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SEPTEMBER 2016 CLOSERS

Re: SEPTEMBER 2016 CLOSERS

So, finally got our appraisal.  Took a bit longer because they sent it back for revisions which made me nervous.  But turned out to be a great thing because my house is worth $200,000 more than what I am paying for it (house price is $500K, appaised value is $700K)!  It's so crazy.  Even my realtor is in disbelief.  Now, I'm just waiting on my clear to close. 

Message 41 of 55
Established Contributor

Re: SEPTEMBER 2016 CLOSERS


cardsbyace wrote:

Builder: Hartland Homes 

Lender: FGMC

Purchase Price: $252,000
Loan Amount: $230,000
Location: Florida 
Property Type: Single Family 
Type of Loan: FHA Construction 
Loan Rate: 4.25
Closing Date: 9/21/16

Thanks to the help of the forum I was able to finish rebulding my credit in the last year. Within the next few weeks I will be in the 700's across the board. This has been a long loan proccess but worth the weight. We do plan to refinance out of the FHA once construction is complete. Thankfully the appraisal came in at 329,900 so plenty of equity for a conventional loan. I honestly could not have gotten to this place with out the help from these forums. 


Can you explain a little further on these two items?

  • We do plan to refinance out of the FHA once construction is complete.
    • Can you do that so fast? Why is it worth all the closing costs again to refi out? PMI or something?
  • Thankfully the appraisal came in at 329,900 so plenty of equity for a conventional loan
    • you went FHA because you didnt ahve the DP right?. What will be the costs/benefits of 
      refi right away?
All 3 790's
All Chp7, Judgements , CO's now legally clean from scores low 600's just using this forum
Chase Amzn 8.5k , Citi BB 5k, Citi Gdyr 5K, Amzn Store 12k, SallieMae 12k Amex BCE 36k , PenFed Promise 50k +15k PLOC, NFCU Visa Plat 25k
Message 42 of 55
Member

Re: SEPTEMBER 2016 CLOSERS

Closing on my refinance on 9/26. So happy to be able to lower my interest rate to 3.5%.
Message 43 of 55
Regular Contributor

Re: SEPTEMBER 2016 CLOSERS

Closed Friday 9/16 on my refinancing funding scheduled in 9/21 after 3 working days. Also happy to lower my payments and rates by 1.62% points.
Message 44 of 55
Established Member

Re: SEPTEMBER 2016 CLOSERS

You can actually do a streamline refinance right away if you stick with FHA. I went FHA cause of one judgment I have in repayment that will be paid off by the time the house is finished building. So my plan is to refinance to a conventional loan to avoid the PMI. The PMI is $152.00  month so it is worth refinancing. You also can get a refund of the upfront PMI if you refinance the FHA loan and that was around $3400.00. I would have to pay PMI for 11 years so that is well over $20K. I can also secure a better rate. Right now i am at 4.25%

Starting score September 2015 EQ 589 TU 621 Exp 607
Current score July 2016 EQ 667 TU 686 Exp 660
Message 45 of 55
Established Contributor

Re: SEPTEMBER 2016 CLOSERS

"You also can get a refund of the upfront PMI if you refinance the FHA loan and that was around $3400.00"

 

That IS interesting...

All 3 790's
All Chp7, Judgements , CO's now legally clean from scores low 600's just using this forum
Chase Amzn 8.5k , Citi BB 5k, Citi Gdyr 5K, Amzn Store 12k, SallieMae 12k Amex BCE 36k , PenFed Promise 50k +15k PLOC, NFCU Visa Plat 25k
Message 46 of 55
New Member

Re: SEPTEMBER 2016 CLOSERS

Just wondering did any of you 9/15 closers actually close yet??? I'm so excited for you guys!!!
Message 47 of 55
New Member

Re: SEPTEMBER 2016 CLOSERS

Did you close yet?
Message 48 of 55
New Member

Re: SEPTEMBER 2016 CLOSERS

I was scheduled to close 9/15 and they called me at 1pm the DAY BEFORE and said it was pushed back to 9/19 because there was an error in the APR on the final disclosure. It worked out in my favor because i ended up having to bring 1K LESS to closing. I closed this morning and have already moved in most of my things. I swear i thought it was never going to happen and wouldn't let myself get excited until the keys were in my hand! I was so afraid of something else going wrong at the last minute. Good luck to you guys!!
Message 49 of 55
Established Member

Re: SEPTEMBER 2016 CLOSERS

Congrats. Our closing was pushed out from 9/16 to 9/21 and then moved back up to 9/19. We are building so now we have the long wait for the house to finish. Glad you were able to move right away. 

 

Starting score September 2015 EQ 589 TU 621 Exp 607
Current score July 2016 EQ 667 TU 686 Exp 660
Message 50 of 55