February 2021 Closers

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Purchase price: $875,000
% Down: $0
Product: NFCU Homebuyers Choice Fixed
Mid score: 733
Rate: 4.125% (not locked)

Estimated Close Date: 2/26
Possible issues: 30 day late 8/2019 and 10/2017? I've peppered Target with GW letters to no avail in an attempt to get rid of the 8/2019 late. 

We accepted the sellers counter offer about an hour ago. We're not entirely sure if we're going to move forward on the NFCU product. We're considering other options. 

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Roofing inspection scheduled for tomorrrow. The house was built in 1940 and the sellers listed the roof as a original. They bought the house in 2000 and had no roofing work done the entire time they've lived there. The general inspection happens on Thursday. My realtor is still working on scheduling chimney and pool inspections.

I hope everything runs smoothly. The sellers are showing strong signs of having seller's remorse. They're moving to be near their grandkids but have said they never really thought the house would sell.

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We switched to Eastman Credit Union. They offered us a fixed rate jumbo loan at 3.85% with zero down and no PMI. They also offer an annual rebate for being a member of the bank which adds up to a .2% reduction in the APR. They are based in TN and I'm not sure whether or not they only lend within the state. 

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All of the inspections are done. No show stoppers but the roof and chimney need repairs. The sellers offered a $20,000 credit in lieu of doing the repairs themselves. We countered with a request for $26,000 (just shy of 3% of the maximum allowable seller contribution). Hopefully, they accept. Either way, we're moving forward. I hope it appraises ... 

Edit: Sellers accepted our counter! So stoked! We're not going to have to pay any closing costs and we'll get to use some of the money for points. We'll actually get money back at closing. Fingers crossed for a drama free appraisal. 

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Received my conditional approval. They are requesting additional information about my student loan payments.  My LO assured me I was okay but I know the underwriters have final say. NFCU didn't ask for documentation re my student loans. Hopefully, the mortgage verification letter from Nelnet's website is sufficent. I don't want to switch to a non-IDR plan to close ...

[Anonymous]

I got approved with conditions too and I'm a nervous wreck I turned everything and waiting I'm supposed to close 2/1/21 I'm so nervous I won't be able to sleep tonight because this is my first time buying a home. Is that normal for them to do this so short notice? 😭😖

[Anonymous]

Did you get a commitment from them? How about initial closing documents (required to be given 3 days before closing)? If not, I doubt you are closing on 2/1

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@Anonymous wrote:

I got approved with conditions too and I'm a nervous wreck I turned everything and waiting I'm supposed to close 2/1/21 I'm so nervous I won't be able to sleep tonight because this is my first time buying a home. Is that normal for them to do this so short notice? 😭😖

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[Anonymous]

This is the latest docs I signed :

The Builder has scheduled your Closing for 2/1/2021and I was able to reserve your loan with the Bond Authority and lock in your rate 3.000%. When prompted please log in to your Floify account to review and esign the revised LE at your earliest convenience but no later than Wednesday January 27th.

then got the Conditional Approval and submitted everything with in 30 min. So any possibility I will get that initial closing docs today? 

[Anonymous]

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@Anonymous wrote:

This is the latest docs I signed :

The Builder has scheduled your Closing for 2/1/2021and I was able to reserve your loan with the Bond Authority and lock in your rate 3.000%. When prompted please log in to your Floify account to review and esign the revised LE at your earliest convenience but no later than Wednesday January 27th.

then got the Conditional Approval and submitted everything with in 30 min. So any possibility I will get that initial closing docs today? 

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If you ask me, seems like a push, you should be at the closing disclosure stage and not loan estimate (LE) stage.  I am sure how construction loans work and if they act the same as a regular mortgage loan closing. Maybe when they say LE they are referring to Closing Disclosure (CD)?

[Anonymous]

So from what I am seeing the LE = loan estimate was to lock my rate for that 3 percent and in one business day .. which should be today they should send the Closing disclosure. I'm really hoping that is correct because I'm a nervous wreck right now lol I couldn't sleep last night thinking if they are gonna hit me with something else. But I'm going to be positive and patient! 🙏🏼

[GabLuc]

February 2021 Closers

Hello all.  

Purchase price - 216,000
% Down - 3.5%
Product - FHA
Mid score - 665
Rate - 3.5, locked

Estimated Close Date: Feb 11
Possible issues: Appraisal happened on Jan 6, still waiting for it to come in. 

anyway to speed up the appraisal?

[GabLuc]

Hello all.  

Purchase price - 216,000
% Down - 3.5%
Product - FHA
Mid score - 665
Rate - 3.5, locked

Estimated Close Date: Feb 11
Possible issues: Appraisal happened on Jan 6, still waiting for it to come in. 

anyway to speed up the appraisal?

[sxa001]

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@GabLuc wrote:

February 2021 Closers

Hello all.  

Purchase price - 216,000
% Down - 3.5%
Product - FHA
Mid score - 665
Rate - 3.5, locked

Estimated Close Date: Feb 11
Possible issues: Appraisal happened on Jan 6, still waiting for it to come in. 

anyway to speed up the appraisal?

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Did they actually go to the house and do the apprasial on the 6th or just order on the 6th?  There likely isn't anything you can do to speed things up, but over two weeks to get the report done if they actually did the appraisal seems excessive. 

[sxa001]

Hello all.  

Purchase price - 216,000
% Down - 3.5%
Product - FHA
Mid score - 665
Rate - 3.5, locked

Estimated Close Date: Feb 11
Possible issues: Appraisal happened on Jan 6, still waiting for it to come in. 

anyway to speed up the appraisal?

[Anonymous]

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@Anonymous wrote:

Carrying over to februrary, as I don't think my loan is closing in January:

Loan Amount: $470,000

DP: N/A

Loan Type: Refinancing from Conventional with PMI Conventional

Mid Score: 777

Tentative Closing Date: Very end of January or Early February

Rate is 2.375% locked (Old mortgage was 3%)

Lender: Keystone Funding

Got initial closing disclosures yesterday, waiting for clear to close and to set up closing with title company. They put Febuary 16th as the funding date, but will push it earlier depending on clear to close.

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Wohoo, so clear to close. Scheduled for Monday Feb 2nd. Guess I will see if this rate is really too good to be true or not soon

[Anonymous]

Purchase price - 269k
% Down - 3%
Product - 30 YR Conv
Mid score - 774
Rate - 2.65% Locked 

Estimated Close Date: 2/26
Possible issues - Self employed so have to file my taxes this year to average 2 yr income. Under contract since early January. Appraisal, title and inspection are done and all good. Last stip is filing taxes and we can possibly close early 😁 Worked hard to get credit from 500's to high 700's over the last year!