First time home buyer. Just moved into UW, nervous!!!
Like others, coming to post to discuss, get advice, encouragement to assist with managing anxiety.
Just began UW process yesterday with scheduled close date of July 31st.
FICA at 728, front end DTI at 14% and back end around 33% 3.5% down.
Keep reading horror stories about the UW process (which should teach me to stop reading) but alas here I am. I respond to any request for documents within an hour, give or take.
A couple of questions: 1. Given that close is 7/31 will they wait until 3 days prior to give me the good to close all clear? 2. New construction, so will the pergorm multiple appraisals? 3. If the houses finishes early can I push for close to be moved up?
Re: First time home buyer. Just moved into UW, nervous!!!
Based on your scenario, you should have an smooth transaction.
A couple of questions: 1. Given that close is 7/31 will they wait until 3 days prior to give me the good to close all clear?
A: The CTC is issued once the Underwriter clears all conditions. Then the file will be moved into the Compliance/QC Department and into the Doc/Funding Dept. If your loan is handled correctly by the lender, this will be issued at least 3 days prior to you closing date.
2. New construction, so will the perform multiple appraisals?
A: If the lender ordered the appraisal prior to completion, then they have to order a 1004D (re-inspection). This is where the Appraiser goes back out and verifies the unfinished items called out in the report are rectified. The cost is usually $150.00 - $175.00 which should have been disclosed early on or you can't pay for it.
3. If the houses finishes early can I push for close to be moved up?
A: If the house is completed early, then the Builder will most certainly want to close early.
Best wishes to you!
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