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January 2021 Closers

cy1215
Established Contributor

January 2021 Closers

I didnt see a January 2021 closers thread so here we go:

 

Feels good after starting here in the Rebuilding Your Credit forum many years ago, then moving into the Credit Card forum, now able to post in the Mortgage forum, the end goal is so close!

 

Purchase Price: $207,500

DP: 3.5%

Loan Type: FHA

Mid Score: 770

Tentative Closing Date: 1/8/2021

Rate Locked at 2.25%

 

Receiving a $15,000 Credit for closing costs and down payment assistance for buying in an area affected by Hurricane Michael in 2018.

We just had our home inspection completed, now awaiting the lender to order the appraisal and am super stressed that the home might not appraise at our offer price.

49 REPLIES 49
palm822
Established Member

Re: January 2021 Closers

Purchase Price: $440,000

DP: 20%

Loan Type: Conventional

Mid Score: 805

Tentative Closing Date: 1/20/2021

Rate : 2.75% (not locked)

 

Super excited, this is my 2nd time trying to buy this year, first home this summer had so many issues and seller refused to credit so I walked. just recently went under contract on another home. Home inspec 12/15, appraisal soon after...hopefully the holidays won't hang it up and I can close on time, Yay for the first batch of 2021 closers!

Message 2 of 50
sammib45
New Member

Re: January 2021 Closers

Purchase Price: $355,000

DP: 0

Loan Type: VA

Mid Score: 680

Tentative Closing Date: 1/08/2021

Rate : 2.99% (not locked)


I've been a lurker here for years trying to get ready for that elusive home loan. Finally bit the bullet and got pre-approved through Veterans United on 11/23. We found the perfect house this last weekend and sellers accepted our offer last night. This morning I got about 6 emails back to back from the lender, the title company, our agent...it begins 😬😬 home inspection is on Thursday! Fingers crossed this actually happens!

Message 3 of 50
DB007
Established Member

Re: January 2021 Closers

Original Closing date was 12/07 but because of USDA wait time and long (Thanksgiving) weekend, closing was moved to 01/04. My file was submitted to USDA for final approval 11/24 and yet to hear back.

 

Purchase Price: $159,900

DP: 0

Loan Type: USDA Guarantee

Mid Score: 680

Original Closing Date: 12/7/2020

Updated Closing Date: 01/04/2021

Rate Locked at 3.25%

 

Receiving a $6,400 Credit for closing costs.

Message 4 of 50
DB007
Established Member

Re: January 2021 Closers


@DB007 wrote:

Original Closing date was 12/07 but because of USDA wait time and long (Thanksgiving) weekend, closing was moved to 01/04. My file was submitted to USDA for final approval 11/24 and yet to hear back.

 

Purchase Price: $159,900

DP: 0

Loan Type: USDA Guarantee

Mid Score: 680

Original Closing Date: 12/7/2020

Updated Closing Date: 01/04/2021

Rate Locked at 3.25%

 

Receiving a $6,400 Credit for closing costs.


@DB007 wrote:

Original Closing date was 12/07 but because of USDA wait time and long (Thanksgiving) weekend, closing was moved to 01/04. My file was submitted to USDA for final approval 11/24 and yet to hear back.

 

Purchase Price: $159,900

DP: 0

Loan Type: USDA Guarantee

Mid Score: 680

Original Closing Date: 12/7/2020

Updated Closing Date: 01/04/2021

Rate Locked at 3.25%

 

Receiving a $6,400 Credit for closing costs.


I received an email from my LO this morning saying that since we are close to my loan approval, I will be getting an email within 24hrs about my "Initial" Closing Disclosure that I need to sign upon receipt so they can move the file to the next step. I'm yet to receive it...

 

Also, I'm yet to receive updates if USDA sent their approval already or shared any type of update. I'm not sure what the next steps are once Initial Closing Disclosure is signed as too. Feel free to share your experience or knowledge. TIA

 

Disclaimer: I plan to ask the above mentioned to my LO as well once I get the Initial CD. 🙂 

Message 5 of 50
sxa001
Established Contributor

Re: January 2021 Closers

I was hesitant to post until the appraisiel came in, which I just got in so now I feel comfortable adding my datapoints: 

Purchase Price: $340,900 (appraised right at $341k, listing was $329,900, we offered 342k and had $1900 knocked off the price due to some plumbing defects that will have to get fixed before we move in) 

DP: 5% ($17,100) 
Loan Amount: $323,800

Loan Type: Conventional 30-Year Fixed
Bank: First United Bank 

Mid Score: 793 is what was used (inquires for mortgage dropped it down to 782) 

Tentative Closing Date: 1/6/2021

Rate Locked at 2.625%

Really crazy fast in finding a house, but one popped up that we felt was the right choice for us in many ways and it had mulitiple offers so we got in, my lender has been fantastic, he even called the listing agent when we made the offer to give them peace of mind that I was well qualified.  

