I closed!!! (Caution: Long Read)

Home Forums Purchase Program I closed!!! (Caution: Long Read)

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  • #71322
    NBG789
    Participant

    End of July 2019 – 1st intake appointment

    End of September 2019 – Reassigned to new counselor. Although I had been saving, I was told I could not use my PT job as a source of savings for the shock payment since I hadn’t been there long. I was concerned about this before this appointment so in August, I started allocating additional mone towards my TSP as my payment shock. During this meeting, I also spoke with my counselor about my housing situation (both of my parents are deceased, home still has a mortgage, I had been paying the mortgage/utilities but nothing was ever switched from my Father’s name). I initially informed my counselor that the home wasn’t willed to anyone, but after speaking with her, she informed me “that’s not how it works”. I told her my brother was the executor of the estate. I was told we would discuss the housing situation further once I have satisfied payment shock.

    Christmas Eve – met with counselor again. There was a back and forth discussion between my counselor and the Office Manager about my housing situation. I was told that my brother may have to write a letter stating he is the Executor of my Father’s estate and his intent to sell the house. I was also asked to provide a copy of the Probate Administration paperwork and my Father’s will in addition to the letter (which I did).

    Between Christmas Eve and April 2020 when I was qualified is somewhat of a blur because there was so much back and forth about my parent’s home. I ended up getting qualified in April 2020.
    April 2020 – started looking for houses but had a realtor that made it known “he did not like NACA and has heard too many bad stories”. I just didn’t feel comfortable using him as my realtor the more we went to look at homes. Therefore, I switched realtors around Mother’s Day (May 2020). My new realtor isn’t an in-house realtor, but does a considerable amount of NACA deals in the area so he was very familiar with the process and some of the counselors (not mine though).
    Found a house that checked all my boxes and placed an offer on May 31st. Contract was ratified on June 3rd. Now the process begins. On 6/8/2020, I was submitted for credit access. I had conditions returned, resubmitted and approved. My bank application was submitted around June 18th and I started getting alerts around June 24th that my credit was pulled.

    Conditions appeared a day or two later. Aside from a few LOE’s, the bank also sent back a condition for an IRS payment I have coming out of my check and saying my parent’s home had to be sold (I was previously told it did not). I went into panic mode and my counselor assured me I wouldn’t have to sell before I close and stated that the bank probably just didn’t understand the situation. The conditions were sent back to the bank.

    The bank returned conditions 3 days later (title related). The title company addressed them and they were sent back to the bank. The bank returned the same title conditions stating they were unsatisfactory. They were addressed and sent back to the bank for a second time.
    Three days later, the bank returns more conditions (taxes and parent’s home reappear). I was asked to get my payment agreement from the IRS which proved to be very difficult. The IRS stated that while they could see my payment agreement in their system, they were unable to send me a copy of that agreement. Instead, anything they send me will be generated as a new agreement (with the same terms). This is not what I needed because I needed to show I have an existing agreement. The bank would not take the printout directly from the IRS website even with the url at the bottom. The 1st day I spoke with 3 reps. The first two told me they couldn’t send anything, the 3rd said she could mail something but it could take up to 14 business days. I asked if she could send me whatever she had. The 2nd day, I called back first thing in the morning, pleaded my case to a rep and she agreed to fax me something although she did inform me she really wasn’t supposed to. I had her fax it to a UPS store and when I arrived (already hung up with rep), they said they didn’t have it. I called back and the next rep said he wasn’t supposed to fax either, but agreed (based on the first rep’s notes) to send me another letter. He confirmed receipt while I was still on the phone. I went back in the UPS store and the clerk told me she did in fact receive the first fax and they just forgot to load the paper before the store opened. Oh well…I took both faxes home and sent them to my counselor. The conditions were cleared and sent back to the bank.

    The bank returns the housing situation again. My counselor does an “escalation call” to figure out why the file keeps getting returned. In the interim, the bank also says my DTI is now too high with my parent’s house. My counselor claimed she was unaware of my housing situation (despite having several conversations and asking for probate paperwork, letters from my brother, and the will). Since I have two siblings, the bank said they would divide the housing payment equally between the three of us in order to bring my DTI down.

    I thought I was in the clear until the bank still said my DTI was still too high. I’m obviously frustrated and panicked. I was informed that the bank is still looking at my car loan in my DTI even though I paid it down under 10 payments. I had to get documentation from the bank saying I’m under 10 payments. Done and sent back to the bank (again).

    At this point, I’m thinking there is no way anything else can come back. Wrong! The last underwriter actually spelled out the DTI calculations that were placed in my file and I noticed that the student loan payment they were using was almost $500 off from what my actual payment is (eureka!!). No biggie…I’ll obtain a copy of my mortgage letter from the loan servicer….except due to COVID, my loan is in forbearance and is showing my payment due as $0 and the bank can’t use it.

    I called back and asked if I could be sent an email or fax…was told it could take up to 14 days via mail, 3-5 days via email. Hung up, called back 30 minutes later, begged, and was told the email request could be expedited but would still take 24-48 hours. I was told the requests go through a different department to be generated which is what created the wait time. I asked for expedited and said a prayer. My counselor said he couldn’t use the COVID letter and my previous mortgage letter from the servicer, so I just had to wait.

    I work PT at Amazon so they tried to see if they could use that, but since I had a short break, the underwriter said no. Thankfully, the student loan letter was delivered via email an hour later.

    The seller had given multiple extensions and made it clear that if I didn’t receive a CTC by 8/7/2020, she would send a release to be able to show the home over the weekend. On 8/7/2020, there was silence from everyone: my counselor, her supervisor, my realtor, his assistant. I decided to email the supervisor inquiring about my status because I knew this was the last day. He forwarded the email chain from the underwriter saying they could clear me as soon as I sent my parent’s HOI documents, property tax statement, and HOA paperwork (It’s an older community so there isn’t an HOA). I sent everything back within 15 minutes. I got my CTC on 8/7/2020 around 3 pm!! On 8/10/2020, I was contacted via email by the Closing Coordinator to ask for my employer’s contact information. About an hour later, I got another emailed saying I was CTC – final. The title company contacted me on 8/10/2020 to set up closing for 8/11/2020. However, the seller needed notice for work so it was scheduled for 8/12/2020.

    If you’ve read this far (thank you)……………….I closed yesterday!!!

    My original closing date per my contract was 7/10/2020. Everything seemed to be going so smoothly…until it wasn’t anymore. I already knew to anticipate the closing being delayed, but I didn’t anticipate my file being returned so often and the 3 day turnaround time to be restarted each time. The seller was more than patient with me and her realtor was actually very helpful in trying to keep this deal going along with my realtor. I’ve never been on such an emotional rollercoaster in my life. I cried, I was angry, and I probably gained 10 lbs from eating my feelings, but I made it!

    #71324
    sweetlilly
    Participant

    WOW! Congrats.

    #71329
    Faith81
    Participant

    @NBG789 Yes I read thru it all LOL. I currently gained more than 10 pounds with the stress of it all:-(. Thank you for sharing your experience with us. It definitely keeps us motivated. Especially those going thru hurdles that we cant seem to get over. CONGRATS!!!!!

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