Location: Minneapolis, MN
Purchase price - $270000
$ Down - $13,500 (5%)
Product - Conventional
Mid score - Mine (666) My Wife (802)
Sellers Credit - $0, Paying all closing costs ($9899 from current loan estimate)
Rate - 3.25% rate lock (Wells Fargo)
Estimated Close Date - July 9, 2021 - This was listed on our contract, and our loan officer said he could still meet it even though it will be tight (as long as no days are waster any further).
Possible issues - My biggest concern is the appraisal. We had to pick a house that was on the other side of town since the areas we were looking at initially were insanely overpriced. Although this house could fetch a $325K+ asking price in the initial area I looked at, I'm worried about how it will comp in the area (still think it should be fine though).
We offered $5K over asking price, and they agreed to fix 4 items out of the 11 we called out after inspection (the rest were kinda petty stuff, but our realtor thought it would be good to ask so it looks like we are making concessions). That said, the listing agent called our loan officer and asked what will happen if the appraisal is low (she also asked our realtor)...and they still took the deal even though we didn't offer an appraisal gap.
The loan processor sent an email last Friday saying they will do a final review before sending to UW, and will reach out if they find anything that we might need to provide. Our loan officer was very thorough, so I feel like we should be good with the documentation until we get to UW. I will be calling her this week to check in and see when the appraisal will happen (we paid for it last week).
Update: Just got conditional approval this morning, and they are only asking for a contact for my Home Insurance Quote, verify an address (the address is wrong/typo but on my Equifax), and a letter of explanation for my wife's decreased income from 2019 to 2020 (due to the pandemic). Just waiting on appraisal at this point.
