September closers!

[Anonymous]

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@Anonymous wrote:

Location: Dallas, TX (smaller suburb outside of Dallas)

Purchase price - $291,990
% Down - 5%
Product - 30 yr fixed 
Mid score - 659

Sellers Credit - About $5800 (builder credit) 
Rate - 2.875

Estimated Close Date -  September 21
Possible issues - Any builder delays. Currently in UW and the process is daunting. Received conditional approval back at the end of May, but my nerves still get the best of me as a first time home buyer. 

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We are so frustrated! Our loan has been done and sitting at title office for 2 weeks now. We were supposed to close on the 21. I walked the house this last week and there was no A/C unit, no interior/exterior paint, no irrigation system, no sod/landscaping just to name a few items. After some back and forth with us and our realtor protesting that the house will not be ready for close Friday at 7 PM they emailed and agreed so we are now closing on the 29. I know it's only an 8 day delay, but it really throws a wrench in our plans. Especially cutting it so close to the end of the month. Now, tomorrow morning I get to call everyone (utility companies, movers, inspector, etc.) and change the dates. 

[iheartwings]

Holy wow. I'm sorry to hear of everyone's trials and tribulations this month.

I closed without any issues on Friday. In fact, the biggest issue might have been the fact that I never got a note or a letter to say that I was approved. But, I assumed when my banker called to tell me how much to wire for closing, all was well. (Also, I had previously been conditionally approved on a previous property that I bailed on because of all its issues.) 

And, well it was. I was considered a boring file, and the process took 39 minutes. Probably helped that I came well prepared by my own reading, my real estate agent, my mortgage banker, and all of you. I also had an great closing agent who explained everything very well.

Is it weird to consider a first home purchase by a perpetual renter to be my midlife crisis? Nope, no convertible for me...instead I wanted a Tudor house halfway across the country. 

[Anonymous]

Location: Phoenix, Arizona 

Purchase price - $465,000
% Down - 5% down
Product - 30 yr fixed conventional 
Mid score - 696

Sellers Credit - $0

Estimated Close Date -  September 28th
Possible issues - We got our CTC today! Was worried about rental income since we are buying a new primary residence and turning our current home into a investment property. Just needed new lease agreement and first months rent. I couldn't ask for a smoother home buying experience compared to when we bought our first home. We might even be able to close earlier. 

[Anonymous]

Our appraisal came back at the purchase price, so we're all good there. Just literally waiting for the title report so that we can close this up once and for all. Lol. We're currently vacationing in Turks and Caicos for the first time ever, so I'm using this as an opportunity to relax and prepare for what's to come once we're back home!

[Anonymous]

@Anonymous niceeee! Enjoy the vacay and hopefully when you get back, the close will be a smooth, uneventful process! 

I'm in the same boat as you, waiting on the title search and those keys. Supposed to close 9/29 and honestly as nerve wrecking as this process is, it's been pretty streamlined thus far for me. I'm trying to be patient and keep the anxiety at bay but boy is it difficult!

[Anonymous]

Location: Central Texas

Purchase price - $390000
% Down - 5% down initally. 8% down for FHA
Product - 30 yr fixed conventional at first. Closed with FHA at 2.875%
Mid score - 673

Sellers Credit - $0

Close Date -  September 13th
Issues - Got approved for and through AUS back in mid-July with a Conventional at 3.25%.  Everything was going great until after the appraisel cam in and they re-ran the same credit report that was AUS approved, got declined for a mis reported late payment on a CC. Fought with the CC company for a week and a half and finally got someone from their Corp office to send the proper info showing this was incorrect. A rapid re-score was started and then found out we wernt approved because my wifes credit had dropped 5 points which disqualified us for a Convention loan. Started the FHA route which was fine becasue of the lower rate. Had to move the closing back 2 weeks and take care of a couple of tax issues that popped up when applying for FHA but finally got it across the finish line!  (Funding was delayed by a day because the lender forgot to send 3 pages to Title)

[Anonymous]

Location: Central Texas

Purchase price - $390000
% Down - 5% down initally. 8% down for FHA
Product - 30 yr fixed conventional at first. Closed with FHA at 2.875%
Mid score - 673

Sellers Credit - $0

Close Date -  September 13th
Issues - Got approved for and through AUS back in mid-July with a Conventional at 3.25%.  Everything was going great until after the appraisel cam in and they re-ran the same credit report that was AUS approved, got declined for a mis reported late payment on a CC. Fought with the CC company for a week and a half and finally got someone from their Corp office to send the proper info showing this was incorrect. A rapid re-score was started and then found out we wernt approved because my wifes credit had dropped 5 points which disqualified us for a Convention loan. Started the FHA route which was fine becasue of the lower rate. Had to move the closing back 2 weeks and take care of a couple of tax issues that popped up when applying for FHA but finally got it across the finish line!  (Funding was delayed by a day because the lender forgot to send 3 pages to Title)

[Anonymous]

We've received our clear to close! We're literally just waiting for the municipal search to come in, but all else is done and approved. Hoping it comes in in time! I'd hate to have the prepaid interest clock restart. 

I guess at this point we should start packing! 

[Anonymous]

Things are still looking promising for the 29th. Closing Disclosure was sent today; haven't seen an official CTC yet, need to send over a copy of my bank account that shows a current pending deposit is finalized. As for the house, its completely done and ready to go. Our walkthrough did turn up a list of things to be fixed but they're all cosmetic. Here's to a finish, started this process back in January.

[Anonymous]

Received my initial closing disclosure Wednesday, my final walkthrough is scheduled for Sunday or Monday and I'm set to close on 9/29 at 10am! 

I still cannot believe I'm going to be a homeowner! 

Congrats to everyone on their homes and good luck to everyone in their home buying process!

[Anonymous]

Well closing on Monday definitely isn't happening because the county hasn't returned the municipal search yet. I think it'll be October which had me annoyed but when I thought about it, it'd give me an extra month financially to stock up (I'm living out my security for October and wouldn't have a mortgage payment until December). It is what it is.