At this point it is the waiting game, the survey is due to come in on 12/28.  So far the lender has been good with everything I submitted very early in the process.  The apprasial just came in this afternoon so I expect to hear from him further tomorrow. 

We are extremely excited, I guess now we need to start seriously considering ordering a fridge I hear they take a few weeks for delivery.  I have been watching all kinds of home improvement videos as we will have a few things to do, we want to take down some ugly mirrors in the bedrooms and we will need blinds (thinking of going with less expensive mini-blinds in the back bedrooms and then paying to have custom blinds in the front of the house).  

So much to think of and of course there is the worry that something freak will get in the way of approval/closing but it would have to be really freak, I have combed my reports and my accounts before applying. 




Message 6 of 50
cy1215
Established Contributor

Re: January 2021 Closers


@cy1215 wrote:

I didnt see a January 2021 closers thread so here we go:

 

Feels good after starting here in the Rebuilding Your Credit forum many years ago, then moving into the Credit Card forum, now able to post in the Mortgage forum, the end goal is so close!

 

Purchase Price: $207,500

DP: 3.5%

Loan Type: FHA

Mid Score: 770

Tentative Closing Date: 1/8/2021

Rate Locked at 2.25%

 

Receiving a $15,000 Credit for closing costs and down payment assistance for buying in an area affected by Hurricane Michael in 2018.

We just had our home inspection completed, now awaiting the lender to order the appraisal and am super stressed that the home might not appraise at our offer price.


We received a conditional approval on 12/22 and are still waiting to hear from the processor for additional items needed.  

Message 7 of 50
neb1990
Member

Re: January 2021 Closers

Purchase Price: $189,000

 

Down payment + CC: $$9400

 

Loan Type: 5% Conventional

 

Mid Score: 727 (July 2020)

 

Original Closing Date: 7/27/2020

 

Updated Closing Date: on or before 1/31/2021

 

Rate: 2.99% (floating)

 

Location: Laurens, South Carolina

 

My house buying process has been a victim of 2020 with covid getting in the way every way possible.  All issues are fixed and SHOULD close in January, I've been so patient lol.  I've been seeing interest rates drop every month since getting my original rate.  I wonder what are the chances my rate could lower by the time I lock my rate in?

Message 8 of 50
palm822
Established Member

Re: January 2021 Closers


@cy1215 wrote:

@cy1215 wrote:

I didnt see a January 2021 closers thread so here we go:

 

Feels good after starting here in the Rebuilding Your Credit forum many years ago, then moving into the Credit Card forum, now able to post in the Mortgage forum, the end goal is so close!

 

Purchase Price: $207,500

DP: 3.5%

Loan Type: FHA

Mid Score: 770

Tentative Closing Date: 1/8/2021

Rate Locked at 2.25%

 

Receiving a $15,000 Credit for closing costs and down payment assistance for buying in an area affected by Hurricane Michael in 2018.

We just had our home inspection completed, now awaiting the lender to order the appraisal and am super stressed that the home might not appraise at our offer price.


We received a conditional approval on 12/22 and are still waiting to hear from the processor for additional items needed.  


Congrats...Got my conditional Approval on 23rd and sent requested documents in, Appraisal is all I have left sched for the 11th

Message 9 of 50
cy1215
Established Contributor

Re: January 2021 Closers


@cy1215 wrote:

@cy1215 wrote:

I didnt see a January 2021 closers thread so here we go:

 

Feels good after starting here in the Rebuilding Your Credit forum many years ago, then moving into the Credit Card forum, now able to post in the Mortgage forum, the end goal is so close!

 

Purchase Price: $207,500

DP: 3.5%

Loan Type: FHA

Mid Score: 770

Tentative Closing Date: 1/8/2021

Rate Locked at 2.25%

 

Receiving a $15,000 Credit for closing costs and down payment assistance for buying in an area affected by Hurricane Michael in 2018.

We just had our home inspection completed, now awaiting the lender to order the appraisal and am super stressed that the home might not appraise at our offer price.


We received a conditional approval on 12/22 and are still waiting to hear from the processor for additional items needed.  


Just spoke to our loan officer and she said if the processor didnt request anything from me yet, then they wont need anything else and all were waiting on is the clear to close!

Message 10 of 50
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