Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
give it to me straight
Murphys Law seems to apply in home buying
Our loan is "in" now....looking at a 45 day close. I hear things can get crazy with the underwriting and all that, please tell me what i expect so I'm not surprised/annoyed/disappointed when it does? 
k, thanks!
Re: give it to me straight
It depends on the type of loan you're looking at. No/low down payment loans (under 5%) tend to be trickier.
We did 10% conventional. We have good credit, good dti, make good salaries etc and our mortgage broker told us we would not have a problem. He was right and everything was pretty smooth. We actually could have closed in about 25 days if we had wanted to.
Things we had to provide documentation for:
- Signed gift letter from FIL stating that the money he gave us was a gift and not intended to be paid back. This was a form that the lender gave us.
- I had a three month gap in employment in 2010 and I had to type up a letter explaining it and sign it.
- We had to explain in a letter why our paystubs and drivers licenses had different addresses than our mortgage application. I basically said we're lazy and didn't update things in a timely manner because we had been in the same state.
- I had to explain a credit pull from a previous mortgage pre-approval in a letter.
These were all pretty easy and we just signed things, I scanned them in and emailed them to our loan processor. I actually had a digital copy of H's signature that I popped on there so I could turn it around immediately.
I would ask your processor if there is any additional documentation they think you might need to provide and get it in order ahead of time. Ours prepared us really well and since I knew what might catch the underwriter's attention, I had it ready to go when they asked for things.
We did a 5% down no pmi conventional, great credit, great income.
In addition to the normal bank statements and savings accounts and paystubs we brought when we signed our mortgage app, they came back asking for one more pay stub, the last two weeks of checking transactions, and a form for our landlord to fill out saying we aren't behind on rent.
We have a conventional 30 year with 5% down and we were officially approved maybe 2 weeks later, no additional documents needed. However, I brought a huge folder of documents based on what I heard was needed. (lots of times, I heard it on here, so thanks ladies!) I was actually told I had too many documents. LOL! But at least I didn't have to go back and forth with the underwriter.
Our loan specialist sent us an email stating we were approved, and also informed our realtor and the title company of the approval first, then we got an official letter a few days letter for our files.