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March 2021 Closers Thread

mbauza86
Valued Member

Re: March 2021 Closers Thread


@mbauza86 wrote:

So I'm officially closing on March 10th and it's all going quickly!!! 

 

Purchase price:  520k sales price (offered 550k - waiting on appraisal to see what the final price will be)
% Down:  5 percent down and put 20K in the earnest deposit account
Product:  Conventional
Mid score:   737 EQ -- UGH my mortgage scores got tanked when they pulled my credit, but somehow I still got the 2.5% phew!!
Rate :   2.5% and 2.768 APR (not a single penny for points) 

PMI:  Anywhere from $160-$192 depending on the final price after it appraises

Estimated Close Date:  March 10th
Possible issues:  None so far. I feel like the universe took pity of me and made this happen. I hope everything goes smoothly. I'm adding the breakdown on my progress below.

 

Feb 6 - Found home

Feb 7 - Put in offer

Feb 8 - Offer accepted late afternoon and contract was ratified. 

Feb 9 - Sent more docs to LO, started process w/ title company & sent earnest deposit via wire

Feb 10 - Title company confirmed receipt of earnest deposit, home inspection done & got home insurance

Feb 11 - File went into underwriting around noon

Feb 12 - Received conditional approval this morning - they don't need anything from me so far. They're waiting for appraisal and title company. Appraisal is happening today and report should be ready next week. Termite inspection was done today. No termites!

 

Everything is moving sooooo quickly, but the sellers are moving out of state and I had offered them to stay extra, so even though I'm now closing on March 10th. I wont have the keys until around the end of March. I feel like when mothers can’t touch their baby and the baby is in an incubator lol. AHHHHH and there is a president’s day sale everywhere. I feel like buying stuff for the house, but I’m saving every single penny and will not be bad LOLOL


Appraisal took place on Friday. Though it was listed for 520k, the appraisor said it was really worth 550k (what I offered). My realtor gave me the verbal confirmation on Sunday and today I received the appraisal report. All that we need is now for the title company to give the all clear!  It's only been a week since my title company started the process and well it just feels like an eternity. I'm so impatient ha!



Current FICO 8 Scores (as 02/13/2021 - after applying for mortgage):

Current Mortgages FICO Scores (as of 02/13/2021 - after applying for mortgage ):
Message 11 of 33
Magzbx
New Contributor

Re: March 2021 Closers Thread

electronically this past weekend/

Message 12 of 33
The5Millers
Member

Re: March 2021 Closers Thread


@The5Millers wrote:

Purchase price - $250k (15.5k under listing price | 1941 true colonial, 3,950 sq.ft.)

Sellers Credit - $7K
% Down - 0
Product - USDA
Mid score - 760
Rate - 2.45% (Locked)

Estimated Close Date -  3/30/2021
Other Info -  Listed for $265.5, $4,000 seller credits. Initial offer of $245,500 w/$7,000 sellers credit. They countered with $255,500 w/$7000 seller credit. I countered back with $250,000 w/$7,000 seller credits and they accepted. This process took 2 days.

It should be noted that the market isn't the same everywhere. Where I am buying is still a sellers market, but not quite as hot and there is only slightly more inventory. I also happened to do some "oppo" research and discovered the owner has lived away from the house for 6 years, has a tenent, is not a great landlord, and is pretty loaded as he is the president of a hospital system many states away. I had a gut feeling that he is really motivated to sell and that's why I came in a bit aggressively, but we landed on what I really wanted. $265.5 was too high for the area and comps were right at around $250k, so got what I was initially after all along. It helps that I am an analyst both by career and nature and we have been studying the market since early 2019 and it helped IMMENSELY.

 

The reason I went with USDA is because it is a strategic move. Currently own existing home, but it is only in my wife's name, so doesn't count to my DTI. Her name won't be on the new mortgage for now because she has been a stay at home mom for 18 years and only bring student loan debt and no income. I don't want to move twice, so I wanted to get a new house, then finish the last few remodeling items on the existing home, sell it and enjoy the crazy sellers market in the area where our current home is. We will then take the equity from that sale, roll most of it over into the principal of of the new home to get it below 80% LTV, then refinance under a convention to get out from under PMI. This should happen within 8 months. By using the USDA, we don't have to lock thousands we'd spend on the down payment of the new home into the equitiy of the new home. Instead, we can spend it on the remaining remodeling of existing home.

 

Just got a conditional approval through the USDA GUS this morning, with the conditions being the appraisal that will happen before the end of next week, clear title, etc.


 

There were actually more conditions that needed LOE. Processor said it was fairly nitpicky due to government/USDA. Received the email about them yesterday afternoon and reponded with the letters last evening.

 

Explanations included:

 - Payment on my bank statement to Flagstar bank, which they couldn't reconcile on my credit report. Well, this is because it is a mortgage that is only in my wife's name. New mortgage will only be in my name. They cannot count this against me legally (though I suppose they could do whatever they wanted). Provided statement showing it is in my wife's maiden name only, and because it is in her maiden name, had to send marraige certificate.

