July 2020 Closers

[Anonymous]

I've been waiting forever to be able to post this!

Purchase Price: 396.5k

% Down: 3.5%
Product: FHA
Mid score: 696
Rate: 2.75%

Estimated Close Date: July 1st
Possible issues: None anticipated... Just got our Clear to Close today!

[Anonymous]

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@Anonymous wrote:

I'm new and didn't find this topic so here goes.  I am very thankful for all of the great advice found in this forum.

Mid Score: 630 (No collections/several lates in previous years/AZEO as of last month/Last month paid off 4 of 5 installments resulted in decrease of scores by 10 points)

New Conventional Mortgage

New Construction: Already Built

Under Contract: $391,500  10% down

Fixed Rate: 4.0% (Paying 1 point)

AUS pre-approved and now in UW

Targeted closing date: mid July

Inspection completed today with a boat load of issues; but re-assured nothing glaring; waiting for official report tomorrow. 

E-signed initial loan disclosures today

No sleep from now until July....Fingers crossed!

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New construction has a boat load of issues? I didn't think that would happen. Mind being more specific on the issues?

[Jdman]

Purchase Price - $323k

Downpayment - $3k

Product - 30 yr VA

Mid Score - 658

Rate - 5.25%
Estimated Close Date - July 2nd

possible issues: we were given $6800 in lender credit to take the higher rate and we will refi in 9 months per our lender

[Anonymous]

From what we're told, the builder has multiple contractors coming in and out putting it together like a puzzle.  We didn't build it ground up, someone else did and their loan fell through so we didn't get to inspect it along the way.  Nothing major but the report was 30 pages and to me that's a boat load... lol. It was things like a light switch didn't work, missing splash guards, uneven banister on front porch, breaker box mislabeled, cut in bathroom tile, garage deadbolt not functional, crawl space door blocked at opening, electrical grounding outside not buried, outdoor drain too high, etc... things like that.. builder committed to addressing everything by closing, surprisingly they only pushed back on the stairwell window not being tempered because it has child locks.  Once they finish everything we will have a re- inspection just to make sure.

[Anonymous]

I REALLY, REALLY, REALLY want to post in this thread but I am going to wait until we meet with the LO. Offer was accepted, contract's been ratified, got a closing date...now we just need the moolah. lol Hopefully Monday evening I can post officially. WOOHOO! 

Congrats to all you soon to be home owners! 

~Tracy (Sempermom)

[Credit4Growth]

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@Anonymous wrote:

I've been waiting forever to be able to post this!

Purchase Price: 396.5k

% Down: 3.5%
Product: FHA
Mid score: 696
Rate: 2.75%

Estimated Close Date: July 1st
Possible issues: None anticipated... Just got our Clear to Close today!

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@Anonymous

If you dont mind sharing a little more, is this for a 15yr and who would be the lender?

and CONGRATS!

[Anonymous]

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@Credit4Growth wrote:

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@Anonymous wrote:

I've been waiting forever to be able to post this!

Purchase Price: 396.5k

% Down: 3.5%
Product: FHA
Mid score: 696
Rate: 2.75%

Estimated Close Date: July 1st
Possible issues: None anticipated... Just got our Clear to Close today!

---

@Anonymous

If you dont mind sharing a little more, is this for a 15yr and who would be the lender?

and CONGRATS!

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Thanks!!  It's for a 30 year with no points and we went with Fairway Independent Mortgage.  They were SUPER helpful and made the entire process easier than I could have imagined.  They were actually our "shopping around" lender, as we fully intended to go with the lender who preapproved us (at 3.5%).  Glad we shopped around!

[Anonymous]

@Anonymous 

It never dawned on me to shop mortgage lenders until I became an active member of this community. I can tell you from personal, recent, experience...keep looking. 

From what I have learned....the approval proccess has ALOT to do with the lender or broker overlays. I blasted 15 applications out in about 4 hours. I was denied by 2 flat out. I got offers of FHA but not conventional with 5 and various terms, I got approved for conventional but NOT FHA with 4 and various terms. I spoke with reps from the rest and decided not to continue their application process because approval was not likely. 

I just locked in at 3.5% on a 30 yr conventional loan with a 635 mid score and a purchase price of $435K. 

What I don't know is what impact the area you are looking in may have....

Good Luck! 

[Revelate]

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@Anonymous wrote:

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@Anonymous wrote:

I'm new and didn't find this topic so here goes.  I am very thankful for all of the great advice found in this forum.

Mid Score: 630 (No collections/several lates in previous years/AZEO as of last month/Last month paid off 4 of 5 installments resulted in decrease of scores by 10 points)

New Conventional Mortgage

New Construction: Already Built

Under Contract: $391,500  10% down

Fixed Rate: 4.0% (Paying 1 point)

AUS pre-approved and now in UW

Targeted closing date: mid July

Inspection completed today with a boat load of issues; but re-assured nothing glaring; waiting for official report tomorrow. 

E-signed initial loan disclosures today

No sleep from now until July....Fingers crossed!

---

New construction has a boat load of issues? I didn't think that would happen. Mind being more specific on the issues?

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I'm pretty sure builders use the inspection a first round QA check honestly, and most if not all use subcontractors these days.

There were something like 8 gotta fix and 9 should fix things that just were somewhat incomplete or someone wasn't paying attention: like a missing patch of insulation in the attic, and some things like some heating / cooling things not being strapped or separated.  Nothing major and the builder went and made all the changes without complaint.

Admittedly can't test everything, turned out the roofers didn't install some of the flashing and water was running down behind the paint in one of the rooms when it rained.  

New home doesn't mean perfect home unfortunately presumably as they're trying to be as cost efficient as possible, I would've done some things differently but even so I'm still totally fine with it.

[Anonymous]

Purchase Price: $221,000

% Down: 3.5% 

Product: FHA 30 years 

Mid Score: 683

Rate: 3.2 (not locked)

Estimated Close Date: 7/10

Appraisal ordered: 6/18

UW submitted: not yet

Possible Issues: 1) Husband took a mandatory week-long  furlough (Company-wide) and he received unemployment for one week. He has been back to work for 2 weeks now. Biggest fear is that this will raise red flags with the UW but the guidelines state that a furloughed employee must have reported back to work at the time of closing. *fingers crossed*

2) Seller is also set to close on their new home July 6.