My LO just called and said the UAMC underwriter gave conditional approval today and the UW will be contacting me this afternoon. The conditions to meet are very simple. They need a better copy of my Driver's License as they can't clearly see a copy of my address on the one they have and they also need another LOE documenting the members of my household...who are over 18 and who works and who doesn't and that's it!
The appraisal is due back on Monday and at that time they will submit it to CHFA for their UW's approval and then it is cleared to close! The CHFA UW is going to need my certificate showing completion of the homebuyers online class and also confirmation that I met with a housing counselor over the phone. I got a hold of the housing counselor that is assigned to me and I left her a message because she was in a meeting. Hopefully I can do my housing counseling over the phone tomorrow or Monday.
My LO officer said we can do cleared to close and closing on the same day or the day after since getting out of this rental property by Jan 31st is the highest priority.
I did ask my LO if their was a minimum amount of reserves required for closing and he said no not for me because my credit score is satisfactory.
I faxed off the info to the investors required to take a residential loan out of my 401K yesterday and it takes 3-5 days to review and approve so I will call them tomorrow to check the status.
It looks like everything is falling into place at the right time all! Yay!
I truly do appreciate all of the support I am getting from all of you wonderful homeowners and homeowners-to-be!
The appraisal is due back on Monday and at that time they will submit it to CHFA for their UW's approval and then it is cleared to close! The CHFA UW is going to need my certificate showing completion of the homebuyers online class and also confirmation that I met with a housing counselor over the phone. I got a hold of the housing counselor that is assigned to me and I left her a message because she was in a meeting. Hopefully I can do my housing counseling over the phone tomorrow or Monday.
My LO officer said we can do cleared to close and closing on the same day or the day after since getting out of this rental property by Jan 31st is the highest priority.
I did ask my LO if their was a minimum amount of reserves required for closing and he said no not for me because my credit score is satisfactory.
I faxed off the info to the investors required to take a residential loan out of my 401K yesterday and it takes 3-5 days to review and approve so I will call them tomorrow to check the status.
It looks like everything is falling into place at the right time all! Yay!
I truly do appreciate all of the support I am getting from all of you wonderful homeowners and homeowners-to-be!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! 
Last App: 4/5/13 Gardening until July 2014
Congrats! Hoping you make it by the 31st!
Thank you all! I just got a phone call from my housing counselor and she said as long as I pass the quizzes and the final exam at the end, there is nothing she needs to discuss with me and she said one of her assistants will call and ask me which email address to send the certificate too and they will also fax a copy to my loan officer so the loan can keep moving! Wow, I thought I would have to be on the phone for an hour but once I finish the course, I am basically done as so far, I haven't answered a question wrong. So happy!
Congratulations! I'm sure it will be an unreal feeling when you're in that new house knowing it's yours.. I hope to join you within the coming months 
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Do you pick your own lender or they have list you can use? My broker friend told me govt asst will be good only homes in downturn are. Basically to help revitalized the area. Is this true? I think his just saying that just to have me process the loan through him.
Starting Score: 2/22/12: EQ 530, TU 553, EX 528(lender). 12/4/12 (rebuilding starts)= EQ 599.
Mama-j, They have CHFA loans that require that you purchase in what is called a targeted area and they have CHFA loans where you can purchase in a nontargeted area, which is what we are doing. Basically what happened was I initially picked out a loan officer from the CHFA website and then began to look at homes on the realtor.com site. I sent in a request for more information on the homes I liked and a realtor got back to me and asked what type of downpayment I had, I told him I was interested in the CHFA Homeopeners Plus Program where the downpayment is rolled into a second mortgage. He said that he knew a broker that did CHFA loans and sent me to him. I ended up not hiring that realtor that referred me because he was doing short sales and we didn't have time to wait on a short sale. So I found another realtor after the broker the first realtor referred me to preapproved me. The first time out looking at homes didn't turn out to be great but at the last house we saw we noticed an available sign across the street and I said I want to see THAT one! He set it up for us to that one a few days later and we fell in love! The house that we saw across the street a couple of days earlier was already sold but it was identical in layout to one that was for sale but was still in the early building process. The one that we saw across from it that will be our new home is fully finished and ready for move in, it has more sq ft and a additional bedroom and bathroom plus a deck out back. We said we wanted to put an offer in and I put my earnest money down and they told me about the incentives if I go through the builder's lender. That is when I asked if the builder's lender did CHFA loans and he said yes! So i came back up to the model home a couple days later and met with my LO and he did Deskstop Underwriting while I ate a cookie that was freshly baked in the kitchen and when I finished my cookie, my LO said preapproved and the rest is history. The home isn't in a targeted area as it is just East of the Denver Tech Center which as you know mama-j is a good way south of downtown.
Mama-j, what is your household income and credit score? How many people are in your household? With the CHFA Homeopeners Plus Program, you don't have to buy in a targeted area.
It is going to be so surreal once we are in our new home! We have the code to the door and can visit whenever we like and everytime when I walk in, I don't want to leave! We are so very close, I can feel it. My LO said once UAMC fully approves the loan after I satisfy the conditions, it goes to CHFA and he said with all the CHFA loans he has done, CHFA has always approved and never denied a loan! So the biggest hurdle was UAMC approval. We are so so very close now...I can truly feel it is really going to happen!
Mama-j, what is your household income and credit score? How many people are in your household? With the CHFA Homeopeners Plus Program, you don't have to buy in a targeted area.
It is going to be so surreal once we are in our new home! We have the code to the door and can visit whenever we like and everytime when I walk in, I don't want to leave! We are so very close, I can feel it. My LO said once UAMC fully approves the loan after I satisfy the conditions, it goes to CHFA and he said with all the CHFA loans he has done, CHFA has always approved and never denied a loan! So the biggest hurdle was UAMC approval. We are so so very close now...I can truly feel it is really going to happen!
Mama-j, your broker/loan officer is lying to you! He just wants your business. Go find a Broker that does CHFA loans by picking one from www.chfainfo.com
Congratulations! Told you things would work out.