October 2020 Closers

[Anonymous]

Well, putting myself here now. Got a long ways off, but that was because we gave seller some house searching concessions. That said, they found a place and we are keeping the original closing date for now as it gives us time to sell and possibly close before this one. 

Purchase Price: $845,000

Down Payment: 20% (get a 6k closing cost credit from seller)

Product: 30 year Jumbo

Mid-Score: 768 (EXP F2; again, a shoutout to @calyx for the F2 guide)

Rate: 3.125 (60 day lock, but cost nothing to lock and I didn't expect to get anything better)

Closing Date: October 16 , 2020. Option from seller to move up closing date if things on my current property move faster. 

Possible Issues: Appraisal comes in low (unlikely), current home doesn't sell (not a sale contingent situation, but just from a pratical cash flow perspective of carrying costs I don't really wanna hold 2 properties for 3+ months). 

Just sent to UW. Expect appraisal by Monday. 

[Anonymous]

So I'm gonna add mine as well. We are excited to finally purchase our first house. After lots of hard work fixing my credit and saving to be able to post here.

Purchase Price: $230,000

Down Payment: $8,050/$6,900 seller concession

Product: FHA

Mid-Score: 722

Rate: 2.875/ Not locked could be lower

Closing Date: October 23 , 2020

Possible Issues: Was pre approved without pay stubs. But my lender assured me that it shouldn't be a issue as long as it matched what I told them, which it does. But still bothers me. Just signed contracts today and starting the process inspection will be scheduled next week.

[Anonymous]

Our closing date has to be delayed til October to give us a date after our 2yr Chp 7 discharge date. 

Purchase Price: $465,555

Down Payment: 0- Closing Cost Grant for 10,200

Product: 30 year VA loan

Mid-Score: 657 

Rate: 2.75 

Closing Date: October 13, 2020. 

Possible Issues: VA appraisal has been ordered so nail biting time until it comes back approved. The only comparable was in July for 469,000 so hopefully we do not have a problem

[Anonymous]

We have a close by date of October 5 in our contract however everyone seems to expect it will be sooner at present.  House is already empty and seller would be fine moving that up.  Worked hard  for seven years to get here to purchasing our first home.  Been waiting 20 years of marriage to do it! 

Purchase price 200,000

down payment 5%

conventional

mid score 635

we were pre approved , found my dream house (it predates the civil war !). And has an offer accepted in six days.   Last week we paid the earnest money , signed all the disclosures , got the inspection done and handed over a check for the appraisal.  Underwrites have the file as of Friday afternoon,  and appraisal should be done this week according to the mortgage officer. I can’t wait for it to all be over with , as I feel like I can’t breathe for far It all falls apart 

[Anonymous]

Forgot to add we were also told to get. Quote for home owners insurance to the mortgage guy , made calls on that Friday hoping to hear back early this week 

[Anonymous]

@Anonymous  do you mind adding more info on any reserves required, income, or lender info. You seem to have a pretty good preapproval deal for a conventional loan at that score.

[Anonymous]

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@Anonymous wrote:

We have a close by date of October 5 in our contract however everyone seems to expect it will be sooner at present.  House is already empty and seller would be fine moving that up.  Worked hard  for seven years to get here to purchasing our first home.  Been waiting 20 years of marriage to do it! 

Purchase price 200,000

down payment 5%

conventional

mid score 635

we were pre approved , found my dream house (it predates the civil war !). And has an offer accepted in six days.   Last week we paid the earnest money , signed all the disclosures , got the inspection done and handed over a check for the appraisal.  Underwrites have the file as of Friday afternoon,  and appraisal should be done this week according to the mortgage officer. I can’t wait for it to all be over with , as I feel like I can’t breathe for far It all falls apart 

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Congrats on the dream house! Agree a lot on the stress levels right now. After much fanfare and a ton of showings and interest in our first week on the market, it feels like things have come to a halt for interest in our property. Starting to worry about selling, even though we have a large cushion between now and closing date for new place. 

Just want the piece of mind of certainty with our place selling and being able to get back to a somewhat normal life. 

[Anonymous]

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@Anonymous wrote:

So I'm gonna add mine as well. We are excited to finally purchase our first house. After lots of hard work fixing my credit and saving to be able to post here.

Purchase Price: $230,000

Down Payment: $8,050/$6,900 seller concession

Product: FHA

Mid-Score: 722

Rate: 2.875/ Not locked could be lower

Closing Date: October 23 , 2020

Possible Issues: Was pre approved without pay stubs. But my lender assured me that it shouldn't be a issue as long as it matched what I told them, which it does. But still bothers me. Just signed contracts today and starting the process inspection will be scheduled next week.

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So just got my Mortgage Disclousers all signed and rate locked @2.875. Going to schedule inspections for next week if they are available. Other issues rised, were I took a FMLA leave in June till August 19th. My lender needs a written VOE even after it was all verified thru Work Number. So working on getting that done. Other then that and paystubs I should be good too go. Should get approved with conditions thru UW. Just curious on what the condions will be.

[Anonymous]

Sure - no reserve required.  My income is around 130k a year and my lender is Mortgage One it may just be local in my area I’m not sure .    Our rate is 4% but not locked yet loan officer is hoping to get it a little lower 

[Anonymous]

Spoke with my lender today, got in the home owners insurance quote he asked for ,  he’s finalizing the file for underwriters .  The only letter he wanted me to draft was one explaining a credit inquiry from early June which was just from refinancing a personal loan I have had.  We will be underwriting next during which I may not sleep at all lol