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May/June 2020 Closers

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Anonymous
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May/June 2020 Closers

Well figured I would start this thread, hoping to be one of the first for May. Will be interesting to see the number of participants considering the state of things.

 

Purchase price: $243k

% Down: 10%
Product: Conventional
Mid score: 790
Rate: 3.25%

Estimated Close Date: May 1
Possible issues: None until today...

 

Wife (state employee) just got email that about 200 people in her department statewide would be getting a temporary 2 week layoff. Those affected supposed to get an email from HR later today. Ugh... couldn't have come at a worse time. Would really throw a wrench into the gears. Waiting on pins and needles to see what happens. The worst part is we could have closed last week, but sellers chose to wait.

Message 1 of 134
133 REPLIES 133
Anonymous
Not applicable

Re: May/June 2020 Closers

Purchase price: $263k

% Down: 0%
Product: VA 30-Year
Mid score: 760s
Rate: 3.125% or 3.375% depending on origination fee (1% for .25% reduction)

Estimated Close Date: May 29th
Possible issues: Waiting for House Appraisal, already negotiated for repairs from house inspection

 

Was told today job will eventually move slightly north. Typically I walk (20 minutes) to work, with this house it was going to be a ~25-30minute drive, with the move it is looking between 45min-1hr drive one way. 

Message 2 of 134
FSUGAPEACH
Contributor

Re: May/June 2020 Closers

Purchase price: $425k

% Down: 3.5% down plus an additional $100K since FHA loan max is 331K
Product: FHA- 30 year
Mid score: low 700's
Rate: 3.125% (we locked in our rates yesterday)

Estimated Close Date: June 5th
Possible issues: Waiting on appraisal for the home we're purchasing as well as the home we're sellling. Won't exhale until we get the clear to close! 

Message 3 of 134
Anonymous
Not applicable

Re: May/June 2020 Closers

Congrats ZacKid and FSUGAPEACH

 

We are extremely grateful, we found out yesterday my wife wasn't part of the layoffs. Still going to make this last run until closing a little more nerve-wracking, but I think we'll be fine.

Message 4 of 134
Anonymous
Not applicable

Re: May/June 2020 Closers

Purchase price: $150k

% Down: 3.5% funded by KHC downpayment assistance 
Product: FHA- 30 year
Mid score: 707
Rate: 3.5%

Estimated Close Date: May 29th
Possible issues: Originally under contract as a Conventional (4.5%); unsuccessful underwriting approval because of a charge off on Equi/Exp. Awaiting FHA approval but I have to remove previous dispute remarks from my FedLoan accounts. Remarks removed from Trans & Equifax, but no option for a live rep when calling Experian. My broker says he can have the remark removed for a fee... 

 

Also I though I owed back taxes but my completed tax form through Credit Karma showed in fact I was getting a return this year. I was highly concerned about the derogatory tax status because FHA requires 3 months of Automated payments under IRS repayment plan before the loan can go through. That would push my closing back to June 23rd at the earliest. 

Message 5 of 134
Anonymous
Not applicable

Re: May/June 2020 Closers

Purchase price: $195k

% Down: 0%
Product: VA 30 year
Mid score: 679
Rate: 3.65

Estimated Close Date: May 22
Possible issues: I was a Co-signer on a car loan that someone included in a bankruptcy. Account still shows open, not past due. Account also shows no payment for 3 years. Equifax had to 3 way call and ask about it, havent heard anything since. Appraisal came back $500 over asking price. 

Message 6 of 134
rsalgado19
Established Member

Re: May/June 2020 Closers

Purchase price: $255k

% Down: 0%
Product: VA
Mid score: 644
Rate: 3.25%

Estimated Close Date: June 8
Possible issues: nothing yet but we just started! Inspection is tomorrow and we will take it day by day.....

 

Rhonda

Message 7 of 134
Thenutisout81
Established Member

Re: May/June 2020 Closers

Purchase price: $150,000

% Down: 10%- Hardest Hit Fund 
Product: FHA -30yr Georgia Dream Loan
Mid score: 662
Rate: 3.875

Estimated Close Date: June 5th
Possible issues: None yet.


