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Interview news and loan update but no approval yet

November 8th, 2014 at 03:58 pm

Hi all

been quiet here..

Loan STILl in the works

5/1 arm.. they said it was conditionally approved then found out they did not submit the rental information. This income is not included in my stated income but opens up a possible can of worms. Went back for formal approval or submit more docs Friday..so not as firm as I had hoped

Conventional loan. As you recall this had to go through manual underwrite since I had extenuating circumstances AND we are using that new rule. if you BK out of homes you later foreclose on. the date the waiting period starts is the date of the BK discharge. Anyway.. manual underwriter reviewed it and approved it however in just these past few weeks there is some new fannie mae system (an actual software system) that even these loans have to go through and the underwriter has put it through that a few times and it has NOT popped out w an approval. This is such a new system no one is sure why it is not approving it but the underwriting is trying to 'fiddle with it' to make it go through and to find out what is making it not approve.

HOPEFULLY she does not lose patience w this process..and keeps trying

I REALLY need and want this loan

Meanwhile the roof on that one house is on hold while I wait for loan approval

Either one when approved will close fast as we already have the appraisal

Job news.. my phone screen DID go well. I got called in for a face to face which is next Wednesday. I believe they only called 2-3 in so if I can hold my speech together and sound intelligent I have a very good shot.

REALLY want the job .. $65 an hour.. larger well known company.. Oakbrook. (will share name once hired) and they want contract to perm but contract can go at least 18 months.

Meanwhile where I work now... I am now program manager of this big insane program that is out of control that I am taking over from IBM. I got the ok to work more hours and am doing those extra hours mostly at home which takes some of my evenings but mostly weekends. will try to bill 50 hours as long as I am there.. that nets me almost $1600 a month more

Still believe in these homes/3 units but the financial strain this year w the house (whee I live),the missteps w the new property manager for 3 months, rehabbing 2 homes and putting 2 roofs on and other stuff feels really sstressful sometimes. I want things to calm down and I want to enjoy the journey and I want to have regular savings and I guess MORE savings.. I have only $54k savings with $18k of that retirement. Income estimate onnce the homes/3 units are paid off is approx $7k now but I am lagging behind on my savings goals.

I have 5 months 3 years to go on these homes and am feeling more comfortable/safe as i knock out these 'larger maintenance items' and have a property manager that can FILL the homes quickly..but strained. The house and job being in the air is crazy too..I am trying to do more little things for myself and loosen up a bit money wise so I can enjoy the journey..but some months I feel I am just 'making it' or surviving' and not saving.. alot of this is forced because I cut things so close trying to save/cut corners.. that is why I am trying to loosen up. I have a WAYS to go yet and need to 'make it emotionally' there too

Onward and hoping for good loan news next week!! Smile

4 Responses to “Interview news and loan update but no approval yet”

  1. Rachael777 Says:

    I have been working on this main home refinance since MAY oF THIS YEAR!! (just checked in my blog). I Do deserve a break from it. Hopefully it will close soon. I MUST refinance by 11/2015 (when the hard money loan on my personal residence gets called.. no extension.)

  2. Another Reader Says:

    Which is more important to you, your house or the rentals? Your house loan is not that large. If you sold the rental houses and threw all your cash at the house loan, wouldn't you be able to pay it off? Conversely, if you sold your house and rented a place, wouldn't you be able to pay off the rentals?

    Yes, either choice would delay your retirement and your time to financial independence, but it would be helpful to have a back-up plan in place well before next November.

    Did you pull the rental house deed out?

  3. Rachael777 Says:

    Good point.and yes..I am safe in a 'worst case'. I have $200k in equity in the house (taking into account realtor fees etc) if not more and the house I just 'earned' is worth something as well..(I can not sell the others as I do no t have title) also have not sold SUV yet. I have not contacted seller to finalize that free and clear deed yet but will do so next week. I do have worst case loan options as well but working through these best case ones first.. just 'tired of it' and needing to vent and want it done. thanks for helping me consider worst case. At the end of 2015 I will only owe $119k across all 6 homes and $136k on the (2) 3 units so I will be in a much better (safer) position next year too. I will owe approx $250k then across all and can sell the house worst case to pay almost everything off and have $6k a month rental income. Still committed to the grand prize though .. my personal residence and all units.

  4. LivingAlmostLarge Says:

    Sounds like a good plan, just stressful.

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