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06-12-2009, 05:42 PM
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Member
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Join Date: Mar 2009
37 posts, read 15,488 times
Reputation: 11
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FHA loan at Wells Fargo
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 05:52 PM..
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06-12-2009, 05:49 PM
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Senior Member
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Join Date: Apr 2008
Location: Long Island NY
235 posts, read 151,403 times
Reputation: 98
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Congratulations on your new home !!!
Enjoy and have many, many happy years !
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06-12-2009, 06:07 PM
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...tryin to reason with hurricane season...
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Join Date: Nov 2006
Location: Sound Beach
1,209 posts, read 873,268 times
Reputation: 283
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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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06-12-2009, 06:12 PM
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Not a member
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Join Date: Jun 2009
15 posts, read 2,041 times
Reputation: 12
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Quote:
Originally Posted by bajaxtreme
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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06-12-2009, 06:49 PM
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Member
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Join Date: Mar 2009
37 posts, read 15,488 times
Reputation: 11
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Quote:
Originally Posted by MyMoneyPit
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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06-12-2009, 07:51 PM
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Not a member
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Join Date: Jun 2009
15 posts, read 2,041 times
Reputation: 12
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Quote:
Originally Posted by bajaxtreme
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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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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06-13-2009, 10:22 AM
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Member
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Join Date: Mar 2009
37 posts, read 15,488 times
Reputation: 11
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Quote:
Originally Posted by MyMoneyPit
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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06-13-2009, 10:36 AM
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Senior Member
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Join Date: Aug 2008
269 posts, read 117,383 times
Reputation: 35
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Quote:
Originally Posted by bajaxtreme
If we close at (06/16) then the seller has 5 days (06/22) to give me the keys of the house...Right?
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It all depends on the contract.
Congrats! |
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06-13-2009, 12:36 PM
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Member
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Join Date: Mar 2009
37 posts, read 15,488 times
Reputation: 11
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Quote:
Originally Posted by jpg71
It all depends on the contract.
Congrats!
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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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06-15-2009, 09:57 AM
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Senior Member
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Join Date: Jan 2009
934 posts, read 313,010 times
Reputation: 68
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Quote:
Originally Posted by bajaxtreme
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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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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