October 2020 Closers

[numba1fan]

Woohoo! Congrats! Hope all goes well. It took a week to get my appraisal report back, so yours should be about a week (if not earlier.) 

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@Anonymous wrote:

Thank the Lord!  Recieved word that our appraisal is finally going to happen at noon tomorrow !!  Hopefully things start moving soon been sitting for weeks now waiting on it ! 

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[armywifelong03]

Purchase Price: $395,000 (NEW BUILD)

Down Payment: 5% 

Product: 12 month construction, then VA 30 year

Mid-Score: 721, 701

Rate: 2.75 (fluctuates during construction, then will lock when we refinance

Closing Date: October 12 , 2020 (hoping sooner because our appraisal was done before our file was even finished, so we are hoping that moves things along.)

This is the SECOND time we have closed on the same construction loan.  In August 2019, we closed and went under contract with a builder.  Fast forward 10 months, he had $77,000 of our money and we didn't even have a foundation.  Clearly, we terminated our contract, and are in the process of suing him.  He refuses to provide accounting, invoices and any proof of any payment.  So, we had to choke up the $77,000 and are starting all over again. Praying our file goes in and out smoothly.  Our bank recommended the first builder, so they are bending over backwards to make sure we have zero hiccups.  

[Anonymous]

So LO just called me this morning, went through proccessing and UW and apporved with condtions. Really just apprasial and that is schedulded for the 23rd. So far really smooth, just hoping it stays this way to the end. Hoping to get clear to close by the end of Sept.

[Anonymous]

Our appraisal happened today - now we wait for the report.  Everyone had been so helpful we would close by end of September but this took so long now it feels totally impossible .  Our close by date is October 5 and even that seems unlikely.  So stressed - I hate this whole process 

[Anonymous]

Our appraisal happened today - now we wait for the report.  Everyone had been so helpful we would close by end of September but this took so long now it feels totally impossible .  Our close by date is October 5 and even that seems unlikely.  So stressed - I hate this whole process 

[Anonymous]

We heard from our lender and builder this week.  We were approved and had the letter to commit back in June when we went under contract on our new build.  He had me submit all the conditions this week.  Updated bank statements, Pay Stubs, Re-Check of Credit Scores, Appraisal fee form, and shop for Home Owners Insurance.

We also heard from our builder last night we are set to close on 10.23 and will get keys that day.  Now we wait.  Thank god I am off work all next week to sit and think about this stressful part again lol

[Anonymous]

Just found out that the file hasn't even been touched in Underwriting. They are currently processing re-submit not initial submission. I am thoroughly pissed. It has been in the queue since the 1st. The LO swore we shouldn't have to move date as they should get back to us next week. Apparently they will work the new files on the weekend which I find hard to believe but I don't know what's the reality. I submitted all documents with the pre-approval so they haven't asked me anything else. I literally have till the 30th to receive closing disclosures in order to close the 5th. Hope it all works out. Any advice out there?

[Anonymous]

Hello everyone.

We got new home construction and went with their preferred lender. Set to close on Oct 16. 
Lock Rate: 2.5%
FHA - 3.5 dp

FICO MS- 629 might have gone up 😉

Price-$223000

Builder paid closing & title cost

I am anxiously waiting, praying and hoping that all goes well for everyone here 💐

[Anonymous]

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@Anonymous wrote:

Just found out that the file hasn't even been touched in Underwriting. They are currently processing re-submit not initial submission. I am thoroughly pissed. It has been in the queue since the 1st. The LO swore we shouldn't have to move date as they should get back to us next week. Apparently they will work the new files on the weekend which I find hard to believe but I don't know what's the reality. I submitted all documents with the pre-approval so they haven't asked me anything else. I literally have till the 30th to receive closing disclosures in order to close the 5th. Hope it all works out. Any advice out there?

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Ugh. No advice but we have a close by of the fifth as well hang in there 

[importxpresions]

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@armywifelong03 wrote:

Purchase Price: $395,000 (NEW BUILD)

Down Payment: 5% 

Product: 12 month construction, then VA 30 year

Mid-Score: 721, 701

Rate: 2.75 (fluctuates during construction, then will lock when we refinance

Closing Date: October 12 , 2020 (hoping sooner because our appraisal was done before our file was even finished, so we are hoping that moves things along.)

This is the SECOND time we have closed on the same construction loan.  In August 2019, we closed and went under contract with a builder.  Fast forward 10 months, he had $77,000 of our money and we didn't even have a foundation.  Clearly, we terminated our contract, and are in the process of suing him.  He refuses to provide accounting, invoices and any proof of any payment.  So, we had to choke up the $77,000 and are starting all over again. Praying our file goes in and out smoothly.  Our bank recommended the first builder, so they are bending over backwards to make sure we have zero hiccups.  

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How do people like that stay in business...