August 2021 Closers Thread

[MauiMan85297]

Purchase price - $539,000
% Down - 5% (Non-disabled vet so the VA FF is only 1.6% which is covered by my realtors 2.0%)
Product - VA 30 yr fixed
Mid score - 719

Sellers Credit - 2% (Coming from realtor)
Rate - 2.25% w/ $2200 in lender credit

Estimated Close Date -  August 15th (New build est close date)
Possible issues: None, our current home closes escrow Aug 15th (All cash offer+ 2 week post possesion at no charge).  My owner is doing

my loan as I can't do my own loan.

Builder: Blandford Homes LLC

[finfree]

Regarding the tax lien, while a lender might require removal of the lien as a condition of getting the loan, if they're willing to live with it then the lender's priority vis-vis the IRS is described in the following IRS publication 785:

https://www.irs.gov/pub/irs-pdf/p785.pdf

[finfree]

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@Anonymous wrote:

An update on us:

We've submitted requested documents.  Part of the contract had to be rewritten because the lender doesn't want the shed included in the contract, they said "personal property can't be listed".  We have to submit an amendatory clause, which my realtor is working on.  I'm guessing there won't be an appraisal until after that is done - at least, I haven't heard word of appraisal happenings at all yet.

I paid the earnest money Thursday but it hasn't cleared the bank yet.  Lender wants a copy of all that, so I'm just waiting - hopefully Monday or Tuesday.

Monday (tomorrow) I will get to see the place again because we are having the inspection done.

If anyone saw my other thread about seller credits, that is all cleared up.  The lender apologized for the misunderstanding.  Not sure what happened there, but we received new disclosures to sign taking the seller credits into account now.  I really like my realtor, she's in constant contact with the LO and really became a bear over the seller credit misunderstanding.

I guess we're in a game of "hurry up and wait".  DTI (18/34), credit profile, employment - everything is great so I'm trying not to worry - just hope the house appraises.

Even the tax lien, the loan officer said he asked his manager 3 times and they don't think it will be an issue because we don't currently own any property.  I had asked because all websites say the IRS will need to subordinate to the lender.  So while the lien will most likely attach after the purchase (fine) they're considering it a non issue in getting the loan.  I hope they're right or we might be looking at an extended close if we have to contact the IRS.  Either way, we're on the payment plan and have made our 3 payments.

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I provided info about tax liens in a posting below.

[Anonymous]

Closing day is August 2nd.......waiting for the thumbs up.....my nerves are shot!!! Eager to know exactly hiw much money to bring to closing. 

When should I receive my final disclosures? 

[MauiMan85297]

Today if you're closing on the 2nd, it's required by law.

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@Anonymous wrote:

Closing day is August 2nd.......waiting for the thumbs up.....my nerves are shot!!! Eager to know exactly hiw much money to bring to closing. 

When should I receive my final disclosures? 

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[Anonymous]

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@MauiMan85297 wrote:

Today if you're closing on the 2nd, it's required by law.

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@Anonymous wrote:

Closing day is August 2nd.......waiting for the thumbs up.....my nerves are shot!!! Eager to know exactly hiw much money to bring to closing. 

When should I receive my final disclosures? 

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thank you I'm patiently waiting.  Just for clarity.....I should receive a CD 3 day before closing.

thank you I'm patiently waiting.  Just for clarity.....I should receive a CD 3 day before closing. 

I received a CD on Tuesday for an update, they removed the realtor fee of $395, we opened an account with PenFed to have  the fee waived. However it was still missing the sellers credit of $1500 so I know its not final. 

Thanks

[Anonymous]

Thank you!

I was really worried about the lien because tons of people (have even seen it on this forum) say you can't get a mortgage if you have one.  When googling it, nearly every site says the IRS must subordinate.

When shopping for rates, 1 of the 3 lenders I applied to asked me to call the IRS and ask if they are willing to subordinate.

I looked up the IRS form for the request and it seems aimed specifically at refinance.  As in, it seems impossible to fill out if you don't already own the property.

After that I looked up the FHA handbook and it doesn't say the IRS has to subordinate anywhere.  In fact, it says something to the effect of all liens, except federal tax liens, will have to subordinate.

Lastly I asked one of the mortgage guys on here who confirmed, the IRS subordinates automatically.   And the info you supplied says the exact same thing!

So, that's all very exciting and wonderful for people like me.  It's frustrating that so many websites are giving the wrong info, because it makes people feel hopeless.

Anyway, the tax lien is no longer considered an issue, so I'm expected to have a smooth and successful closing.  We are just waiting on the month to end so I can update bank statements.

Our contract says closing on 8/27 but our rate lock says 8/19, so we may end up closing early!

[Anonymous]

Got the CD letter late last night. EVERYTHING looks good. Just waiting on my clear to close!  Will keep everyone updated. Closing on Monday at 9am. 

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[Anonymous]

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@MauiMan85297 wrote:

Purchase price - $539,000
% Down - 5% (Non-disabled vet so the VA FF is only 1.6% which is covered by my realtors 2.0%)
Product - VA 30 yr fixed
Mid score - 719

Sellers Credit - 2% (Coming from realtor)
Rate - 2.25% w/ $2200 in lender credit

Estimated Close Date -  August 15th (New build est close date)
Possible issues: None, our current home closes escrow Aug 15th (All cash offer+ 2 week post possesion at no charge).  My owner is doing

my loan as I can't do my own loan.

Builder: Blandford Homes LLC

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Welcome to the thread and good luck! love your % rate! 

[Anonymous]

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@Anonymous wrote:

Starting the thread for August!!

Location: Silicon Valley

Purchase price - $2,000,000 (don't even ask what you get in silicon valley for this)
% Down - 20.01%
Product - Jumbo
Mid score - 787

Sellers Credit - $0
Rate - 2.2% (buying points)

Estimated Close Date -  August 15th (seller needs time to un-stage and move)
Possible issues - Not even sure... this is my first home-buy and mortgage. I feel like it will be loaded with issues. We shall see.

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Just received my closing disclosures yesterday afternoon. Payment a bit higher than expected becuase of the impound escrow: homeowner's ins was double the projected becuase I apparently am moving to a high fire severity zone. Gotta love CA! (I really do love it tho)