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Updates in Pink!
Good luck August Closers!!!
Home Location: Oakdale, PA (outside of Pittsburgh)
Purchase Price: $275,000
Property: SFH - 2240 sq ft
Submitted Offer on: 06/15/14
Signed Contract on : 06/16/14
Lender Name: Michael (Broker).
Notes about Lender: Quick responses via email, very easy to work with, deals with my multitude of questions. When he was really busy one week, gave me the contact info of a partner in the firm so someone was always available to answer questions.
Type of Loan: Conventional 15 year fixed
Inspection: 6/23/2014
Purchase contract addendums: 6/24/14
Loan Rate: 3.375%
Application submitted: 7/3/2014
Went to underwriting: 7/10/2014
Appraisal Ordered: 7/10/2014
Underwriting: Loan Approved w/conditions (7/14/2014); 2nd time in underwriting, satisfied all conditions and sent back in documentation asked for; additional docs back to the underwriter (4th time!) mostly to document gifted funds that were transferred rather than given by paper check--see my most recent message for that saga.
Appraisal Completed: 7/16/2014 (appraised at full purchase price!)
Final Approval: Clear to close!!!
Closing Date: Closed August 1st, 10:30 am.
Updates in Red
Newest Updates in Blue
Home Location: Akron, OH (Kendlewoods allotment)
Purchase Price: $76,000
Property: 1632 sq ft
Submitted Offer on: 07/03/2014
Signed Contract on : 07/04/2014
Lender Name: Chris (LO)
Notes about Lender: Chris has been great, I was a nervous wreck over this whole experience but he has been reassuring the entire time.
Type of Loan: FHA 30 year fixed
Inspection: 07/08/2014
Purchase contract addendums: 07/10/2014
Loan Rate: 4.375%
Application submitted: 7/7/2014
Went to underwriting: 7/16/2014
Appraisal Ordered: 7/15/2014
Underwriting: Loan Conditional Approval 07/30/2014 - all conditions met 07/31 except for re-appraisal and new inspections
Appraisal Completed: 07/26/2014 - 16,000 over selling price but with $6,100 worth of required repairs.
Final Approval: Pending
Closing Date: August 25, 2014 (changed due to appraisal issues, but lender thinks 08/12 is still possible.)
I can't believe even though I am super stressed everything has been going very well. Can't wait to start enjoying my new in ground pool lol. I spoke too soon obviously, appraisal came back with $6,100 work of required repairs to fund the loan, ugh. Sellers and I worked out all the repairs, completed yesterday. Have the two required inspections (because of appraiser notes) scheduled for today, appraiser has been contacted to come back out and check issues. If he gets out today or tomorrow closing is still good for August 12.
Updates in Pink
Home Location: Katy, TX (suburb of Houston, TX)
Purchase Price: $142, 900
Property: 1352 sq. ft. Submitted Offer on: 05/17/14
Signed Contract on: 05/17/14
Lender Name: DHI Mortage… Ben (LO)
Notes about Lender: Everyone has been great so far. Ben is very thorough and made the process so easy for us. He is quick to respond to emails and phone calls. Not really happy with Processor response times.
Type of Loan: FHA 30 year fixed
Inspection: Pending ( Home is almost finished being built ) 7.31.14 Home completed
Loan Rate: 4.675%
Application submitted: 7/7/2014
Went to underwriting: 7/10/2014
Appraisal Ordered: 7/23/14
Underwriting: Loan Approved w/conditions
Appraisal Completed: 7/30/14 Appraised at 143, 000
Conditions Returned: 7/16/14 (7.23.14 Still waiting to hear back if our conditions were approved) 7.29 sent back to underwriting with conditions
Final Approval: Pending
Walk Thru: 8.15.14 @11am
Clear to Close: Pending
Closing Date: August 22, 2014@ 3pm
This process has went so much smoother with the builder than expected. I just can't wait for it to be over and move into our new home.
7.30.14-The house is about 90% completed. I am hoping they are finished with it by 7.31 the original completion date so we can close by the 15th instead.
