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November 2021 closers!

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MezcalLastWord
New Member

November 2021 closers!

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!

 
Message 1 of 10
9 REPLIES 9
Nurse2019
New Visitor

Re: November 2021 closers!

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!

Message 2 of 10
mandielh85
Valued Member

Re: November 2021 closers!

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

Message 3 of 10
NejixRockS
Established Member

Re: November 2021 closers!

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 Smiley Very Happy )

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 Smiley Happy 


Starting FICO 8 Scores (Sept 2020):
Current FICO 8 Scores (Nov 2021):
Message 4 of 10
4sallypat
Valued Contributor

Re: November 2021 closers!

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.

Message 5 of 10
Gladius
Frequent Contributor

Re: November 2021 closers!


@Nurse2019 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.

Message 6 of 10
FLLGuy
Frequent Contributor

Re: November 2021 closers!

@NejixRockS  - @sueblue34 


@NejixRockS 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 Smiley Very Happy )

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 Smiley Happy 


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.


[2x] AU Amex Cards
Message 7 of 10
sueblue34
Frequent Contributor

Re: November 2021 closers!

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.

Message 8 of 10
4sallypat
Valued Contributor

Re: November 2021 closers!


@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.


Smiley LOL

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!

10434 Via Palma.jpeg

Message 9 of 10
NejixRockS
Established Member

Re: November 2021 closers!

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 


Starting FICO 8 Scores (Sept 2020):
Current FICO 8 Scores (Nov 2021):
Message 10 of 10
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