Wednesday, June 6, 2012

Loan decision

I received in my email this morning that our loan was approved! HUGE relief! There was a few weeks where it sat in underwriting so I was a little nervous. I do have a concern that I noticed that I will ask the loan officer; the sales price on the document states the amount BEFORE the change orders were made, which increases the amount by 8K. I wonder would that affect the loan overall? I'm hoping it doesn't, I do recall the loan officer stating that they would do another estimate 60 days before settlement and would adjust based on the changes. We shall see. Overall I am excited I am over this hump!

9 comments:

  1. Timika, do yourself a favor and check with your loan officer to adjust your documents NOW to reflect the change order increase. You will definitely see an increase in your mortgage payment but it will be less than $60. I know it may feel scary to do since you just received approval; however, you do not want to end up being asked to present the additional 8K on the day of settlement. We included some upgrades that we will pay at settlement to avoid increasing our loan amount and they asked us to sign a promissory note that we will have the additional money available at settlement.

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    1. I've already contacted him via email regarding this since there is a 14 hour time difference for us. The change orders increased the loan by $43, but that looks a whole lot better than us having to pay all of that up front in addition to the prepaids we had to pay out.

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    2. Ok, great! I am glad this worked out because clearly to pay under $60 is much better than having to come up with the additional monies later at settlement. I know you are not here, but your hubby, should he desires can check out the decorated model in Bristow, VA. It is approximately 45 minute drive from Waldorf! Just a thought!

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  2. i know ur relieved! but i'm super confused, how are folx breaking ground before the loan approval?

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    1. Asia that was one of the questions I had for my sales rep from the beginning. She told me that loan did not have to be approved before they start building. I guess she was right! I signed my contract on March 6th, but I didn't submit my loan application until April 22nd. June 4th was the date they gave me early May regarding the start date, but I didn't send in my check for the appraisal to the loan officer until May 14th when the loan was in underwriting. I guess if the loan falls through and they house is built, they could always list it as a quick move-in home.

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    2. Wow, this is amazing!! They are holding us to another standard! They will not move forward unless they have loan approval from NVR to give dates for breaking ground and pre con meeting etc. We have had all the other meetings and still waiting! I am going to be so happy when we get the call.

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    3. I spoke with the loan officer and he stated that the changes to the price of the home once they receive the ratified addendums from Ryan Homes (they need the one with Ryan Home’s signature added). The change in price will not impact the approval so hopefully all continues to go well.

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  3. Timika, how long were you guys in underwriting? We have been in underwriting since May 24th and started building on June 6th. We still have not gotten a final approval. I will be so glad when that is over and done with.....

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    1. We were notified of the underwriting part on the 2nd of May. They called for additional info on the 10th, and the loan was actually approved on the 23rd, the date I discovered on the letter that was emailed to me. I wasn't told that part until the 7th of June, when I emailed our loan officer on the progress.

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