Tagged: Credit access
June 27, 2020 at 12:48 am #69786June 27, 2020 at 8:36 am #69789NLaw88Participant
@jasmine1103 it’s moving along well now!
6/20: I got an approved SOW from HAND and accepted it right away. @ 5pm ON A SATURDAY!?! But I still haven’t received a notice that I’m HAND cleared. Not sure if that’s just a formality or what.
6/24: @11 am I reached out to my MC because my file was still saying Suspended. He got back to me right away and said he’d review my dale later in the day. I was immediately sent an appointment confirmation, but he’s told me in the past he just sets those up so he schedules time to look at my file, not for us to actually talk. I check my file and see my status changed to Underwriting- Initial Review again.
6/25: I check my file and my status changed to Approved Outstanding Conditions!!! I get cc’d on an email from the processing department with a Chang of circumstance. But I’m still not sure if I was supposed to sign it. And I still haven’t gotten an email from HAND on whether I am cleared or not. I also get an email from my MC with a commitment letter. He tells me my file was reviewed by Eric the underwriting director and conditions are addressed.
So now I’m just waiting to get the amazing status update of being clear to close. My seller is my landlord so at this point he’s calling everyday asking are we going to close on time. I think his anxiousness amps me up. I’m determined to reach out to my MC mid-day Monday if I don’t hear anything by then.June 27, 2020 at 9:06 am #69790
@NLaw88 wow! That’s great! I wonder what is going on with HAND lots of people have been having issues! I signed my bank app yesterday. Question, is you may, the buy down and mrf are both required prior to closing correct? I just want to make sure how much to bring to the table is correct even though i know the numbers may change.
Thanks! And good luck! Your VERY CLOSE!June 27, 2020 at 9:43 am #69791NLaw88Participant
Yay!!! I’m sure signing the bank app was exciting. You’re nearing the end of the road yourself. I know it didn’t feel “official” to me until I had the bank app to sign.
So with regards to the MRF and Buy-Down, it is necessary to keep your funds in a separate account at this point. We had our MRF in our savings. We withdrew from it for the escrow, a contractor fee, the inspection, and the WDI report. The balance remains in savings and we’ve kept adding just to be safe. But, if your balance has been reduced because of these things and it is now less than your MRF that’s ok, you don’t have to keep the full MRF all through closing, but you can’t spend it on unrelated expenses.June 27, 2020 at 9:49 am #69792June 27, 2020 at 10:05 am #69793
@Nlaw88 okay that makes sense! Good idea to have separate accounts! thanks for this! I agree it wasn’t real until I signed my life away lolJune 29, 2020 at 1:27 pm #69844
Status changed to Mortgage Process 6/29.
Hoping i can close on time next week 7/8!June 30, 2020 at 9:47 pm #69931
Just got a hard inquiry in my credit report CREDCO! It’s happening !July 1, 2020 at 1:29 am #69934firstthomeParticipant
@Jasmine1103 I know your excited! I’m glad things are really moving along for you and @NLaw88.
We got a bunch of conditions and still trying to work through them to get credit access approved.
Maybe someone here can help. We have to get a VOR for one of our previous apartment complexes but they claim it’s against their policy to fill out a VOR and when I asked for a signed ledger they claim they can’t sign the ledger either. So what will Naca’s underwriter accept in this scenario?? It’s so annoying because we lived there for 3 years and never had any issues.July 1, 2020 at 11:22 am #69940July 1, 2020 at 11:40 am #69942NelsontMember
I will defer to @ttrumble on this.
My only suggestions are going over the property manager’s head like the area director or asking (politely) what you can do to satisfy the lender requirement in order to be approved for a mortgage loan.July 1, 2020 at 9:22 pm #69983firstthomeParticipantJuly 2, 2020 at 5:53 pm #70022TTrumbleMember
From what you describe, it sounds more like a property manager with an attitude than anything else. It wouldn’t be the first time I’ve seen a property manager or landlord refuse to fill out a VOR or provide other verification just to spite the tenant.
I’m with Nelsont. Go over his or her head. I have no doubt whatsoever that there is actually no such policy.
Last resort, dig back into your bank records and show the rental payments on your bank statements. Cancelled checks if you have them, too.
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