Mid Score was a problem at first but I got it up from a 631 to 662 in 30 days by paying down some revolving debt.

 

Purchasing the house I've been renting for 4 years so no real surprises with the house. 

Message 8 of 134
atxtyson
Established Member

Re: May/June 2020 Closers

Purchase price: $244k

% Down: 3.5% 
Product: FHA- 30 year
Mid score: 678
Rate: 2.75%

Estimated Close Date: May 22nd
Possible issues: Really none. Company came through with the PPP loan so the job is secure for now. This came at a perfect time, a card that I had charged off ($12k) a little over 4 years ago finally dropped off my credit report after Barclay failed to serve me on the lawsuit. The judge threw out the case and it disappeared from my report within a few days. I paid a lawyer to handle the case, and have paid for a credit specialist for the last year to bring my score up. My score went up 100 points after it disappeared. 

 

Appears I hit the jackpot with this 2.75% rate 

6/2018:
6/2019:
4/2020:
9/2022:

Current Cards

Message 9 of 134
bass_playr
Established Contributor

Re: May/June 2020 Closers

Posted in last month's because this wasn't here yet, so here's mine.

 

$258K

3.5% down

FHA 30 yr fixed

Mid score: was 641, now up to 668

3.49% locked in

Closing May 1 unless we get a corona push, but was told if we did have to delay it would only be about a week

Possible issues---none stated, just really anxious for the waiting to be over....and for the final "yes" to arrive.

 

We had some drama in the process, as we went with one lender, it is a community, and the builder/seller has their own lender in house.  That lender started off great, got all documentation in to them ASAP and everything was looking good.  Preapproved and we were good to go.  Then, a week before corona changes hit, the lender suddenly went flaky on us...couldn't get them to return calls or emails.  We finally got them on the phone and they told us that they were sorry but we were no longer approved.  It took two days and several phone/email attempts just to get a response after that--everything was "we cannot help you at this time..." but no explanation as to why.  None of our info changed, we are both employed and income/credit/DTI were same.  Turns out, when we finally did get the "at this time" from them, it was the day that many banks changed their overlays due to covid-19.  Then, we finally got them to nail down for us what the new minimum standards were for their FHA....it was literally 4 points from where we started.  Asked them if they would still work with us if we could get the 4 points up on scores....they never responded.  Very strange...

 

So, I went to another lender and asked some ??'s about the situation.  Turns out, we were already able to qualify under their requirements with just paying down some credit card balance.  Since we got the "at this time" notification, we paid down some more DTI on credit cards.  That's where our middle score jump came from.  That, and I got a closed collection off as well.  With the new lender now, and the UW has run everything, should get our actual "yes" this week.  Our closing costs took a jump up by a couple grand because of the change--"builder credit" no longer available since we're not using their in house lender anymore.   This is a brand new house.  We plan on discussing this builder credit issue, because we did everything their lender asked and they simply ghosted us.  Especially since we were easily able to be approved for the same product within a week elsewhere using the same minimum standards that they explained to us....

 

More recent updates--we had our walkthrough with the builder last week.  Very few minor issues with the house, they already took care of those.  I went to the house yesterday and saw all the touch ups done, and it looks amazing.....lol

 

So, arranged for time off from work, and all the good stuff....movers, etc.  We were set to close on 5/1.  That changed today, it was rolled back to this coming Monday.  Not a huge deal but frustrating because I took this weekend off of work and cannot swap it back....now I have to take Monday off too.  And everything from the movers to the cable tv provider needs to be pushed back.  It's been a very stressful couple months, but will be worth it in the end.  Don't see myself ever buying another house though!  The issue that delayed closing is with the lender, for whatever reason they took a nap and did not process some of the paperwork that was sent to them.  The completed appraisal sat on a desk somewhere and they apparently didn't even know they had it in their possession.  But all of the checks that need to be done for us have been completed.  We are expecting the clear to close either tomorrow or Friday.  

Message 10 of 134
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