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Started the process

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Valued Member

Re: Started the process

Congrats and good luck! I started the process at the beginning of January and closed on Friday.
Message 11 of 24
Established Contributor

Re: Started the process

well today they had me e-sign a 4506-T form i thought i had already done this  and i noticed today also they charged my card 500 for the appraisal so i guess we are getting down to it closing date is still 3/21 i thought your file went to underwriting first then they ordered the appraisal guess i was wrong ive never been so nervous about anything in my entire life i just want all this to be over lol





Message 12 of 24
Established Contributor

Re: Started the process

1/24 supplied tax returns and bank statements and had our credit ran

1/26 given preapproval letter

2/07 contract accepted on property

2/11 Earnest Money Paid 

2/15 inspection report

2/17 repairs agreed apon

2/19 provided loan officer with more bank statements, 2018 & 2017 tax returns, 2018 P&L statement from accountant,landlord contact info,copy of drivers licenses, copy of cancelled earnest money check.

2/19 contacted by closing attorney to fill out more pre closing docs i had already filled out in email to agent it says title has been received.

2/19 closing attorney requested loan officer forward a title request

2/25 Appraisal ordered





Message 13 of 24
New Visitor

Re: Started the process

You know you can do a "Gift Of Equity" if from a blood relative.    The Equity could be used as a down payment rather than your own funds (if there is any equity in the property)    Of course you'd want to talk to your CPA to make sure of the Tax Implications.  

 

 

 

Message 14 of 24
New Visitor

Re: Started the process


@realestone wrote:

Just an update we got approved for an even better preapproval from another bank of $150k conventional loan that pays 3% down and all we have to do  is  put down 500 dollars and pay closing fees but my mom whose a broker says we can probably get the seller to pay this so this is really great news for us we are just about ready to put an offer down on a house we narrowed it down to 2 houses  gotta make a  choice so hopefully sometime this week lol


 

 

Be careful.   On a conventional loan the max Seller Concessions over 90% LTV is only 3%.   So anything over that, will come out of your pocket.   

Message 15 of 24
Established Contributor

Re: Started the process

Well got some updates today the appraisal is done i got a copy of it my LO sent it to me also my file is in underwriting my agent emailed my LO today and asked if we could have the closing on the 14th and here is what he emailed us below im just a nervous wreck been reading so many stories of underwriting denying loans its got me worried sick i guess i need to stop reading so much its out of my hands at this point

 

"The file is in UW so let me see what the conditions are before we schedule. I expect UW response by tomorrow or Monday. Once out of UW I will advise everyone. Thanks"





Message 16 of 24
Established Contributor

Re: Started the process

Congratulations and good luck ! You are so close ! A friend of mine bought a house off of Elam for $140k and it is huge ! She has a deck that over looks a wooded area and blocks sound from Hairston and Redan. She even sees deer ! There are affordable gems in Stone Mountain.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 17 of 24
Established Contributor

Re: Started the process

well everything was going smoothly til the end of last week my file went to underwriting and my name came up in some system saying i had a foreclosure. 6 years ago i owned a property outright but i got behind on property taxes and it was an investment well i lost the property 4 years ago i didnt know this was considered a foreclosure so my loan was gonna be denied so my loan officer switched my loan from conventional to fha because they have you wait 3 years after a foreclosure event in order to be able to get another property i will have to put 3.5% down because this program does not work with the down payment assistance program but i can still close close to the 21st im somewhat disappointed i wanted to use that money to pay down some debt but im happy because we are back on track to close





Message 18 of 24
Established Contributor

Re: Started the process

heres my new closing cost sheet i got this morning so i assume my file will be going to underwriting again by friday or mondayUntitled.png





Message 19 of 24
Established Contributor

Re: Started the process

this is what my LO told me yesterday so i guess maybe we will hear something tomorrow from the underwriter also i understand i will need mortgage insurance now that the loan is going fha but i noticed on the closing cost details above they have me paying the entire premium at closing isnt that supposed to be rolled into the loan?

 

 

"We are working on the FHA loan as we speak working to get the appraisal changed to FHA. We have submitted file back to UW for review.  Thanks"





Message 20 of 24