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  1. I just recently purchased a bank owned property that needed work, not nearly what you have described, and was a fight to get funding for that. I'm pretty sure that you will not be able to go FHA on this property. Sounds like you might have to get a construction loan for it. As far as the appraisal, you might be suprised at what it comes in at. If they are asking more then the home is worth, then they won't get that. Just make sure if you put an offer in on the house, have a cont. clause that states pending appraisal. Good luck! Others, I'm sure will chime in!
  2. want2bfree


    BTW - What was your rate, want2befree? I know you referred to it in another thread as being "not so great"? I'm kind of in same situation, but hey... a few years back you couldn't even think about a mortgage unless you were in tip-top credit shape, right? It's definitely a step in the right direction! I'm embarrassed to say. Its almost 11%. I really feel we were suckered. Originally it was 7.5% Mid score was 661 then dropped to 617, because of a collection popping up and dti. They knew they had us I think, because we had to actually go into the house and do some repairs (it was a bank owned property,and we went 100%). They knew we would not walk away. The house is a good investment, bought for 88890, and appraised at 114000, will be worth alot more when all repairs are finished. I'm glad we are in it, we have 3 kiddos and each have their own room. They payment we can swing, and we will refinace. Its a lessoned learned. Good luck to all that are closing soon!
  3. want2bfree


    Well, we finally closed today! It was super quick and easy. I still feel bad about the % rate, but hey, we will work on it and refinance. Thanks for everyones support, and good luck to all who are on this journey!
  4. Thank you for the congrats! It has been quite the journey. Even though we did not get the best rate, we will be in our own home. I'm actually thinking about becoming a loan originator to help other people get to this point, and hopefully without some of the stress! Thanks again, heres to a quick, painless, uneventful closing!
  5. Finally closing tomorrow. Rate sucks, but we're not paying rent and we will refinance. Is it typical to buy our buyers agent a gift? I'm not exactly thrilled with her performance, but don't want to do something taboo. Thanks!!
  6. I swear he said Rate sheet. Maybe he meant fee. I hope this finally goes through!!
  7. Well I spoke to my LO this morning and he said that Option One asked for the rate sheet, which they never do until ready to order final docs. So I guess its out of review, he is following up to make sure. Anybody know if this is true? Thanks again for everyones words of encoragment and advise!
  8. My broker is in Georgia, I'm in Pa, I have no idea what branch it would be at. Thanks
  9. Ok, another day has gone by and no word while it is in Technical review for 7days!! Supposed to close on Monday and it doesn't look like its going to happen. My LO just keeps telling me that he inquires about it daily and that its still in Technical review, no other answers like, when do they expect it to get out, when CAN WE CLOSE!!! The GFE I recieved said it would fund by July 9th. Thats not going to happen. I'm getting sick because of this, I have no answers. My Real estate agent keeps hounding me about closing. I have absolutly no answers. I hate to call my LO several times aday just to get the same answer. The lender is Option One, can I call them myself? Is it possible that this loan is a no go and my LO is not telling me. I didn't receive a denial letter. I'm just frustrated and need some answers!! Thanks for letting me vent and any info you can give.
  10. Well, another day has gone by and no word from Option One. I'm getting myself sick over this. Would it be a no-no if I call OO myself? I'm half kidding. My LO has inquired everyday an its still in Technical review. UGH~
  11. ugh.. I just want to be in my house! What exactly is Technical review? Thanks!! It's Option One's term for an appraisal review. They just have to make sure everything is good with the property. Since subprime borrowers generally are high credit risks (no offense intended), they offset the risk by ensuring there is actually value in the property. With purchases, it's not a big deal with them, but I've had problems with them in the past on refinances after a technical review. No need to worry though, this is completely normal with them. I always joke with my rep about them spending more time qualifying a property than qualifying the borrower. ETA: It also includes a quick review of the broker's work. Option One does not support high cost loans and they take it seriously. Ok, so I should not worry about the time its taking. Can they still deny the loan. I'm not worried about the value of the house, I know the value is definatly higher then what we are paying. Option One is a good lender then? I'm hoping it will come in today or tomorrow so we can close on Monday( does that sound possible?) Thanks for the reassurance!
  12. ugh.. I just want to be in my house! What exactly is Technical review? Thanks!!
  13. ok, we had to have the appraiser go back in after repairs we made to the house. It was sent back to the lender I belileve last Friday(6/30). We were supposed to close today, but the loan is still in underwriting, I think he said in Technical review?What is that and how long will that take. We only have until Monday to close. My LO is telling me it should close by this Friday, but I hate hearing the word should, I want to hear WILL! If it makes a difference, Option One is the lender. Thanks for any help!
  14. but no where on the GFE does it state the other amount. Is that % reasonable then?? Whatr does2/28 mean? 2/28 is a thirty year product that is fixed for the first two years and adjust for the remaining 28 years. It is essentially a product for people who need a loan and plan on improving their credit withing the two years for a more favorable product. Therefore refinancing before it starts to adjust. Thanks for your response! I did freak out with Option One. We are still waiting on Fremont, they wanted another comp and that was submitted on the 13th. We pushed closing till July 5th. Option One gave use the stips, and we are working on getting the repairs done. So everything seems to be working out. I pray that Fremont will come through with their Interest rate of 7.5 opposed to Option Ones 10% (because of the score drop). Thanks for everyones advice!
  15. no typically if the comps aren't satisfactory they will indicate in many cases same day or the next business day the underwriter knows specifically what they are looking for either your meets that or it doesn't hopefully your appraiser provided extremely thorough explanations although sometimes that holds no water either I just don't understand why my LO said he should have the STIPS and other paperwork back by next wednesday then. Maybe he is full of crap. Closing is in less then 3 business days, and I still have no answers. He does have the right to ride their A@# to get this done right??no not really its their money to lend and if conditions aren't met accordingly they don't have to nor will they fund we don't know whats going on behind the scenes but clearing conditions 72 hours prior to close is a slim shot especially when its the appraisal holding up the deal and being that it was forseeable that the lender would do a double take based on comps supplied should have been an excellant indication/warning that this file will require additional time to clear those stips It appears your lo is working to rectify the issue and hopefully that is the only condition left to be met otherwise as stated it will be a slim shot Best Wishes I think he is. He has been nothing but patient with me. The property is a REO and the bank took a whole week to get the signed contract into my LO, so I'm hoping we can extend closing at least a week. Any lenders that will use his CR up to 90 days, I know he is probably working on this, but I'm nosey.

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