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My wife and I are first time home buyers. We did things slightly backwards though; we found the house we like (from the sellers agent I might add), then went about dealing with financing. I am active duty, so my wife and I are going VA. I was pre-qualified with a 48% DTI. (Reason is they only used my income, but my wifes car is in my name also). I have a 757 FICO, and exceed the residual income requirement for a family of 3 in the southeast by nearly 300% on just my income. I have gone back and forth with my lender due to having questions, being unsure about things, catching their errors!!! (didn't think that was my job to catch their screw ups, but oh well). LO says I'm good, that we can still gross up my non-taxable income, and not include deferred student loans.
Processing team says my loan is with underwriting, and that I should had heard something by this past saturday. Here it is, monday, and I haven't heard anything.
VA appraisal was ordered last week and is due NLT Friday.
Closing is scheduled for 18 days from today.
What are the chances of being denied at underwriting? I'm nervous because we already put in our 30 day lease termination with our current apartment, and have packed most of our stuff, ordered VA appraisal, and I am about to order home inspection.
Any advice/help/input would be greatly appreciated!
Well, I would have ordered the home inspection right from the start. The home inspection is going to pick up things that you want to know from the beginning. Based upon a home inspection, you may want to walk away. Hopefully not so, but you never know.
So now you order the home inspection, the home inspector needs a couple of days to get there, a few days to get a written report to you. That's going to bring you less that two weeks to closing. What if there are issues or problems found ? What's in your sales contract about how to deal with them?
It seems you bought through the seller's agent. Then you did not have a buyer's agent to protect you. A good buyer's agent maybe would have had you do the home inspection way at the beginning. The seller's agent works for the seller. By putting the home inspection at the end of the process, it works to the seller's advantage. That's because you'll feel pressured to ignore or overlook any repair problems as you're so close to closing.
Keep your fingers crossed that the house sails through the home inspection with nothing to worry about or only piddly little things. The appraisal can also be an issue. You won't know that though until it comes back. Hopefully, the seller's agent priced it right. Good luck
I agree with the above comment by willow wind. In my experiences, the home inspection is the part of the contract where most deals fall apart, because it can uncover some potentially serious problems with the house and therefore it's usually a good idea to get that done right up front.
If you're going through a big bank to get your funds, then yes the delay in hearing a response sounds about right. Big banks are notoriously bad at communicating (at least in experiences with some of my past buyer clients). Although I do realize that is a very generalized statement, and I'm sure is not always the case. You can always keep on top of them by emailing/calling to ask for updates, it doesn't hurt.
Also, the VA appraisal process is a bit different and can take longer, so hang in there with that. Do you have any suspicions about the home not appraising for the purchase price?
I would recommend that as soon as you hear back on the appraisal, then you need to get that inspection scheduled. Be sure to call around to local companies to compare rates, and also compare with how long it will take to get the inspection done. Here in Colorado, I've worked with some inspectors who take a couple days to give you back the inspection report, while other inspectors can give you the report on the same day the inspection is completed. Remember, the inspector is on your side, and his job is to find and point out potential problems with the house. That's important to understand as a first time home buyer, because you'll likely get the report back and feel overwhelmed by the amount of "issues" the inspector found.
Best of luck, and I hope the rest of the process goes smoothly for you!
My wife and I are first time home buyers. We did things slightly backwards though; we found the house we like (from the sellers agent I might add), then went about dealing with financing. I am active duty, so my wife and I are going VA. I was pre-qualified with a 48% DTI. (Reason is they only used my income, but my wifes car is in my name also). I have a 757 FICO, and exceed the residual income requirement for a family of 3 in the southeast by nearly 300% on just my income. I have gone back and forth with my lender due to having questions, being unsure about things, catching their errors!!! (didn't think that was my job to catch their screw ups, but oh well). LO says I'm good, that we can still gross up my non-taxable income, and not include deferred student loans.
Processing team says my loan is with underwriting, and that I should had heard something by this past saturday. Here it is, monday, and I haven't heard anything.
VA appraisal was ordered last week and is due NLT Friday.
Closing is scheduled for 18 days from today.
What are the chances of being denied at underwriting? I'm nervous because we already put in our 30 day lease termination with our current apartment, and have packed most of our stuff, ordered VA appraisal, and I am about to order home inspection.
Any advice/help/input would be greatly appreciated!
Thanks!
What kind of errors? Like, number of years in school errors?
And, think about this. It's nice of them to work on a Saturday. Monday is one work day after Saturday. This week is month-end and likely hectic as hell for your lender.
You're already in Underwriting, more than two weeks before closing. Sounds to me like your Lender is kicking ass, and you might be a little stressed by the process. You're looking pretty good.
Do yourself a favor and do not proceed as if you are going to go to closing, sign documents and get the keys that day. Do not set up a moving van on the same day as doc signing. Plan on getting the keys the business day AFTER you sign documents. Closing is a Process, not an Event!
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