November 2021 closers!

[Anonymous]

Mods: Please let me know if I missed an existing thread for November — I looked back to Aug. 31 and couldn't find any threads!

In any event, I'm excited to share our DP with y'all as it unfolds.

Location: Alexandria, Va.

Purchase price - $515,000
% Down - 5%
Product - 30-yr fixed conventional
Mid score - 740 exactly (me) / 754 (DW)

Sellers Credit - $0, Lender: $600
Rate - 3.375% including lender-paid MI (still weighing the other option: 3.175% w/ ~$100 separate PMI payment)

Estimated Close Date -  Nov. 22 (20 days after ratification! Realtor and lender swear it's possible.)
Possible issues - Timing and appraisal.

Working with a well-connected agent, which has been crucial to us as first time buyers. We entered a multiple-offer situation, insisting on not waiving any contingencies. Through his ability to ensure a quick close — and an exceptional letter written by DW based on how much we loved the home — we got the nod over two other offers.

We may have been able to negotiate better loan terms if we waited a day and shopped around, but we really want to hit the 20-day close for our sellers — since that helped put us over the top for them.

The house is priced a little high for the neighborhood, but just about everything (including roof) is new. Hoping upgrades (and slightly farther-out comps) help us clear the hurdle. Nice to be protected by our contingency, though — especially in the crazy D.C. real estate market.

Please let me know if I can provide any other data. Fingers crossed underwriting and appraisal go smoothly.

Best of luck on your closings!

[Anonymous]

Location: Ohio

Purchase price - $319,000
% Down - 0
Product - 30-yr fixed VA
Mid score - 864/802

Rate - 2.65% 

Close Date -  Nov. 15
Possible issues - none. We got our clear to close today!

[Anonymous]

Location: Rockford, IL

Purchase price - $195,000
% Down - 4%
Product - 30-yr FHA
Mid score - 680 

Sellers Credit - $0, Lender: $0
Rate - 3.875% 

Estimated Close Date -  Nov. 30th
Possible issues - None

[Anonymous]

Location: Miami, Florida.

Purchase price - $415,000
% Down - 3.5%
Product - 30-yr fixed FHA
Mid score - 679 (been waiting for the past 6 months to go above 680 but it wont budge...) 

Sellers Credit - $0, Lender: 0
Rate - 3.125%(rates literally went down as soon as I locked in the rates )

Estimated Close Date -  This upcoming Monday or Tuesday!!! 
Possible issues - My seller is buying a house, and my seller's seller is also buying a house (a three-way deal) ... LOL ... I put the offer back in mid sept, so it's been a two month process, but I have been blessed that everything has gone well up until now  

[4sallypat]

Location: Montclair, CA

Purchase price - $610,000
% Down - 5%
Product - 30-yr fixed conventional
Mid score - 719 (me) / 725 (DW)

Sellers Credit - $1700, Lender: $600
Rate - 3.625% including + PMI

Estimated Close Date -  Nov. 26 (standard 30 day escrow)
Possible issues - none - loan approved, waiting for escrow & final walkthru.

We worked with a very patient real estate agent & mortgage broker for 6 months - learned a lot about the crazy California market.

Searched 3 different counties - used the new loan limit for 2022 early by using a bank that would offer a conventional (up to $625K).

If the loan limit had not been increased, we would still be looking - finally found a house that we were not over bid by 10-15% over asking.  

We bid 5% over asking and got it!

Looking back, I wish we got a lower interest rate but it was locked when we opened escrow.

[Gladius]

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@Anonymous wrote:

Location: Ohio

Purchase price - $319,000
% Down - 0
Product - 30-yr fixed VA
Mid score - 864/802

Rate - 2.65% 

Close Date -  Nov. 15
Possible issues - none. We got our clear to close today!

---

That is an awesome rate in today's market.

[FLLGuy]

@Anonymous  - @sueblue34 

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@Anonymous wrote:

Location: Miami, Florida.

Purchase price - $415,000
% Down - 3.5%
Product - 30-yr fixed FHA
Mid score - 679 (been waiting for the past 6 months to go above 680 but it wont budge...) 

Sellers Credit - $0, Lender: 0
Rate - 3.125%(rates literally went down as soon as I locked in the rates )

Estimated Close Date -  This upcoming Monday or Tuesday!!! 
Possible issues - My seller is buying a house, and my seller's seller is also buying a house (a three-way deal) ... LOL ... I put the offer back in mid sept, so it's been a two month process, but I have been blessed that everything has gone well up until now  

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How in the world did you find something at this price point in Miami?    Dayuum - congrats!   I added Sue to this thread as she's also looking in Miami-Dade for an FHA home.

[sueblue34]

Big congrats! You give me great hopes hearing this. This week I noticed a few homes that was listed recently put back on the market and with a prices decrease. I hope that works in my favor.

[4sallypat]

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@4sallypat wrote:

Location: Montclair, CA

Purchase price - $610,000
% Down - 5%
Product - 30-yr fixed conventional
Mid score - 719 (me) / 725 (DW)

Sellers Credit - $1700, Lender: $600
Rate - 3.625% including + PMI

Estimated Close Date -  Nov. 26 (standard 30 day escrow)
Possible issues - none - loan approved, waiting for escrow & final walkthru.

We worked with a very patient real estate agent & mortgage broker for 6 months - learned a lot about the crazy California market.

Searched 3 different counties - used the new loan limit for 2022 early by using a bank that would offer a conventional (up to $625K).

If the loan limit had not been increased, we would still be looking - finally found a house that we were not over bid by 10-15% over asking.  

We bid 5% over asking and got it!

Looking back, I wish we got a lower interest rate but it was locked when we opened escrow.

---

Thanks to this forum and all the advice!

Got the text from our LO and realtor - loan funded, escrow closed & county recording is official!

Keys tomorrow and official handoff from sellers.

Wow, 6 months later and finally got a mortgage - after being beaten down by: tons of investors, cash purchasers, bidding wars, counters back and forth....

Now comes the home improvement expenses, taxes, and fun!

[Anonymous]

It was crazy... they delayed everything another month 48 hours before our original closing back in November. The second try happened this past Thursday (December 16th) and they wanted another extension 1 hour before closing. I told them I will walk away and continue renting, they immediately came back and closed. Took 3 months but finally got it! ... hahahahahaah