@amck12 wrote:
@amck12 wrote:
@amck12 wrote:
So, as of last Sunday we're under contract. We set a very conservative closing date of June 26th. Here's the data points:
Lender: NFCU
Product: Conventional Homebuyer's Choice (Vacation Home - site built), 5.25% APR, 5% Down
DTI: ~26% Frontend, ~30% Backend
Purchase Price: $157,500 with $2500 seller assist towards closing.
Scores: Husband middle score: 719 - My middle score 728
Just a quick update, we switched to a different loan product. Instead we're going with a standard conventional loan, with 10% down and 4.5% APR. The reason for this is, well the interest rate, but also when reading the small print I discovered that the homebuyer's choice program also charges a funding fee on top of the origination fee for the amount of 1.75%. Still no PMI, though. I was considering buying some points to get the rate down a bit, but the extra 1.5% in points and 1.75% in fees almost equal a 10% total downpayment, with ~3.25% just going straight into the bank's pockets. I'd rather just pony up 10% down without the additional fees and get a lower rate while putting the extra in equity.
Our packet went off to the processor today and the appraisal was ordered. Still keeping fingers crossed.....
Another update. Our file went off to initial underwriting last week, now we're just waiting on the employment verifications to come back. Everything was on track still to close on the 26th. A little NFCU specific detail that is pretty convenient is that you can put the closing cost in your NFCU account and they will wire it for you at no cost for closing. No more cashier's check hassles.
I can't wait, I'm itching to go furniture shopping!
Finally go the clear to close! Our file sat in the final underwriting queue for almost a week, and therefore our closing had to be pushed back until 6/30....grrrr..... Loan processor said it was very unusual it took that long. Fingers crossed for the home stretch!!!
UPDATE: yea none of this happened. The day of closing I get a call from Navy Fed that they are missing a survey from the closing packet, and if the seller had a survey they could provide. The seller had a survey, from 1999, and it was deemed too old. So now I'm waiting on a survey to get completed on the property so we can close. Thankfully the seller is hanging in there. Shame on Navy Federal for not calling me until the day of closing, when they knew about the missing paperwork the day before.
To my now fellow July closers, hopefully this process will be smoother for y'all!