7.31.14-Home is completed. We just scheduled ou 1st walk thru for 8.15. Just waiting on the final approval and DPA to be funded. Almost done..yah
Home Location: North Kansas City, MO
Purchase Price: $224,000
Property: 2400 sq ft
Submitted Offer on: 06/4/14
Signed Contract on : 06/9/14
Lender Name: Community America Credit Union
Notes about Lender: Low rates. Fast processing. Corporate preferred and got $500 off closing costs + $350 for opening new account. Lowest PMI and guaranteed not to sell off the mortgage.
Type of Loan: Conventional 30 yr fixed
Inspection: 6/23/2014
Purchase contract addendums: 6/24/14
Loan Rate: 4%- No Points
Application submitted: 6/1/2014
Went to underwriting: 7/14/2014
Appraisal Ordered: 7/14/2014
Underwriting: Pending Still
Appraisal Completed: Haven't heard back
Final Approval: Pending
Closing Date: August 14, 2014
For us the further away the closing date the better. We are currently in a rental and the longer it takes the better. Everything has gone smoothly thus far but I did ask if the appraisal was done (I was charged on my cc for it) but haven't heard anything. I'm curious what it came back as.
Updates in Blue
New updates in purple
Newest updates
Updates
Home Location: Riverton, UT
Purchase Price: $200,000
Property: SFH - 1856
Submitted Offer on: 06/18/14
Signed Contract on : 06/19/14
Lender Name: Jim (Broker). Pacific Union Financial (this office used to be Supreme Lending)
Notes about Lender: Takes forever to get anything from him, numbers jump around alot. Did give us a letter to send to bureaus to fix a credit issue. This is his side job. Never let a coworker or friend be your mortgage broker! No accountability. They screwed everything up. Pulled our credit 2 more times instead of just doing a soft pull refresh at the end. Made us extend 3 times and the last time our sellers made us switch lenders or they wouldn't sign. We were never able to extend our financing deadline so we had already lost our earnest money unless things closed.
Type of Loan: Conventional 30 year fixed
Inspection: 07/11/2014
Purchase contract addendums: 07/07/14
Addendum 5: 07/25/14 (Extension of financing deadline to 08/01/14 and closing date to 08/06/14)
Addendum 6: 08/06/14 (Extension of closing deadline to 08/08/14 no extension of financing deadline)
Addendum 7: 08/07/14 (Extension of closing deadline for 2 weeks on the condition that we use a different lender)
Loan Rate: 4.25%
Application submitted: 7/15/2014
Went to underwriting: Don't know if it's there or not...supposedly yes? We do know that they sent some form out to the SS Admin and IRS requesting info.
It wasn't in underwriting at all, didn't go to underwriting until 07/28. Were told that it would be there up to 48hrs. Today is day 4 and still no approval. Deadline is tomorrow!!!!! Got conditions on afternoon of 07/31. Finished conditions. 08/01 all sorts of problems and hell arose. Went to UW like 6 times this week supposedly.
Appraisal Ordered: 7/16/2014
Underwriting: Passed DU supposedly going to final u/w on Mon. Our LO told us multiple times that everything would be done by 7/25 LIAR!! They couldn't verifiy salary correctly with the VOE, ran credit hard pulls extra times caused a rerun through DU to kick it out because of extra inquiries. Making us pay off 2 credit cards because the DU denial during the 2nd run forced them to change our DTI to 43% instead of 45% and only with his base salary no OT, shift differentials, annual profit sharing or anything. Supposedly CTC. Title got docs after business hrs on Friday.
Appraisal Completed: Scheduled 7/22/2014 Report received on 7/25/2014. Came in at 201k 1000k over buying price lol based on comp method.
Final Approval: Supposedly 08/08/14
Closing Date: August 5, 2014; Aug 6 hopefully. Our LO is a LIAR Supposedly 08/13/14 because sellers bank has 72hrs to review HUDs since its a short sale.
Edit: I should add that the timeline is a little long because it is a short sale. We signed a contract with the sellers in June but didn't get bank approval for them to sell until 07/07!
