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Guest Message by DevFuse

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Bit the bullet and app'd.


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48 replies to this topic

#26 boomhower1820

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Posted 20 January 2012 - 12:51 AM

Good luck with everything. We are going to bite the bullet next week, I hope. Can you please tell me more about the $100 FHA Loan? Thanks :)


Thanks. The $100 deal is going to be tough to find, heck my realtor had never run across or even heard of it before. It's only for HUD listed houses, and not even all of them. It's basically a tool used to move a house they are having trouble selling for whatever reason. There are no income limits or anything for a HUD house like I initially thought. They are just foreclosed houses that somehow ended up with HUD. They are in everything from good to bad neighborhoods, the one I'm trying for is in one of the best neighborhoods in town. Go here and search for a house. Under the addendums section one will be a welcome home flyer in most cases. At the bottom of it it will say of it's eligible for the $100 down. Dealing with HUD is a pain in the rear as you can't get anyone on the phone, it's all email or fax. It will be worth it in the end for the deal on the house but it can make a frustrating process even more so. But in general they are quick to get back. We had a reply with corrections the same day they received the original contract and got the accepted on back in around three business days. From what I have seen on others dealing with forclosures that's beyond record time.

Edited by boomhower1820, 20 January 2012 - 12:51 AM.




#27 KatieBell

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Posted 20 January 2012 - 08:59 AM

Good luck! Thanks for keeping this updated. My husband and I are just a few steps behind you and it's interesting to see what's coming next.





#28 boomhower1820

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Posted 20 January 2012 - 05:44 PM

LO called today and said it's off to underwriting and hopes to hear something back next week. Now I am nervous! She said passed automated underwriting and she didn't anticipate any problems but they pretty much always ask for something else and she would give me a call when she heard something.

Edited by boomhower1820, 20 January 2012 - 05:44 PM.


#29 boomhower1820

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Posted 25 January 2012 - 11:32 PM

Got a call from the loan processor today. I got excited for a second thinking it was out of underwriting, nope. She just wanted to introduce herself and tell me what she did. She said since its the end of the month it may be another week before it gets out of underwriting. Argh! This waiting is going to make me bald.

I did finally manage to jump through all the hoops and got the utilities on for my inspection Friday mourning.


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Edited by boomhower1820, 25 January 2012 - 11:33 PM.


#30 boomhower1820

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Posted 27 January 2012 - 08:51 PM

Inspection done. Nothing big unexpected. The siding needs to be redone but with 30 year old wood siding that's to be expected. Some minor things here and there but nothing major. Come Wells lets get on the ball!

#31 Floridian

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Posted 30 January 2012 - 01:02 PM

Any news from Wells Fargo?

#32 boomhower1820

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Posted 30 January 2012 - 08:12 PM

Any news from Wells Fargo?


Not yet. Hopefully will be getting a conditional approval any day now. The loan officer is very confident, and so am I. I'm just worried about the conditions.

#33 boomhower1820

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Posted 01 February 2012 - 11:20 AM

Just got the call! Approved! Only two conditions, home owners insurance and a LOE of some deposits that are my wife's direct deposit paychecks. I was terrified they were going to require the $3k in collections to be paid but not a word about them. Off to get some quotes on insurance....

Edited by boomhower1820, 01 February 2012 - 11:23 AM.


#34 Ali2012

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Posted 01 February 2012 - 03:14 PM



Well good news and bad news today.

The good news, got the sales contract and appraisal back yesterday. The HUD appraisal saves me $470 so that's definitely good.

Now the bad. They sent the paperwork I need to have the utilities turned on. Part of the deal is if I have them turned on I have pay $150 to re-winterize the house. So $150 plus whatever the power company and water dept will charge to turn on and disconnect the service. Talk about adding up for just an inspection, all told I'm going to be spending $600 to get this house inspected. If my financing falls through I'm going to be hot after laying out this much.

The 45 day clock to close has officially started so here we go!

Putting funds at risk is all part of the process - a cost of doing business - if they find stuff that saves you down the road you will be grateful you spent the money -
B


Oh I completely agree. It's the re-winterizing that burns my chaps. I would rather just leaver the power on with the thermostat set low than to re-winterize the whole place.


I live in Seattle, where the winters don't get real cold but occasionally a cold snap comes through and freezes things. Bank owned properties didn't used to always winterized properties here, but a few years back we had a real cold snap that left a good deal of vacant homes with busted pipes. So now vacant houses are winterized as a general rule.

Your costs (money at risk) is not too shabby actually, compared to what I have got going on. We found a great house, bank owned. The seller put the list price about 30k under the value of homes in the area, so we were immediately in a bidding war with 10+ other applicants. We lucked out (or played a better game) and got our offer accepted plus 3k towards closing. We had our general inspector which cost us 350.00, a sewer inspection (which I HIGHLY recommend doing) for 250.00, plus the fee to de-winterize 150.00 and re-winterize another 150.00. Now we are at the point of FHA appraisal, which is 450.00, plus de/re-winterizing another 300.00. In addition, the seller has the home As-Is. I had a few concerns about a few spots of paint, and a few minor details, so we spent about 350.00 plus a weeks time gettng the house up to snuff for the FHA appraisal (BEWARE homes built prior to '78 with any kind of defect, this is what we spent a good deal of time making sure we had repaired. Lead paint is a HUGE issue for FHA, and if it is Bank owned, the ramifications of a positive lead paint test on defecive paint is VERY costly). Basically we are at about 2k without a guarantee that our loan will go through. We want the house, so were willing to risk the extra 350.00 to make sure there are no appraisal snags.

