And it has begun......

[chan85]

Sitting here twiddiling my thumbs.... wish things would hurry up....

Was calculating my DTI. The program I am using allows 40/45 limits..... right now I am around 28 on front end, but back end I may be really close. The AMEX statement hasn't posted yet and stuff is still pending and keeps posting brining the balance up. I am trying to be around no more than $200 closing balance. Hopefully that will keep me low. In the mean time I will work on making sure all my other accounts are as consolidated as possible.

Still no word on the appraisal. Wish they would have ordered that last week!

[chan85]

Well I talked them up.... my agent just called. Apparently the house is NOT FHA approved!

Didn't even know there was such a thing... So mad!

We are trying to find out if they are in process of getting approval for the subdivision or if there is another loan program I can use to qualify. I looked up what FHA approval means and it says that if too many homes are rented out as opposed to owner occupied, they don't like to give out FHA loans.... Why that matters IDK....However, without the DPA program I am going through, I won't be able to afford the house.....The sellers agent is sending the name of anther agent who "says" she can close this in a few weeks.... IDK what that's about and why her standards would be different but ok...

[Booner72]

Holy cRAP. You'da thunk the agent woulda checked this. Though this is the first I've read. Hang in there, it will work out if it is meant to!

[chan85]

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@Booner72 wrote:
Holy cRAP. You'da thunk the agent woulda checked this. Though this is the first I've read. Hang in there, it will work out if it is meant to!

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I know!!

After much back and forth between my agent, the sellers, agent, my loan officer, and some other loan officer that the sellers agent claimed could do this loan without FHA approval, the problem was discovered. The house is listed as a condo in pretty much everything, though it physically is a townhouse. Condos apparently need this FHA approval, yet the townhomes don't.

We were ready to terminate contract, the sellers agent tried to pull some crap about me losing my EM and my agent pointed out the financing contingency, plus all the paper work we submitted said I was getting FHA so I'm getting my money back no matter what she says.

My agent got reemed by her broker (who also happens to be her father) because he felt she should have known to check this (can't disagree there). So she was on damage control.

The sellers agent checked with this other loan officer who claimed to be able to close by end of month with conventional (not happening) and that could still do the DPA program, without the FHA approval because it was a fee simple town home, but wouldn't get us closed until END of August!

My agent calls the HOA to find out why not/if they are getting FHA approved and was told that they were advised by their lawyer not to get FHA approved (I can only assume to keep lower income people out the neighborhood- I got a great deal in a ritzy area), but that the house is considered a town home.

My loan officer and agent are firing emails back and forth to each other and calling me and basically now don't like the other and thinks that the other is incompetent. My LO is checking with a appraiser friend to find out if the house shows as a town home or condo because she said if I pay that appriasal fee and it comes back, I am out that money!

Phew! I am exahusted!! So we are waiting to hear how this property is categorized/legally described, and then will either terminate contract, or start looking at other places (my agent and I literally already started pulling other homes- AND checking to see if they were FHA approved!!).

[chan85]

The last 48 hours have been stressful.

My LO called in a favor to find out about the house, and her friend said that it appears to be a condo, but its open to interpretation and could be kicked back as either one.

My agent and I have spent countless hours on the county tax website pulling records for the house, and looking for something in the description to indicate this is infact a townhouse and not a condo. What's funny is most of the houses in the subdivision list the legal description as a plot of land. I did find ONE that listed specifically townhouse, but that doesn't help my case. My agent has emailed the HOA and their attorney, and neither of them are working with us because we are technically a third party.  The attorney said we can put in a request for info but they would BILL us for research. She asked the sellers agent to contact the sellers to find their title or contact the HOA on our behalf.

The sellers agent appears to be leaving the work up to us. She did forward the email to the sellers to find the title or contact the HOA. They responded that they were working on getting a copy of the title and land survey, which would show they were required to insure both the inside and outside, indicating this is in fact a townhome since condos only require insurance on the inside.

My LO has said she won't order the appraisal until I give the go ahead. The sellers agent emailed to ask if the appraisal was on hold and I told her that I was not spending the money until I knew for sure this was a townhome because otherwise I would be out that money and still have to go find another home. She probaby didnt like that too much but I am about ready to chew her up if she says something else slick to me or my agent about me getting out this contract.

