Almost there.........

Our loan papers have finally been resubmitted to the underwriters.  We now have a closing date of 3/31/15 that can be moved up if the underwriters clear everything.  Even with that, the loan processor just threw a small snag into the works- figures right?  We have completed our 2014 taxes and owe a few hundred dollars.  My husband and I are use to this by now because we now fall into a tax bracket were a lot of the credits we use to be able to claim- we can no longer claim.  So at the end of the year, even with us claiming no dependents through out the year, they want a little bit more.  Normally we write a check, and be done with it until next year.  This year- every dollar counts and so simply writing a check RIGHT at this point we can not do.   So the plan was to click the send button on April 15th.  Nope- they want confirmation that the taxes were completely filed including payment.  Our loan processor says she will check with underwriting to see if this absolutely necessary.  I warned her we could file but we would ask for a short term payment plan (something like 2-3 months).  Somehow the last week of pulling together assets escaped her and she now thinks, no big deal just write the check.

Now you ask- what's the big deal?  When we decided to make the purchase of the new home non contingent, we did not know that the mortgage company would then ask for 6 months of reserves to cover for BOTH mortgages.  So the assets we had, was still short of what they wanted.  Thus a mad scramble to come up with the rest of the cash.  Now this is not so bad as we feel we can sell our current home relatively quickly but again- that will take another 6 weeks compared to the urgency of now.   We came up with the cash but it has put us in a "Don't touch anything!" mode.   And now you know why we have been a little jumpy.   Okay that and the fact we had to kill a whole tree to prove that our income was a lot more than what they said.  Geez- I knew our DTI wasn't as high as they claimed!