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Old 10-16-2013, 10:33 AM
 
Location: Southern California
4,350 posts, read 4,956,415 times
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You might also want to be prepared for other documents which will be expiring soon.
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Old 10-16-2013, 10:55 AM
 
Location: GA
399 posts, read 428,504 times
Reputation: 1150
Quote:
Originally Posted by thelopez2 View Post
You might also want to be prepared for other documents which will be expiring soon.
What other documents are you referring to? I can pull them out just in case.
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Old 10-16-2013, 07:24 PM
 
Location: MID ATLANTIC
7,610 posts, read 17,689,040 times
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Most documents have a 90 day shelf life. Paystubs are usually 30 days. You really have no choice other than finding someone willing to put their name on the record on the behalf of DoD. The underwriter (and bank) really has no choice but to hold up the closing without conclusive proof your husband is employed and receiving pay.

Watch your revolving debt in the event they have to pull a new credit report.
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Old 10-17-2013, 10:15 AM
 
Location: MID ATLANTIC
7,610 posts, read 17,689,040 times
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Today's a new day, new circumstances, go rattle cages!
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Old 10-17-2013, 01:55 PM
 
Location: New York
2,251 posts, read 4,173,039 times
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Quote:
Originally Posted by infinitylove View Post
it's not very common and some people would advise against, but maybe you can rent the place you are buying from the seller until you close.
I had a client that did this and it worked out fine.
Best to seek legal advise, but maybe could be an option for you.
Best option if loan doesn't fund....... this is called "Rent Back".

Talk to the seller explaining the situation.

Ask to pay rent until your loan funds.
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Old 10-17-2013, 03:45 PM
 
Location: Rheinland-Pfalz, Germany
693 posts, read 926,708 times
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Quote:
Originally Posted by homebeyer2013 View Post
next time; pay cash!
Meanwhile on Mars...
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Old 10-17-2013, 04:10 PM
 
1,263 posts, read 2,653,984 times
Reputation: 1876
Quote:
Originally Posted by SmartMoney View Post
Most documents have a 90 day shelf life. Paystubs are usually 30 days. You really have no choice other than finding someone willing to put their name on the record on the behalf of DoD. The underwriter (and bank) really has no choice but to hold up the closing without conclusive proof your husband is employed and receiving pay.

Watch your revolving debt in the event they have to pull a new credit report.
+1
Keep submitting paystubs and the required bank statements as they come in the mail. Better to get in front of that curve than get a phone call the day before closing saying "we need 3 paystubs and 8 bank statements!"
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Old 10-19-2013, 09:08 PM
 
469 posts, read 878,227 times
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Quote:
Originally Posted by dmk31088 View Post
I'll remember that the next time we have a spare 6 figures hanging around the house. Perhaps you can lend it to us?
I financed a couple last December. First year 8%, years 2-15 12%, with 13% down. They paid it off early, without penalty. Hard money can be a lot steeper than that. 30 points and 10.5% 15 year fixed with 30% down was being offered about the same time. And yes, 30 points; not three.
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Old 10-20-2013, 07:28 AM
 
Location: GA
399 posts, read 428,504 times
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Thanks everyone for all your help and advice. The next day, my husband went to the Base Commander who ordered someone to call Wells Fargo and stay on the phone until someone took a verbal.

We were rather discouraged when we hadn't heard anything by the end of the business day on Thursday because our contract date was Friday - then at 8pm our loan officer called and said she was emailing us the HUD-1 and we were going to closing at 11am on Friday!

We closed, we got the keys and we started moving yesterday. Again, my loan officer was absolutely great.
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Old 10-20-2013, 10:53 AM
 
2,287 posts, read 2,501,130 times
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Awesome and a big congrats! Sorry this happened, and I really thought you were on a long winding road to hades, super happy you made it! Enjoy your new home.
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