We are supposed to close 2/29/2012, but the road has been VERY bumpy. We had spent the past couple years building credit, paying off all debt and collections items, etc... In addition, we were also aware of a CAIVRs issue where my husbands ex-wife let their marital property get forclosed on after it and the financial responsibility was awarded to her via divorce decree. The most recent fun step was finding out the CAIVRs report was not cleared as the government policies state it should be even though we waited beyond the time line. All in all, this is a very stressful process with a good deal of cash at risk, but I figure you can't win if your don't put it at risk.

#35 boomhower1820

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Posted 02 February 2012 - 12:59 PM

Just found out the title work is done already. Now it just has to go through FHA and we can close. Almost there!

#36 boomhower1820

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Posted 07 February 2012 - 02:16 PM

Closing moved up to the 17th!


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#37 boomhower1820

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Posted 10 February 2012 - 03:08 PM

Officially cleared to close! Set for the 17th at 0830. It's been a stressful month but it's almost over...

#38 Tpelc23

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Posted 13 February 2012 - 10:02 AM

oh that is great news congrats!

#39 ugghh

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Posted 13 February 2012 - 09:06 PM

Posted Image Posted Image

#40 boomhower1820

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Posted 13 February 2012 - 10:50 PM

Just got my HUD-1 so everything is done! Just have to wait until Friday to sign.


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#41 boomhower1820

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Posted 17 February 2012 - 09:33 AM

And we've closed!!!! Feeles like it took forever but it's finally over with and it's ours. Final closing costs were also about 70% lower than the GFE so that was really nice.


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#42 MariAliMar

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Posted 17 February 2012 - 09:39 AM

Congrats!!!

:clapping: :clapping: :clapping:

#43 harmstrong523

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Posted 17 February 2012 - 10:17 AM

Yeah!!! So happy for you!!! :clapping:

#44 Genna

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Posted 17 February 2012 - 10:35 PM

And we've closed!!!! Feeles like it took forever but it's finally over with and it's ours. Final closing costs were also about 70% lower than the GFE so that was really nice.


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Congratulations!!!

#45 cat81

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Posted 22 February 2012 - 04:59 PM

Congrats!

#46 ugghh

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Posted 07 March 2012 - 11:08 AM

Hows the new house treating you? Anything unexpected?

#47 boomhower1820

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Posted 07 March 2012 - 07:26 PM

Hows the new house treating you? Anything unexpected?


It's been a ton of work!

Expected:
Repainted whole interior
All new furniture(wow this stuff has gotten expensive)
All new appliances and light fixtures(Thanks 0% for 18 months Lowes!)

Unexpected:
Bent valve on one of the washer lines. (coworker is a plumber, $30)
Both toilets had to be replaced, I did that.
Elements in the water heater burned out, he and another friend did that so cheap again, $40.
Many trips to walmart just for house stuff. We are basically starting from scratch so everything from dishes to a deep fryer had to be bought. I've lost track of how many $200+ trips to Walmart we've made, it adds up very quickly. Lot's of tools too, those suckers are expensive too.
The big unexpected really sucked. There is a storage shed in the back. We put a ton of our stuff in there until we could get our big storage building we bought a couple years ago moved. Unknown to use there is hole in the roof, a lot of our stuff got soaked.

All in all it's been a big learning experience. I've gone from knowing little to none about home repair/improvement to changing out lights, ceiling fans, toilets, and hanging TV's.

My suggestion to other first time home buyers is this: Whatever you think you are going to need for moving/move-in expenses, double it. All the little things add up really really quickly.

#48 ScottyG

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Posted 12 March 2012 - 03:32 PM

Just got the call! Approved! Only two conditions, home owners insurance and a LOE of some deposits that are my wife's direct deposit paychecks. I was terrified they were going to require the $3k in collections to be paid but not a word about them. Off to get some quotes on insurance....



Boom - was there any unexpected issues?? My wife and I have been debating this for a bit. We have been working (with help from CB) to get our scores up. Wifes is over 650 and mine is over 610. Trying to get to the 640 range as that is what I believe I need to be at to possibly try. But my question is that we have read that all of our collections have to be dealt with up front. This sounds like that information could be bogus. Also told we need 3-4K in the bank account before trying as well. Any information you could provide would be greatly appreciated. Thanks!

#49 boomhower1820

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Posted 12 March 2012 - 10:47 PM


Just got the call! Approved! Only two conditions, home owners insurance and a LOE of some deposits that are my wife's direct deposit paychecks. I was terrified they were going to require the $3k in collections to be paid but not a word about them. Off to get some quotes on insurance....



Boom - was there any unexpected issues?? My wife and I have been debating this for a bit. We have been working (with help from CB) to get our scores up. Wifes is over 650 and mine is over 610. Trying to get to the 640 range as that is what I believe I need to be at to possibly try. But my question is that we have read that all of our collections have to be dealt with up front. This sounds like that information could be bogus. Also told we need 3-4K in the bank account before trying as well. Any information you could provide would be greatly appreciated. Thanks!


There were no unexpected problems at all, my collections did not have to be paid and I was worried as one was north of $2k. Just had to write a short LOE and that was it.

There are new rules going into effect on 4-1-12 that requires all collections over $1k to be settled in some fashion or on a payment plan with thee payments made before approval. To get by this you will have to have an FHA case number before then which generally requires you to be in contract on a property. Some lenders have already started using the guidelines and many have had very strict guidelines with collections for years. Only difference is now its FHA policy do everyone will.


610 is pushing but not impossible. Depending on what's in your file or may be doable. Worst case scenario your denied.


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