I
Cant wait to get into my new home and enjoy the two professional horseshoe pits, 30foot round above ground pool and basement that is large enough for my pool table! (1100 sq foot finished with zero support beams or walls!) also to apply for my property tax exemption so I dont have to worry about tha and have a lower payment! LOL
Updates in This color!!!
Home Location: Carbondale, Pa
Purchase Price: $160000
Property: SFH - 2600 sq ft 3bed/3bath with fully finished basement , 2 car detached garage with additional 1/2 bath!
Submitted Offer on: My best friends home so no offer really put it.
Signed Contract on : 6/24/14
Lender Name: Veterans United LO Celina TC Brandon
Notes about Lender: I think I hit the LO/TC team lottery. Very quick to respond to emails and questions. Very reassuring and they have a sense of humor! Recieved a custom welcome matt for my new home in the mail from the team!
Type of Loan: VA 30 year fixed
Inspection: 7/9/14 ( roof will need to be done in the next couple years, couple other minor issues)
Purchase contract addendums: 7/16/14 needed to remove appliances from contract and explain subsurface rights ownership.
Loan Rate: 4.25% locked 8/5
Application submitted: Initial prequal was 6/3 preapproval was 6/19 via manual underwriting due to waiting for bankruptcy to hit 2 year mark (6/18)
Went to underwriting: initial underwriting 7/14 conditional approval received 7/16
Appraisal Ordered: 7/8
Underwriting: 6 conditions recieved on initial underwriting. All 6 responded to.
Appraisal Completed: Today I believe 7/21 appraisal Back 7/28 166,000 no repairs needed
Final Approval: 8/7/14 clear to close
Closing Date: Est. Closing date: Aug. 21st but everyone involved is shooting for sooner. ASAP in fact! Shooting for 8/11/14
Home Location: Lehigh Valley, Pa
Purchase Price: 83k with 3% assist
Property: Half double 3 bed 1 bath
Submitted Offer on: 6/26
Signed Contract on : 6/27
Lender Name: Mortgage America
Notes about Lender: Fantastic!
Type of Loan: USDA Guaranteed
Inspection: 6/29
Purchase contract addendums: All repairs completed!
Loan Rate: 4%
Application submitted: 7/3
Appraisal Ordered: 7/8
Appraisal Completed: 7/15
Final Approval:
Closing Date: Est. Closing date: 8/11
Updates in blue
New updates in Plum
New updates on 8/6/14
Home Location: Benicia, CA (25 min to Napa, 45 min to San Francisco)
Purchase Price: $473500
Property: REO Foreclosure: SFH: 2115 sq ft
Submitted Offer on: 06/28/14
Signed Contract on : 07/10/14
Lender Name: Mike, Broker
Lender Bank: Quicken has just informed us that the Title Company is on their blacklist. Quicken has had papers for 3 wks & didn't note title company until they were clearing closing.
Very nice and experienced. Provided very good information while I bid for property on line
Type of Loan: Conventional 30 yr fixed
Inspection: 07/14//2014
Pest Inspection: 07/16/14
Open Escrow:07/18/14
Loan Rate: 4.125%- No Points
Application submitted: 07/22/14
Went to underwriting: 07/24/2014
Appraisal Ordered: 07/24//2014
Underwriting: 7/28/14 Conditional approval received
Appraisal : Pending; Scheduled for 7/29/14/ LO received appraisal. Appraised for 4K over purchase price. Waiting for underwriter to review
Appraiser set two conditions for re-check. 1) Cover plate for wires(plate had fallen off 2) Turn on Utilities (utilities were on. Appraiser wanted to go to property alone and didn't turn on breaker box or water source). On REO properties you turn them off when you're not viewing so that don't have to deal with pipes or problems with wires, etc.
Final Approval:
Est Closing Date: August 12, 2014 (Required by REO bid contract)
Because it's a Bid Foreclosure, I'm concerned about the appraisal and the closing date. I was preapproved and feel comfortable with getting the loan as long as the appraiser doesn't say something is unsafe. I've had two inspections done and nothing was coded unsafe.