriting on 7/9....title has been ordered, GFE was signed, once we get a conditional approval or approval they will order the appraisal!  They said we could know by tomorrow (7/12) or Monday (7/15)....meanwhile we're biting our nails....our DTI was 31% but when you add in our new projected mortgage it comes to 44% so we're wondering what they will say about that....we are doing a VA loan.  I just want to know already!!!  Either way, it's less than a month before we close and we're still waiting on approval, and appraisal.  I'm hoping if it's final by tomorrow or Monday, we can get this appraisal done in a week and maybe close a little earlier??  GOOD LUCK TO ALL....and yes, we all seem to be on the same CRUISE SHIP....