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Old 06-12-2009, 04:42 PM
 
53 posts, read 141,634 times
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I'm so happy because my closing date is schedule for next tuesday...Took me almost 11 weeks the whole process to clear my file at wells fargo for a FHA loan.....I started the process on 3/28 and received my commitment letter until 5/8....Wells Fargo Underwriter cleared and final approved my file today (6/12) and we schedule the closing for (6/16).......This process takes forever but finally i'm going a have my first house....

Buying a house here in USA is not easy.

Baja

Last edited by bajaxtreme; 06-12-2009 at 04:52 PM..
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Old 06-12-2009, 04:49 PM
 
Location: Long Island NY
457 posts, read 1,743,048 times
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Congratulations on your new home !!!

Enjoy and have many, many happy years !
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Old 06-12-2009, 05:07 PM
 
Location: Sound Beach
2,160 posts, read 6,537,293 times
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Ditto...congratulations. It is not the whole USA that makes the process difficult...it is the state of NY!! Hopefully you locked in at a good rate. Good luck!!
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Old 06-12-2009, 05:12 PM
 
15 posts, read 9,336 times
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Quote:
Originally Posted by bajaxtreme View Post
I'm so happy because my closing date is schedule for next tuesday...Took me almost 11 weeks the whole process to clear my file at wells fargo for a FHA loan.....I started the process on 3/28 and received my commitment letter until 5/8....Wells Fargo Underwriter cleared and final approved my file today (6/12) and we schedule the closing for (6/16).......This process takes forever but finally i'm going a have my first house....

Buying a house here in USA is not easy.

Baja
Congrats! Good luck to you on your new money pit! Its a labor of love so don't worry. There is nothing like owning your own pad.

Just curious though, why FHA? The new conforming rates have increased significantly for Nassau allowing low rates. The closing costs on a FHA are brutal and last I checked Wells was offering 6%. Not trying to make you second guess, just curious.
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Old 06-12-2009, 05:49 PM
 
53 posts, read 141,634 times
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Quote:
Originally Posted by MyMoneyPit View Post
Congrats! Good luck to you on your new money pit! Its a labor of love so don't worry. There is nothing like owning your own pad.

Just curious though, why FHA? The new conforming rates have increased significantly for Nassau allowing low rates. The closing costs on a FHA are brutal and last I checked Wells was offering 6%. Not trying to make you second guess, just curious.
Thanks for your comments...I didn't have enough cash for closing on the regular mortgage and they offer me 5% rate on FHA with 3.5% of downpayment...The PMI added just $150.00 by month....The house is on suffolk....
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Old 06-12-2009, 06:51 PM
 
15 posts, read 9,336 times
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Quote:
Originally Posted by bajaxtreme View Post
Thanks for your comments...I didn't have enough cash for closing on the regular mortgage and they offer me 5% rate on FHA with 3.5% of downpayment...The PMI added just $150.00 by month....The house is on suffolk....
Excellent on the 5%. You must have locked in about 2 weeks ago. The rates have since spiked and are continuing on an up trend so you came in a the perfect time.

Congrats again. If you need any help with DIY stuff let me know. Ive been there.
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Old 06-13-2009, 09:22 AM
 
53 posts, read 141,634 times
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Quote:
Originally Posted by MyMoneyPit View Post
Excellent on the 5%. You must have locked in about 2 weeks ago. The rates have since spiked and are continuing on an up trend so you came in a the perfect time.

Congrats again. If you need any help with DIY stuff let me know. Ive been there.
Thanks...I locked my rate at 5% on the first week of april.....If we close at (06/16) then the seller has 5 days (06/22) to give me the keys of the house...Right?.. I ask this question because needs to return my apartment on 06/30.....I'm going a start packing this weekend...

I'm so happy.....I have been renting for several years...

Baja
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Old 06-13-2009, 09:36 AM
 
270 posts, read 842,446 times
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Quote:
Originally Posted by bajaxtreme View Post
If we close at (06/16) then the seller has 5 days (06/22) to give me the keys of the house...Right?
It all depends on the contract.

Congrats!
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Old 06-13-2009, 11:36 AM
 
53 posts, read 141,634 times
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Originally Posted by jpg71 View Post
It all depends on the contract.

Congrats!
Sure...I just checked my contract and says 5 days....If not he needs to pay me $200.00 by day...

Thanks
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Old 06-15-2009, 08:57 AM
 
Location: Georgia
2,506 posts, read 6,005,732 times
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Quote:
Originally Posted by bajaxtreme View Post
Sure...I just checked my contract and says 5 days....If not he needs to pay me $200.00 by day...

Thanks
Hi Baja,
Very happy for you. Congratulations !!
Did you compare Good faith estimates from 2-3 other banks/brokers ?
Why did you go with Wells Fargo in particular ?
Are you paying any points ?
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