August 2020 Closers

[StarraeAday1]

Anyone else yet?

Purchase Price: $160,000 w/$4,000 seller concessions

Down Payment: 3.5% from Missouri DPA program

Product: FHA 30-year

Mid-Score: 683

Rate: 3.75% due to receiving DPA

Closing Date: August 14

Possible Issues: Foreclosure in June 2017 and Ch7 BK discharged in January 2018. We've been preapproved by our LO; he ran our info through AUS and got an automated approval and he doesn't seem worried. But max DTI is 45% and we're at 44.63%, mostly due to them using 1% of my student loans. We own a very small business that's been open barely two years and the business pays one of the auto payments, so we're banking on disregarding the business income and that auto payment to make our DTI work. We have a full year of the business paying the loan so LO says it shouldn't be a problem, but I have anxiety over EVERYTHING.

Our offer was accepted on June 26 and I think LO got started on everything yesterday, so I’m assuming that inspection and appraisal are the next steps, right?

[StarraeAday1]

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@StarraeAday1 wrote:

Anyone else yet?

Purchase Price: $160,000 w/$4,000 seller concessions

Down Payment: 3.5% from Missouri DPA program

Product: FHA 30-year

Mid-Score: 683

Rate: 3.75% due to receiving DPA

Closing Date: August 14

Possible Issues: Foreclosure in June 2017 and Ch7 BK discharged in January 2018. We've been preapproved by our LO; he ran our info through AUS and got an automated approval and he doesn't seem worried. But max DTI is 45% and we're at 44.63%, mostly due to them using 1% of my student loans. We own a very small business that's been open barely two years and the business pays one of the auto payments, so we're banking on disregarding the business income and that auto payment to make our DTI work. We have a full year of the business paying the loan so LO says it shouldn't be a problem, but I have anxiety over EVERYTHING.

Our offer was accepted on June 26 and I think LO got started on everything yesterday, so I’m assuming that inspection and appraisal are the next steps, right?

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Our inspection is scheduled for tomorrow morning, 7/3. I got my initial disclosures yesterday, and I need to reach out to my LO today because I don't fully understand what all the numbers will ultimately mean because we're receiving DPA. And our DTI isn't as high as I calculated because they grossed up my husband's SSDI income and my monthly average was slighly higher than I expected; DTI ended up being around 42%.

[StarraeAday1]

Inspection is set for tomorrow, 7/3. I signed our initial disclosures yesterday, but I need to reach out to my LO to explain how the numbers will ultimately work because of our DPA. Our DTI ended up being around 42% because they grossed up my husband's SSDI and my monthly average is apparently a little higher than I calculated. No idea how it happened, but I'll take it. It all seems to be going fairly quickly, I wonder if there's any chance we might be able to close early.

[StarraeAday1]

Our inspection got pushed to today at the request of the sellers. It went very well and they found only minor problems. Overall, the bones of the house are extremely solid and everyone seems surprised that we're getting this house at this price in this neighborhood, which I'll take!

[Anonymous]

Were you present at your inspection?

[StarraeAday1]

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@Anonymous wrote:

Were you present at your inspection?

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Yes, it was nice to be able to take our time and poke around everywhere. Our inspector was very thorough and went over everything with us; we got our inspection report emailed last night.

[Anonymous]

Purchase Price: $225,000 w/ Seller paying closing costs
Down Payment: 3.5%
Product: FHA 30-year
Mid-Score: 645
Rate: 2.875%
Closing Date: August 6th
Possible Issues: I am very close on DTI max, so no wiggle room with account balances. Also, I am hoping nothing pops up on my credit (old collections etc) My nerves are starting to get the best of me...
Offer was accepted on 7/3, inspeciton scheduled 7/9 and paid for appraisal also.Hoping all goes well for us ALL!

[StarraeAday1]

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@Anonymous wrote:

Purchase Price: $225,000 w/ Seller paying closing costs
Down Payment: 3.5%
Product: FHA 30-year
Mid-Score: 645
Rate: 2.875%
Closing Date: August 6th
Possible Issues: I am very close on DTI max, so no wiggle room with account balances. Also, I am hoping nothing pops up on my credit (old collections etc) My nerves are starting to get the best of me...
Offer was accepted on 7/3, inspeciton scheduled 7/9 and paid for appraisal also.Hoping all goes well for us ALL!

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Nice! I kind of wish we didn't have to get DPA so we could get a lower FHA rate too, but I'll live with it. I keep hoping my DPA program will drop their rates a bit since regular rates are so low at the moment, but no luck yet.

[Anonymous]

My other rate option was 3.125 but I think this one was good for like the next 30 days at least. I signed the rate lock form lastnight. Fingers Crossed. This is all so exciting and scary at the same time! 

[ccorr3326]

@Anonymous  Do you mind sharing your lender ?