Nervous about closing on time (loan officer, 401k, real estate, approval)
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I’m new to home buying and starting to get nervous. My closing date is supposed to be 5/22 with a $100 per Diem per day if I close after 5/22. My purchase agreement was signed 4/10 by the seller and submitted to my lending officer. I am a single mother with 3 dependents. I am purchasing a home through the FHA first time home buyer’s program with a down payment assistance loan. I am a salaried employee and have been with my company almost 5 years. I got pre approval for a loan the beginning of March. On 4/14 I received the loan application from my lender. I filled it all out and mailed it all in. I had previously sent all the proofs…..bank statements (I have 2 checking accounts), IRA and 401k statements, child support orders, pay stubs, w-2’s, taxes when I applied for the pre approval. I completed my homebuyer’s education on 4/17 and pre purchase counseling on 4/22 and immediately submitted those to my lender. 4/22 the appraisal came back with no work orders and 4/17 my application was sent to the loan processor. On 4/29 I realized the one of my judgments (I have two from 2009&2010 that have both been paid) was not listed as satisfied on my credit reports so I sent letters of satisfaction to my lender. 4/24 my application finally went to underwriting. Sometime between 4/24 and 4/27 title work was requested by my realtor (I am not going through my finance company for title work). On 5/1 I was requested to sign more documents, the 4506’s that were not included in my original paperwork (this is the first I had ever seen these forms) so I immediately sent them over. On 5/8 my lender contacted me and said that underwriting had some conditions (nothing about being approved with conditions). The conditions were easy enough, a bank statement showing the tax deposit into my account and where I transferred that money to my other account, an updated pay stub, and copies of the checks used to pay off my judgements. I sent those. But the checks weren’t for the full amount of the judgment since I had been paying on them for 2 years so I had to write a letter of explanation which I did. I had all this back to her the same evening she requested it. Also on 5/8 I contacted my real estate agent to check on title work, she said it was still being processed. Is this a normal time frame? Is it still feasible to be able to close on the 22nd of May? Should I be expecting more snags in the process? I’ve tried to be as up front as I can about everything since they will find it anyways and I have submitted any paperwork they ask for the same day.
Sometime between 4/24 and 4/27 title work was requested by my realtor (I am not going through my finance company for title work). On 5/1 I was requested to sign more documents, the 4506’s that were not included in my original paperwork (this is the first I had ever seen these forms) so I immediately sent them over.
Title should have been opened earlier in the process. 4506Ts could have been obtained and processed before you even went to contract. But if both have been completed, it's not an issue.
Down Payment Assistance, or Bond loans tend to have to go to the source of the DPAP/Bond for underwriting after your lender completes underwriting. My experience is that this takes an extra day, your mileage may vary.
A lot can happen in a week, and I'm hopeful you can close on time. If I were you, I would ask both your Loan Officer and the processor (if you are dealing with the processor), separately, a list of every single thing that needs to happen in order to get Closing Documents to the Title Company. I would also preemptively clear my schedule Friday and perhaps Thursday, depending on the situation, so that you can sign docs.
Then again, you might be cleared to close early in the week and breeze through everything.
From last week to this week I emailed my lender 6 times asking for open conditions. After the second time another person was cc'd into the email. At that point they sent out another VOE to my employer and a child support disclosure form for me to fill out. Sent them both back within 10 minutes. But still no update on my loan. Friday's email got responded back to finally, all conditions had been sent to underwriter (heard that before). Monday's email went unanswered so I finally reach out to my real estate agent again. She let me know that the revised appraisal had some wording left out of it and that docs should be drawn up Tuesday. Tuesday I got an email from the processor requesting someone other than my father (who is the owner) fill out the VOE. Kicker is, they left in the emails between my lo and processor........they knew since the 4th of May that my first verification of employment was rejected because I work for family, still didn't ell me when I sent in my second verification last week. I emailed my lender yet again yesterday in the am. Finally got a response at 3pm. Loan has been cleared, doc's have been order, and funding requested. FINALLY!! My biggest frustration has been that the conditions I had were paperwork that should have been part of my initial packet, and most of all the serious lack of communication from my lender. If I wanted any kind of update I had to go to my real estate agent. Why should my agent know more about my loan than I do? Now just to sit and fret for the next 46 hours and 15 minutes until my 9 am closing appointment Friday the 22nd. What a long journey and I will be so relived when it is done. Good luck to the rest of you still awaiting closing, I hope it goes smoother than my last two weeks has.
Wow! Congrats on the clear to close! How exciting. Definitely sounds like an emotional roller coaster ride but well worth it for the end result.
Thank you for the update, love to hear happy endings!
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