FINALLY RECEIVED CLOSING DISCLOSURES!!!!!

[Anonymous]

Good afternoon everyone. We finally received our closing disclosures today. This has been a huge mess the whole time and quite frankly has taken years off my life due to stress. But does that mean we have the clear to close? The closing date on the disclosure is the 9th and disbursement date is the 10th. What does that mean?

[Anonymous]

Congratulations!

[FidelCashflow]

Means you're a homeowner, congrats!! You should be cleared for closing unless something crazy happens.

[Anonymous]

Well, lender wanted a new appraisal done. Paid another $750 for an appraiser to come out(which won't be till July 30th🤬) projected closing date aug 10. Mind you we have been in contract since April 16th🤬🤬🤬🤬🤬🤬

[VALoanMaster]

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@Anonymous wrote:

Well, lender wanted a new appraisal done. Paid another $750 for an appraiser to come out(which won't be till July 30th🤬) projected closing date aug 10. Mind you we have been in contract since April 16th🤬🤬🤬🤬🤬🤬

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What type of loan are you doing & why did the lender want another appraisal?????

[Anonymous]

We initially went for a usda, paid for appraisal, went to underwriting then denied. The lender said they would do fha, so we went that route, they converted the appraisal to fha. Well then they denied us again. We switched lenders, tried to do fha again, was told no on fha so the underwrote it as conventional with 10% down, went through underwriting, got approval, received closing disclosures, then a few days later the lender stated they wanted a new appraisal. We have no idea why. Maybe because it switched from usda, to fha to conventional, I have no freaking idea and neither does our mortgage broker. We received a new closing disclosure this morning and the numbers changed. Sellers credit went from 7000 and some change to 3 thousand and some change. Also now we are paying over 2 points for a 3.625 rate🤷‍♀️ that does not seem accurate at all. Considering we are putting 10% down on our middle score they are using is 671. Anyone have any insight. I feel like this lender is just giving us the run around to eventually deny us. Im so fed up at this point. 

[VALoanMaster]

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@Anonymous wrote:

We initially went for a usda, paid for appraisal, went to underwriting then denied. The lender said they would do fha, so we went that route, they converted the appraisal to fha. Well then they denied us again. We switched lenders, tried to do fha again, was told no on fha so the underwrote it as conventional with 10% down, went through underwriting, got approval, received closing disclosures, then a few days later the lender stated they wanted a new appraisal. We have no idea why. Maybe because it switched from usda, to fha to conventional, I have no freaking idea and neither does our mortgage broker. We received a new closing disclosure this morning and the numbers changed. Sellers credit went from 7000 and some change to 3 thousand and some change. Also now we are paying over 2 points for a 3.625 rate🤷‍♀️ that does not seem accurate at all. Considering we are putting 10% down on our middle score they are using is 671. Anyone have any insight. I feel like this lender is just giving us the run around to eventually deny us. Im so fed up at this point. 

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Wow, that is crazy. It's really hard to believe that you couldn't get approved going FHA but you could going conventional. Did the lender give you any reasons why?

FHA with 10% down would cost you less in terms of paying points to get a lower rate (i just locked a client on an FHA loan @ 2.25 with no points)  & a lower monthly payment.

If I were your lender, I would try FHA at 10% down before ordering a new conventional appraisal.

[Anonymous]

They didn't want to do fha cause my husband has only been employed for 20 months with no prior "work history". I cannot believe this is happening and honestly none of it makes since.