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Our loan got approved - Wow! Waiting on the clear to close, a few things need to be tidied up with the contractor's estimate to match. I am in shock that I am even typing this..... won't relax till the keys are in my hands and I am jumping up and down on that beat up floor
Our loan got approved - Wow! Waiting on the clear to close, a few things need to be tidied up with the contractor's estimate to match. I am in shock that I am even typing this..... won't relax till the keys are in my hands and I am jumping up and down on that beat up floor
Congrats! I'm not quite sure how to tell you your fun is just beginning......submitting for draws, waiting for disbursements, coming across hidden problems that must be dealt with......all will happen, a varying degree. Be prepared to send in someone for a 2nd opinion, and KNOW WHO YOU WILL CALL. I promise you, when it happens, your choice will be to shell out more money (now) or get someone out (now) for a 2nd opinion.
Our loan got approved - Wow! Waiting on the clear to close, a few things need to be tidied up with the contractor's estimate to match. I am in shock that I am even typing this..... won't relax till the keys are in my hands and I am jumping up and down on that beat up floor
Congrats!! I know the relief you are feeling and it will be 10x more once you sign closing. You can definitely breathe easier now.
Oh can't breathe yet, the u/w needed the consultant to resubmit a revised work up - he MAILED it and they don't have it yet - file is ready to close waiting on that report......I had to reach out and request(kindly without losing my mind LOL) to have him email it to me asap....good grief..... I told him that it didn't arrive yet to the lender and he was surprised. I said that if we don't get it for monday and the u/w opens my file without it(the loan processor put it in the queue without it because she wanted it in the system asap for us to close on time) and its not there my file has to get resubmitted.
So, I am sitting here waiting for the final report so I can send it to the loan processor... thank goodness for technology cause I want this ready asap for Monday to wrap things up.
Nope..... had to file an extension - thank goodness it was approved for 10/9.
File got kicked out Fri night..... I reached out on Monday to the LO(would not tell me anything when asked...he's a PITA), loan processor was off due to a family event. Found out tues morn and had to file an extension after hearing from the loan processor. I was kind of pissed that the LO wouldn't discuss my file status with me - contacted him later on in the day since I didn't hear from the loan processor after a phone message and email, figured that was the next step. I guess not??
Hoping I get clear to close tomorrow, loan processor put the file back in on Tuesday, trying not to stress but its hard. My boss told me she would let me know if she gets a call re: VOE. Nothing yet - don't know if they will call HR/company headquarters or the local office(the loan processor asked my actual office location awhile back). I was told they don't do another credit pull per the LO(I am thinking he meant hard pull, my scores have gone up, so not worried about it anyways), just want this over with.
Husband is dying to go to home depot, etc. to look at things re: carpet, flooring etc. etc... I just can't get into it, until I get the keys I will move on to that. I'm bummed we didn't meet the deadline but financially its better for us to wait another week. I am hoping we get the HUD asap because I have to order a certified check. Someone wake me up when this is over....zzzzzzzz
Nope..... had to file an extension - thank goodness it was approved for 10/9.
File got kicked out Fri night..... I reached out on Monday to the LO(would not tell me anything when asked...he's a PITA), loan processor was off due to a family event. Found out tues morn and had to file an extension after hearing from the loan processor. I was kind of pissed that the LO wouldn't discuss my file status with me - contacted him later on in the day since I didn't hear from the loan processor after a phone message and email, figured that was the next step. I guess not??
Hoping I get clear to close tomorrow, loan processor put the file back in on Tuesday, trying not to stress but its hard. My boss told me she would let me know if she gets a call re: VOE. Nothing yet - don't know if they will call HR/company headquarters or the local office(the loan processor asked my actual office location awhile back). I was told they don't do another credit pull per the LO(I am thinking he meant hard pull, my scores have gone up, so not worried about it anyways), just want this over with.
Husband is dying to go to home depot, etc. to look at things re: carpet, flooring etc. etc... I just can't get into it, until I get the keys I will move on to that. I'm bummed we didn't meet the deadline but financially its better for us to wait another week. I am hoping we get the HUD asap because I have to order a certified check. Someone wake me up when this is over....zzzzzzzz
You do realize you are going to be in bed with these guys, for how long? The next pain-point is going to be when a contractor can't be paid (as you agreed to) and if you pay the contractor, you can't be reimbursed, because the 203k does not allow one dime to find its way into your pocket. The biggest red flag I see is thinking the clear to close will be the end when it's actually just the beginning. Go check out the CFPB site and get familiar with how to file a complaint against a mortgage company. These gems that go out of their way to avoid you will have you revved up in no time.
Smartmoney - it sounds like you have seen some pretty bad 203k situations..... if you care to share info as a heads up or resources I would appreciate it. My lender has their own renovation dept that my 203k consultant has worked with, my 203k consultant is very selective on projects based on what lenders he works with and knows the renovation dept manager by name - he said they do a great job - he is very anti lender. My 203k consultant and contractor have done several projects together as well. So that's a positive and I am crossing fingers. I am taking things moment to moment, its not terminal and **** happens. I just want the keys at this point and go from there.
Get yourself a Blues Clues Handy Dandy Notebook AND WRITE EVERY DETAIL DOWN. Carry that thing with you everywhere. When someone calls, write down the name and extension so you have it 4 weeks later. By the time you realize you should have been keeping track, it will be too late. Keep copies of everything, every receipt. Everything goes into the Handy Dandy Notebook, the day somebody started a job, when an inspection was ordered, when they showed up, when a payment was requested. Write down all the details.
Not long ago, major 203 investors were so backed up, they were several weeks behind on draws, which created a snowball effect. Hopefully, they've caught up. But be ready, have a list of back up contractors - one could walk off a job or you may need a second opinion when (my favorite) " hidden damage" is found. If your Realtor didn't prepare you for these possibilities, they didn't do you any favors. Every experienced Realtor I know sits their folks down and tells them 203k loans are not for amateurs - this really is just beginning. I realize this is coming on strong, and I do hope it's a cakewalk. Be ready just in case it's not.
Update: Closed Thursday - went smooth with only 2.3k in closing..... our LO's GFE was way overinflated by 7k!!! So that was a nice surprise. Homepath attorney's worked fast to get this deal done too, closing company came out to my realtor's office so that was a bonus as well. Didn't have to drive 2 hrs for closing, got to go to the house and get the keys changed asap. Homepath uses a master key on all their homes, had to get that changed asap.
Met with contractor this weekend, endorsed the check for permits to be pulled, getting the dumpster delivered this week for demo(hubby is doing some of it to save some costs to stretch for other work - I think hubby is enjoying using the sledge hammer honestly). Work to start in 2 weeks. Went over everything with him, feeling very positive this will be a more positive experience than getting the house Doesn't suck that the home already has 15k equity per the fha appraisal after repairs value. Best part was watching my daughter run around her first yard of her own while my hubby was banging around in the house....dream come true for sure. Thanks for letting me vent here and offer advice.
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Doesn't suck that the home already has 15k equity per the fha appraisal after repairs value. Best part was watching my daughter run around her first yard of her own while my hubby was banging around in the house....dream come true for sure. Thanks for letting me vent here and offer advice.