So the deal isn't dead yet. My LO said if we can get this resolved this week I can probaly close first week in August. I talked to my current landlord and he showed the house this weekend and apparently they have a new renter lined up, but he is going to see if they are ok allowing me to stay until the 15th because they wanted to move in early too. Hopefully he gets back to me today, and then I at least won't be homeless!

UPDATE: Just as I was about to post this, the sellers agent emailed back with the covenants from the HOA which states this is a townhouse in 2 different spots! Looks like we are moving forward!!

[webhopper]

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@chan85 wrote:

The last 48 hours have been stressful.

My LO called in a favor to find out about the house, and her friend said that it appears to be a condo, but its open to interpretation and could be kicked back as either one.

My agent and I have spent countless hours on the county tax website pulling records for the house, and looking for something in the description to indicate this is infact a townhouse and not a condo. What's funny is most of the houses in the subdivision list the legal description as a plot of land. I did find ONE that listed specifically townhouse, but that doesn't help my case. My agent has emailed the HOA and their attorney, and neither of them are working with us because we are technically a third party.  The attorney said we can put in a request for info but they would BILL us for research. She asked the sellers agent to contact the sellers to find their title or contact the HOA on our behalf.

The sellers agent appears to be leaving the work up to us. She did forward the email to the sellers to find the title or contact the HOA. They responded that they were working on getting a copy of the title and land survey, which would show they were required to insure both the inside and outside, indicating this is in fact a townhome since condos only require insurance on the inside.

My LO has said she won't order the appraisal until I give the go ahead. The sellers agent emailed to ask if the appraisal was on hold and I told her that I was not spending the money until I knew for sure this was a townhome because otherwise I would be out that money and still have to go find another home. She probaby didnt like that too much but I am about ready to chew her up if she says something else slick to me or my agent about me getting out this contract.

So the deal isn't dead yet. My LO said if we can get this resolved this week I can probaly close first week in August. I talked to my current landlord and he showed the house this weekend and apparently they have a new renter lined up, but he is going to see if they are ok allowing me to stay until the 15th because they wanted to move in early too. Hopefully he gets back to me today, and then I at least won't be homeless!

UPDATE: Just as I was about to post this, the sellers agent emailed back with the covenants from the HOA which states this is a townhouse in 2 different spots! Looks like we are moving forward!!

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Congrats!!!

[chan85]

So got a call from a representative with Credit Technologies- the company my LO as pulled my credit from. The representative wanted to call on all my student loans and my AMEX and find out how long my loans were deferred and what my balance was on my zync. I found it odd that even though the loans are deferred until like 2014, they still wanted to know what the payments would be?

Well, we are on the way, let's hope this goes smoothly.... Still waiting to hear about when the appraisal will be done. I am hoping they do it before I go out of town on Saturday. I will literally be on the other side of the country, which I don't think I will be able to enjoy fully while waiting on this whole house situation to wrap up.... bad time for a vacation....

[chan85]

So the agents are bugging my LO to death, and apparently they aren't getting info they wanted. I was asked to call and find out what date the appraisal would be, they want it done this week. Shot over an email and my LO said it takes 7 days from when she ordered it. Which would have been last Thursday night, so I am thinking Friday they will have it done. Let my agent know that. Now maybe they will let her work on the file and leave her be....

In the meantime, my agent has started to irk me. I asked her 2 times about the utility companies for the house, first time was like 2 weeks ago. I asked her to be sure the tenants were either in the house with utlities still on or the utilities would be on for the appraiser when he goes otherwise I have to keep paying them to go out. She keeps saying "I THINK they are on". She's not getting paid to guess answers. How hard is it to FIND OUT?? She finally sent an email asking for the utility info and to be sure they were on for the appriaser.

I just dyed my gray hairs this weekend.... most have come from this home buying process....

[Booner72]

So now FHA agrees to insure the loan because you proved it is a townhome?

[chan85]

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@Booner72 wrote:

So now FHA agrees to insure the loan because you proved it is a townhome?

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That's the plan. We hadn't even made it to underwriting yet. My LO was ordering the appraisal and I guess was checking on stuff before we went in, and thats when the problem was discovered. The executed contract is a "condo" purchase agreement, which was why she was checking, but my agent explained that because there is a shared wall that was why she had to use that contract type.  My LO said that DCA will probably raise some questions about it, but she wanted us to have as much evidence as possible before we moved forward just in case they try to deny it. So we have stacked our information and are prepared just in case.

There is always the possibility they could say no, but I don't see how they could when we have so much proof between the insurance requirements and the covenants.