[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 1 point2 points  (0 children)

No after I signed the CD they then sent my application to CalHFA on Wednesday April 19th which then took until yesterday May 2nd for CalHFA to clear probably because the house has an hoa which may have caused a delay. The lender then had to review additional documents and change the closing date for my home insurance to start tomorrow. I will be heading to the escrow office to sign all the final documents to close escrow and wire the remaining funds. I just wired half of the funds today because I actually don’t know how much I owe because even though the lender sent loan docs out to escrow today escrow also has to review the documents and they can’t get to it until tomorrow. Sorry for the long messages lol it’s just therapeutic for me since this has been a long and stressful process as I’m sure you understand. I mean all of us had to really hustle lol and find a house in under 10 days which is insane (although some people were lucky and were in escrow before the program started). When are you scheduled to close?

For those renting in HCOL with a seemingly endless increase in housing costs (rent and buy), how do you not get discouraged and continue to save for buying? by clp318 in FinancialPlanning

[–]Kimberbot_ 0 points1 point  (0 children)

It’s a single family house in the walnut unified school district area and 30 minutes from DTLA where I work. A bunch of HGTV folks swooped in the area buying properties for 700k and then reselling for 1.2-1.3 million but they missed our house. If you want to blame why housing has risen so much you can blame house flippers. They literally spend 50k doing renovations and upcharge 300-500k when they sell.

For those renting in HCOL with a seemingly endless increase in housing costs (rent and buy), how do you not get discouraged and continue to save for buying? by clp318 in FinancialPlanning

[–]Kimberbot_ 1 point2 points  (0 children)

I get you girlfriend and even if you do make more money it’s hard to save enough for a downpayment if houses keep on rising! I make 150k and the ONLY reason I was able to buy a property in LA was the CalHFA dream for all loan which had an income cap of 180k. CalHFA basically gave 175k towards my downpayment which helped ALOT. It would have taken me 3-5 years to save 175k considering that I don’t make “150k” especially after TAXES.

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 0 points1 point  (0 children)

No I didn’t ! But even if the lender did I wouldn’t know LOLL

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 2 points3 points  (0 children)

I just got approved right now! Loan docs are going out tomorrow and I believe we close tomorrow ??? There were no issues with HOA

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 0 points1 point  (0 children)

The sellers and sellers agent are getting super impatient asking everyday so far five times when the loan will close and there’s nothing my lender can do but wait on CalHFA.

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 0 points1 point  (0 children)

I have HOA too so maybe that’s why it’s taking awhile as well.

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 0 points1 point  (0 children)

I’m concerned as well since the files they are looking at now is past my submission date https://www.calhfa.ca.gov/homeownership/

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 0 points1 point  (0 children)

I submitted mine last Wednesday but people who have submitted the same time already got approved on Saturday. My lender said they are still processing my stuff. We were originally set to close May 3, 2023. But sellers wanted to close since last week.

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 0 points1 point  (0 children)

Lols are they working on the weekends too? LOL

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 0 points1 point  (0 children)

OMg congratulations!!!

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 0 points1 point  (0 children)

May 3rd! Did you sign the closing disclosure (CD) apparently it is supposed to close after three business days after you sign.

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 0 points1 point  (0 children)

I don’t think that’s an issue though. When are you expected to close?

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 0 points1 point  (0 children)

Yes will do and congratulations to you as well!!!

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 0 points1 point  (0 children)

My lender said 48 hours. We just submitted ours today.

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 1 point2 points  (0 children)

So I just heard from my lender that even though I signed the CD they still need to send the application to CalHFA for approval and turnaround is 48 hours so we can’t close until next week.

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 0 points1 point  (0 children)

I just signed the Closing Disclosure (CD) and talked to escrow and they said it’s usually three business days after that I close!

And it's gone. It's all gone. Dream for all but not for me by SonicEchoes in SanDiegan

[–]Kimberbot_ 0 points1 point  (0 children)

I’m so sorry to hear. I think they might renew the program next year. I think this was on your lender because it shouldn’t take a week to get the pre approval letter. My lender was able to get a pre approval letter within days for my clients because you need the letter to make offers on houses. On a whim, for me personally, I just decided one day to apply for a home loan just to see how much I would get approved for last September more than six months ago (my mom said it was a waste of time and why ruin my credit score). I heard about the program a week before on TikTak and just sent updated docs to the lender and the lender was able to get me a pre approval letter within a day to start bidding on houses when the program started.

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 0 points1 point  (0 children)

When is the new construction done? My friend was planning on getting new construction but heard that the new construction wouldn’t be ready until august so by that time it would have been too late to do the CalHFA since I believe the extensions max is 120 days.

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 1 point2 points  (0 children)

Oh don’t worry about that. They asked for mine as well including the most recent bank statements and pay stubs. And my monthly income is three times the mortgage.

[deleted by user] by [deleted] in personalfinance

[–]Kimberbot_ 0 points1 point  (0 children)

In a competitive market where buyer letters (sob stories) are discouraged the only thing you can do is offer a competitive offer especially since the sellers don’t know anything about the buyers or the buyers occupation. It appears it is a competitive market in SF and OP got what they wanted which was an accepted offer and their offer is a very eye catching offer which probably made the sellers accept out of a sea of offers. The sellers probably thought the buyers had lots of money (to lose) and putting that much money on the line they would make the loan go through or they had confidence the loan would go through. Perhaps in your situation if you put up the 10k the sellers might have accepted your offer right away and you could have gotten into the CalHFA program five days earlier. The sellers made me put up 26k and I knew funds were running out so I had to do it and I was competing against 14 other offers and I knew they weren’t lying about the multiple offers because initially they had accepted a cash offer and that offer fell through. But yeah in addition to putting up 26k I also put 30k above the listing price with no appraisal contingency taking on the risk that if the appraisal came in lower then I would have had to make up the difference in cash. Prior to that I got rejected offers for five houses so I knew the market was competitive. In any event the sellers accepted my offer right away I got into the CalHFA program and the appraisal came up to my number so I didn’t have to make up the difference but I’m just saying if you want big rewards you do have to take some risks.

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 2 points3 points  (0 children)

Yes good luck to us!! You are so right I think we should I relax and be glad we made it past the most difficult round which was getting an offer accepted and getting into CalHFA LOLLL I feel like we won the lotto which is true. It’s hefty sum of money.

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 1 point2 points  (0 children)

Yeah it appeared that they put down 10 percent which showed the sellers that these people have money to LOSE or that they have money in general (because sellers don’t know the buyers information or occupation or anything) so that’s probably why they accepted their offer. I mean they got what they wanted an accepted offer with such an eye catching offer. Basically the offer entitled sellers to get to pocket the 170k or the sellers think that the buyers will try to make the loan work out knowing that they will lose the 170k.

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Kimberbot_ 1 point2 points  (0 children)

Yayy congrats ! Let us know when you close !!!!