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CLOSED -- Clueless but I would like to buy a home - USDA Direct

stinastina
Established Contributor

Re: Clueless but I would like to buy a home

So I think it was last Friday that the realtor and I went to the house and verified that all repairs were done. And indeed they were. I still never received the receipts from the seller. I sent an email to my USDA Rep to let him know they were done, I accepted them and I attached pictures of the ones that most likely required an expert.

 

On Monday the USDA rep asked me about the roof repairs so since I was working close by, I stopped by the house and took the pictures and sent it to him.

 

Today Navy Federal called me to verify my closing date. The Navy rep said my realtor told him the closing date is July 3rd. Well, I was shocked because I hadn't heard that from USDA. So I called my realtor and left a message. Then I called USDA. My rep said that I will likely close July 15th as long as the title check is done within a week. He said he would order it today. He sent me my Funding Commitment and Notification of Loan Closing forms via email. I raced home and signed them, scanned them and sent them back !

 

I called my landlord and begged for one last extension - got it ! I am feeling very blessed !

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 111 of 122
WAnative
Valued Member

Re: Clueless but I would like to buy a home

The finish line is in sight girl! 

 

Such a long crazy journey for you, so happy youve made it!

1/28/19 FICO 8: EQ664 - TU649 - EX661
1/28/19 FICO 5/4/2: EQ690 - TU686 - EX678
11/16/18 FICO 8: EQ662 - TU644 - EX656
11/16/18 FICO 5/4/2: EQ685 - TU686 - EX674
10/22/18 FICO 8: EQ602 - TU589 - EX617
10/13/18 FICO 5/4/2: EQ672 - TU665 - EX658
CapOne Plantinum $550
10/2017 Started Rebuild
Message 112 of 122
Marleygirl1
New Contributor

Re: Clueless but I would like to buy a home

Any updates?
Message 113 of 122
stinastina
Established Contributor

Re: Clueless but I would like to buy a home

So USDA called the closing attorney and told them I was cleared to close ! Closing is set for 7/15 at 1 pm ! It's real yall !!!

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 114 of 122
stinastina
Established Contributor

Re: Clueless but I would like to buy a home

Yesterday I received my preliminary Closing Disclosure from USDA. I signed it and sent it back.

 

Here's something I am not sure I should have done. So my rep asked me if I wanted to add the annual taxes to the loan or pay it up front. I didn't stop to think about it and said to add it to the loan. This brought my closing costs over what the seller agreed to pay by $1155.01. Which means I won't get my earnest money back and I have to come out of pocket $155.01.  After I thought about it, I could have charged the $1200 for insurance and gotten my earnest money back in cash. I liked the idea of getting cash back but when I asked my rep if I could change my mind, he said it may cause a delay. So I would rather not delay closing for one minute.

 

If someone could help me with the math, is it bad to add it to the mortgage? The mortgage rate is 3.5% and my credit card rate is much higher so maybe in the long run, I'll be paying less interest on it ?

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 115 of 122
stinastina
Established Contributor

Re: Clueless but I would like to buy a home

Everything wemt smoothly at closing. I am so grateful. I was so excited I only slept a few hours thenight before and here I am up again. My kid was super excited, too. He loaded up the van with his stuff before we went to closing. We looked like the Beverly Hillbillies ! Lol. I did get $40 back at closing. They did not pull my credit again even though it had been more than 120 days.

 

I still have a lot of packing to do before I get back to work but I love my house. I still can't believe it's mine. It is truly a blessing to be a home owner and leave the old neighborhood behind. I made sure to thank my USDA reps and my packager even though they upset me at times. This meant a lot to me so it was important to spread some positive words.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 116 of 122
TylerDurden17
Regular Contributor

Re: Clueless but I would like to buy a home

Congratulations! I'm really happy for you!
Message 117 of 122
ficoeyz
Valued Member

Re: Clueless but I would like to buy a home

Congrats stinastina! I've followed your thread and I hope I can soon post CTC! Enjoy your new home Smiley Happy




Starting scores 8/23/18
Mortgage Equifax 533 Experian 463
Transunion 545
FICO 8 TransUnion 580 Experian 577 Equifax 533
Current FICO 8 scores
Equifax 620
Experian 640
TransUnion 620 as of 8/15/19 Mortg 578, 568, 616
Message 118 of 122
WAnative
Valued Member

Re: Clueless but I would like to buy a home

Congrats on being a homeowner! That is a great accomplishment and I am sure a huge releif!

 

May I ask what your monthly mortgage payment will be?

 

Also, you said initially you were going to have to bring $155 to close, did you not end up having to bring any cash to close at all?

 

So proud of your long journey!

1/28/19 FICO 8: EQ664 - TU649 - EX661
1/28/19 FICO 5/4/2: EQ690 - TU686 - EX678
11/16/18 FICO 8: EQ662 - TU644 - EX656
11/16/18 FICO 5/4/2: EQ685 - TU686 - EX674
10/22/18 FICO 8: EQ602 - TU589 - EX617
10/13/18 FICO 5/4/2: EQ672 - TU665 - EX658
CapOne Plantinum $550
10/2017 Started Rebuild
Message 119 of 122
stinastina
Established Contributor

Re: Clueless but I would like to buy a home


@WAnative wrote:

Congrats on being a homeowner! That is a great accomplishment and I am sure a huge releif!

 

May I ask what your monthly mortgage payment will be?

 

Also, you said initially you were going to have to bring $155 to close, did you not end up having to bring any cash to close at all?

 

So proud of your long journey!


Thank you so much ! My payment is about $367 and the subsidy is about $189. I was asked to bring $155 but they wanted it wired so I wired it on Thursday. Then at closing they gave me a check for $40. The realtors also got their checks and the seller opted for wire transfer.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 120 of 122
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