I jumped the gun! In process of closing...What should I expect?

[Anonymous]

Good morning! So my husband and I were getting ready to purchase our new home until this summer and were working on our credit. However this past sunday we decided to take a look at some new homes. Last year I looked at older homes and did find some I like but we decided to wait until this year. Anyway of course there was a home I fell in love above the price range I was looking for, so I told builder I'll be back in March or so and see if we qualify and can get into contract to build a home more in our price range. He then told me the home I loved now was on sale and that they had a few incentives for it and you know the whole awesome happily ever after sales pitch. So here is what they offered: 

Home sale price was $194K

They bumped it down to $190K

Builder will be helping me with some closing costs, I will be using a first time home buyers grant money

 Builder's realtor will be paying of our apartment lease letting fees (6mths), builder included stove, microwave, fridge, and dishwasher

in the end we will only be financing $183K our payment will be $1741 at a 6.25% I know that is high 

We only put $500 as earnest money and will only be bringing $1,147 to closing

After thinking about it a while I decided to go forward with what the builder is offering. I just finished turning everything in today including the first time home buyer course certificates. They said they wanted to close within 35 to 45 days. So far what I have from them is the initial pre-qualification approval which was when they asked for everything I turned in today. Whats next?

[Anonymous]

Hi there! Don't think of it as jumping the gun -- you followed your heart and I agree - that is a concoction of offers that no one should refuse! When opportunity knocks, its up to you whether you want to open the door or wait for a miracle to happen. Positive thoughts!

I'm also in the process of building our home, we're about 8 weeks in with 3 more months remaining before closing. Looks like every builder may have different ways yet similar concept. But we had to get our prequalification letter first, 10% down payment, selected our upgrades/interior designs then they broke ground to begin. 60 days before expected closing date, lender starts to go through your credit and financial portfolio and scrutinize the crap out of it to make sure you're qualified lol. Once all is good, and you have satisfied all (if any) conditions that u/w requested, then you're cleared to close. 

Definitely speak to the lender who has issued your preapproval letter and ask them the timeline on when things are going to happen, of course it'll be just an estimate but it'll give you a good idea of what to expect, and when. 

Congratulations! 

[Anonymous]

First of all Congratulations on your new home! Yes I am trying to be positive but this is moving so fast and it feels so unreal.

Today I spoke to my loan officer she said once she reviews all documents that I submitted that then she will send them to processing review and then she will make sure again everything looks good then it will go to underwriting. I also just recieved and email from the builder giving me my closing date which is Feb 21st! Hopefully this means good news. 

[Anonymous]

update! I recieved an email from my LO that I will be receiving the disclosure documents today. I believe underwriting is next. Is that correct? I barely started this whole process this past sunday January 13th. Is this the normal speed? Also would you recommend I get my own inspector? thank you!

[Anonymous]

Hi there! Here's my process -

Preapproval -> Loan Committment -> Loan Disclosure - with Conditions -> Satisfy Conditions to forward to Loan Processor collects & finalizes file -> Submitted to U/W -> Satisfy more conditions if any -> If all goes well, clear to close!

I'm at the Loan Disclosure with Conditions phase right now, since our house is being still built. In the beginning it seems super fast, too quick, but it will definitely slow a bit once they require documents and explanations. You're halfway there!

[Anonymous]

Thank you so much for that time line that helps! 

**Update! I recieved an email from LO stating "Congratulations we are now moving on to the approval stage in the process!". She sent that along with disclosure documents as well as other docs to sign. We have signed and submitted! I'm guessing underwriting is next...?

I am so nervous, excited, scared and happy at the same time! 

[Anonymous]

***Update***

I just found out that our application will be sent to underwriting today and that we should have an answer by next Thursday. Hopefully we get the appoval we are so desperately wanting! I spoke to LO assistant and she said that if we pass underwriting that our application will be sent to a loan processor with conditions becuase our loan has conditions and that we will just need to give processor what he asks for and I guess that means we are good!  

[DollyLama]

In answer to getting your own inspector-YES! 

[Anonymous]

Please let us know how it goes! Fingers crossed all goes smooth!

[Anonymous]

Patience is not my thing! Waiting to hear back by Thursday to see if underwriter approves us.