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Loan cordinator told us he wants to close on 5/1/2015 (updated to 5/29/2015). Rate lock ends on 5/2/2015 (extended). New house. My score I think was 700 and wife's is 634. LO sent it to under writing from the beginning. So, we got a list of things they wanted before we offically sent it. We completed all of it. No BK. No repo. Wife had a few lates on student loans 4 years ago or so. Wife had one collection account 4 years ago I think. It was paid (cell phone). Small amount. $400. New lines of credit. New car, credit cards, signature loan, etc. Wife has stable career. Last 15 years. 4 years at current (same title and line of work) job. I am retired.
He sent it to the processor this morning and said he needed a day to have UW sign off. Then its off to USDA. Then close. Then keys!
Now the waiting begins!! I called USDA, they said their time frame is 3-5 days right now.
Update:
2/23 New construction
2/23 Signed contract to purchase house
3/17 Rate lock - 4 1/8%
4/22 Not sent to under writing.
4/24 Appraisal completed and received.
4/24 Title issue. Unknown. No one seems to know yet.
5/4 Title clear
5/4 Passed lender under writer
5/4 GUS system is down to send over to USDA
5/5 Submitted through GUS and off to USDA. ETA quoted by lender 5-8 days
5/11 USDA told us were 6th in line. Should have a C2C at the end of the day today or tomorrow morning if there is nothing needed.
5/12 USDA U.W had 3 conditions. He/She asked for a LOX. Re-sent within the hour. Few conditions that were already meet and our lender pointed out she/he had them already. Now we wait.
5/13 C2C!!
5/17 Title issues still. It didnt record with city correctly or at all. Unknown. But didnt close. Drove 6hrs with trailer to sign docs and didnt happen. Wife took off from work, so loss of wages too. Were being told this week docs will be brought to our house to sign once fixed.
5/18 Our folder got an audit (all lenders do this) It is random and it was just our luck. Now UW is requesting 3 more items. We sent them.
5/18 Attorney for city received title and will review it
5/19 Lender said passed audit and got another C2C!
5/20 City lawyer has 3 days to review updated title he received on the 18th then file with the county to record.
5/21 City received updated title from city lawyer. The county has 3 days to record it. Once recorded, then title updates with title company, apprasier updates his apprasal, docs printed, keys in hand. Beside myself in all this
5/22 County wants its full 3 legal days to review title. 7th extension signed. New close date 5/29
5/28 CLOSED!! KEYS IN HAND
Things I would have done different:
1. Opted out with the CRA's to avoid any new credit cards coming or old collections companies trying to cash in at the last second.
CONGRATULATIONS!!!!!
@frugalQ wrote:CONGRATULATIONS!!!!!
Thanks. Nervous!
I too am in just about the same stage of a USDA Guaranteed Loan... I cant find any info on Colorado turn times from USDA ?? Are you willing to share where you got the 3-5 day time frame ?? Nevermind gunslinger... I had to edit this reply after reading that you stated you called :/
@nuggets321 wrote:I too am in just about the same stage of a USDA Guaranteed Loan... I cant find any info on Colorado turn times from USDA ?? Are you willing to share where you got the 3-5 day time frame ?? Nevermind gunslinger... I had to edit this reply after reading that you stated you called :/
I just google their number and called them. They answered right away and told me.
being nervous is normal. it's a good nervousness, i hope!!!!
@frugalQ wrote:being nervous is normal. it's a good nervousness, i hope!!!!
Its not our house until the keys are in my hand...
Asked cordinator when will it go to USDA?
A.
I imagine it will be middle of next week when all of that stuff is in and we submit to our underwriter. We’ll keep you posted though!
(appriasal, title, insurance)
Very disappointed we were told something different the other day. So, we wait.
the waiting is the hardest part of it all. You spend so much time preparing for this, and when it finally gets here.....you have to hurry up and wait. And, of course, with all of the idle time, all kinds of 'what ifs' pop into your head.
i have to admit, i had wine to help take the edge off....but, by the time we had gotten to the end, i had graduated from the wine.
Is it me, or is it like a 3 ring circus a times?