 

 - 2 very small cash deposits in January (this was before I was even thinking I'd be applying for a mortgage). One was from where my 13 year old daughter decided to roll her piggy bank coins so I could take them to the bank, depost them, then buy her a Visa prepaid to use online. They said this has to be considered asset income! 🤣 It was $160. The other was just something I sold on Craigslist. $120, no big deal either way.

 

 - A letter explaining that my wife has no income and hasn't for 15 years due to being a stay at home mom.

 

 - This one was the stupidest one. They were confused that my marital status is married, but there was an (old) child support account on my credit report. So they assumed I had been married before, gotten divorced, had documentation from that, etc. they wanted me to provide. No, my oldest son is from a previous out-of-wedlock relationship. I have only been married one time. He is 23 and in the air force now. Credit report shows that account has been closed since 2016 (paid in full). Luckily, I had a letter I requested from DCSE back in 2016 that explicitly states I have 0 balance and that the case is closed, so sent that along.

 

 - Apparently one of the lenders I was shopping created an application simply because I asked for an official loan estimate. I had to send over proof of withdrawal of that. I just sent the email thread over where I explicitly told the lender that I was NOT entering into any application and merely doing a final loan shop.

 

Appraisal was ordered Monday and is scheduled for tomorrow (Friday). Weather has been bad, but I don't think anything enough to stop it. Hopefully the USDA/HUD inspector isn't too nit-picky.

Message 13 of 33
Blaque78
New Member

Re: March 2021 Closers Thread

I'm nervous and excited at the same time!

 

Purchase Price: $322K new build

Product: VA

Mid Score: 673

Rate: 2.5 (not locked yet)

Estimated closing date: 3/10/2021

Possible issues: I'm not sure, just praying that everthing work itself out.  

Message 14 of 33
Caramiawd
Member

Re: March 2021 Closers Thread

Purchase price - $420K - New Build in OR

% Down - 4%
Product - FHA
Mid score - 706
Rate - 2.75% locked

Walkthrough of completed home - 3/16/21

Estimated Close Date -  3/23/21
Possible issues - 50% DTI qualifying on my income alone; couldn't use husbands on loan due to student loans. 

Waiting for lender to schedule appraisal, and need to find home owners insurance. It's been a very exciting process so far with a new build but a long process to have to wait. Glad it's nearing the end. 

Message 15 of 33
Cowboys4Life
Valued Member

Re: March 2021 Closers Thread

Purchase price - $295,000

Sellers Credit - 0
% Down - 0%
Product - Homes For Heroes or VA Loan
Mid score - 661 (EX and EQ)
Rate - 2.375% 

Lender- Loan Depot

Estimated Close Date -  March 23 (my birthday!!)

 

Pre-approved for $400,000.  In desktop underwriting as all information was verified electronically when pre-approval letter generated.  Seller accepted offer and we just need to finish!! So excited this is my first home ever.  Waiting to put earnest money in escrow and schedule inspection and appraisal.  

Message 16 of 33
Magzbx
New Contributor

Re: March 2021 Closers Thread

Congrats! We are in a similar boat, Loan Depot closing on the 23rd im trying to push up the date if possible. Im waiting on Appraisal and have been conditionally approved


@Cowboys4Life wrote:

Purchase price - $295,000

Sellers Credit - 0
% Down - 0%
Product - Homes For Heroes or VA Loan
Mid score - 661 (EX and EQ)
Rate - 2.375% 

Lender- Loan Depot

Estimated Close Date -  March 23 (my birthday!!)

 

Pre-approved for $400,000.  In desktop underwriting as all information was verified electronically when pre-approval letter generated.  Seller accepted offer and we just need to finish!! So excited this is my first home ever.  Waiting to put earnest money in escrow and schedule inspection and appraisal.  


 

Message 17 of 33
Exit119
New Visitor

Re: March 2021 Closers Thread

CLEAR TO CLOSE!!

 

Purchase Price: $550,000

% Down: 0 

Product: VA - High Balance/30 

Mid Score: 647 (Feb 2021 - Bal Update)

Pre Approved @ 618 (2/1/2021) 

Rate: 2.85% (CD Signed) 

Close Date: 1 March 2021

Message 18 of 33
wifigoober
New Visitor

Re: March 2021 Closers Thread

Purchase price - $775k
% Down - 20%
Product - Conventional HB - 30 year
Mid score - 770, 699(spouse)
Rate - 2.8% 

Estimated Close Date: 03/04/21


Took two weeks to get an appraisal due to the market being nuts. Appraisal cost was also double. Should be a quick close -- but down to the wire here.

Message 19 of 33
seibu027
Established Member

Re: March 2021 Closers Thread

We got conditional approval, so time to throw my info in here!

 

Purchase price - $245K new build FL
% Down - 3.5%
Product - FHA
Mid score - 626, 618 (spouse
Rate - 4% (not locked) 

Estimated Close Date: 03/29/21

 

We have been paying down credit lines and our new MMSs are 636/626.  I'm hoping my spouse about 620 get that rate down.  

 

 

Message 20 of 33
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