APRIL 2015 CLOSERS

[bigblue7722]

Home Location: Middletown, CT
Purchase Price: $135,000
Property: 1000sq ranch
Signed Contract on: 3/3/15
Earnest (Deposit) Money: 10% down or 13,500
Lender Name: Norcom
Notes about Lender: Awesome job! My friend is the originator great guy very easy to work with. uploaded everything online
Type of Loan: 30 year fixed
Inspection: 3/13/15
Purchase contract addendums: 
Loan Rate: 4.125% no points
Application submitted: 3/3/15
Loan Processing: 
Mortgage Commitment Letter:
Appraisal Ordered: 3/14/15
Appraisal Completed:
Went to underwriting:
Underwriting Complete:
Final Approval:
Walk Through:
Closing Date: 4/20/15

[Anonymous]

Rate locked in at 4.0%. Wanted 3.85 but we will take 4.
Im still trying to bring my middle score to 640 from 624. As of today, its 631. Waiting on 4 more cards to update this month. Hopefully this happens before the application goes to underwriting. Im excited at the upward trend but still very cautious. Only 9 more points.

[apeydee416]

Still waiting... applied February 11th and haven't gotten anything because appraisal has been done and we are "in line".

I am getting angry.

[Anonymous]

Home Location: Chicago, IL
Purchase Price: $300,000
Property: 3500 sqft two flat
Signed Contract on: 3/15/15
Earnest (Deposit) Money: 3.5%
Lender Name: Wells Fargo
Notes about Lender: So far so good. LO is great and communicative. He talks to me via email and text
Type of Loan: 30 year fixed
Inspection: 3/17/2015
Purchase contract addendums: 5000k back
Loan Rate: 4.25% no points
Application submitted: 3/16/2015
Loan Processing:
Mortgage Commitment Letter:
Appraisal Ordered:
Appraisal Completed:
Went to underwriting:
Underwriting Complete:
Final Approval:
Walk Through:
Closing Date: 4/20/15


We are on a very aggressive time schedule. Looking to close 203k loan in about 40 days. Inspection is tomorrow, full application was completed today preapproval was early February. Adding rough estimate of 30k in upgrades to the home.

Might need a 1 week extension depending on how long my contractor takes to complete bid but should still close April

Process is on hold inspection came back with some structural issues and seller wouldn't agree to fix or lower cost.   Backed out of offer an decided to look a different route and try to find homes that didn't need rehab. Found one yesterday we really liked and signed offer. Waiting on response. 

[mynameainttracy]

My LO just called to get my money for the appraisal!! She said it had actually already been ordered last week, but the way the VA system works, it allows for it to be ordered but not paid for up front. She said we should get the results in about a week. 

We stopped by the house on Saturday morning, The door was locked but I could see somebody inside and I rang the doorbell. The kid installing the ceiling fans let us in to look around and I am so glad he did. Carpet was in and the kitchen backsplash was set. For us these are big deals because we didn't get to choose them and are seeing some of the colors for the first time. Watching everything come together since October when there was just a concrete slab has been pretty cool. Less than 28 days until our closing time. (Fingers still tightly crossed)

[Anonymous]

Home Location: North  TX

Purchase Price: $206 000 (closing paid by seller - $6433)

Property: New construction - 2721 sq. ft. + garage

Submitted Offer on: 2/04/15

Signed Contract on: 2/08/15

Ernest (Deposit) Money:  $500

Lender Name: DHI Mortgage

Notes about Lender: Great to work with But the sales person at the community is very poor in communication –LO excellent

Type of Loan:  FHA 30 year fixed

Inspection: Not done

Purchase contract addendums: $10,000 worth of upgrades closing paid by seller - $6433

Loan Rate: 3.75% - Locked

Mortgage Commitment Letter: 

Appraisal Ordered: 

Appraisal Scheduled: 

Appraisal Completed: 

Went to underwriting: 03/02/2015

Underwriting Complete: Approved with Conditions.03/08 

Final Approval: 
Walk Through: 

Closing Date: Scheduled for 04/17/2015 (moved from 3/31/15)

update!

 Met  1st Set of condtions 3/11 -New conditions 3/15 -Student loans issue!!! ><!

Cleared conditions 3/17 -now is ONLY Waiting for building to complete and all that ..

Waiting for Clear to Close!

[Anonymous]

To Stevenson what kind of student loan issues came up for you? I have student loans in deferment and expecting to start paying June 2016 but I've already graduated school just this past month so I have a feeling that my repayment date might change.

[Anonymous]

benihect

had a student loan refund in jan 2015.Since the deposit was made to my account I have since had Payroll deposits   as well as Tax refund Deposits  go through my checking account ] that exceed the amount of the original student refund of $5000

underwriter ha asked that the %5000  be excluded from the down payment costs and that  was not possible because all my cash is intertwined  .Had I known , I would have kept the funds in a different account but I was not aware that it’s a problem  when applying for mortgage  Since all my income as well as any other source of funds go through my checking account   ....

nway issue was resolved.Had to write an LOE and the underwriter approved.

[sarux3]

So, the loan processor got in touch with me yesterday.  She'd finally reviewed the documents from the title company, which I thought was all that was keeping the loan from moving to underwriting.  But then she wrote that she has to do the "10-day" items as the next step (verbal employment verification for certain, and what else I don't know), and since we're closing on April 1, the earliest she could do that is Monday the 23rd.  And then she closed the email with "I'll touch base with you next weekend", which I hope was a typo and that she meant to say "next week".  'Cause currently it sounds like she wouldn't send me along to underwriting until the end of the week (Fri the 27th), which would only give the UW two days to review my file before the closing date??  It doesn't seem correct to me, so I'll have to continue pestering them throughout the week.

Does that sound right, that UW can't happen until 10-day conditions have been satisified?  Is that a common practice, or is it perhaps unique to my lender (NASA FCU)?  Sigh, 11 more days of this... 

[Gardenhand]

Contract states April 6th, we have been shooting for March 31st...

FHA 203K Bank owned Freddy Mac Home Steps (path??) property. First time home buyer. Everything was going good. Lots and lots of paperwork. I was pretty prompt with getting everything requested over to the LO. I got a cold and missed a few days but he was cool about it. The LO has been very patient and helpful. Always answers phone calls, emails, answers my questions etc...

With the 203K renevation loan I needed a general contractor. The first guy was recommended by the Agent and her husband. He dropped the ball, can't get his license together, drug his feet for about a month getting the estimate together, didn't include some of the harder work yet included the easier stuff which was the opposite of what I asked for.

got a new contractor. He's quick, better prices, etc... Yet he is horrible at anything paperwork related. I've had to personally fill out the paperwork for him. It's been a mess. The buyers agent didn't exactly like that I got rid of his buddy. We've had missing lock boxes, Brocken craw space doors, a new hole in the wall. Actually the agent barely has been involved at all. Her husband is acting as the agent which I doubt is legal. It's been a real tough process.

Im getting a great deal on the house. It needs work but it's a great deal in a great nebior hood. At this point I have a conditional approval. Everything had to be in as of yesterday to close by March 31. Everything is in except the appraisal. It should have been completed by wedsday. I was promised it would be in by Monday. The contract states April 6th for closing so it's not a big deal yet. I have to pay 50 dollars per day after the 6th plus the seller can cancel the contract after then. I know they have multiple offers so I'm a wreck waiting for final approvel.

Wish me luck...