Hi! I am new to this forum, and by the looks of it alot of people have chosen the SONYMA route- Well I have a couple questions!
1. We were suppose to be 'cleared' by SONYMA either today or tomm. but the mortgage guy hasn't called me back- Does it really take 5-7 days to schedule a closing? We are suppose to be out of our apt. by December 7 and I want to have the house to at least move my stuff into.
2. When we first applied for the program the broker told us 90-100 days it has been well over 100 days- is that normal? I am just afraid that they will deny us after waiting this long-
3. If they do tell us that there was a problem- how long does it take to apply for another mortgage? Will that take just as long, I mean another 2 months?
Thank you for your time to whoever answers my pathetic questions- This is just really stressing me out. Jill
KarenB
Posted:
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Re: ANOTHER SONYMA QUESTION!
There is a whole process in buying a home, not just a mortgage. You must go to contract, have an inspection, hire a lawyer, title search, etc.... My process took 2.5 months in total.
Good luck.
jilljustin
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Re: ANOTHER SONYMA QUESTION!
I must of not been too clear- We already bought the house- now it is getting to the end and we are waiting to close and it has been over 100 days- Sorry sometimes I type like a talk and it is hard- my mind goes 100 different directions. Jill
nov04LIbride
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Re: ANOTHER SONYMA QUESTION!
We got turned down by SONYMA 4 days before closing! The bank was more than willing to switch us to a higher rate conventional mortgage immediately, with closing costs!
jilljustin
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Re: ANOTHER SONYMA QUESTION!
Had you already had a closing date? Because today I called and they said- we should hear something around 10- and then it will take 7 days?! If they give us a closing date, they can still turn us down? I will never suggest SONYMA to anyone this is awful- Thank you for answering my questions!
oneday
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Re: ANOTHER SONYMA QUESTION!
We had trouble too getting in on time. But, as far as not approving you AFTER a closing date has been set - they told us that they could not set up a closing date until we had been approved by SONYMA. We had to close by Sept 3 in order to still get in before our rate expired) and we kept getting the runaround for a long time. I think it was actually a problem with our mortgage company getting off their a$$ and sending out the paperwork. They (by they I'm not sure if it was our bank, SONYMA or the bank lawyers) did set our closing before we got the 'official' word that we were totally approved by our bank, but they said they only did it because they were certain we would qualify and if they waited and it took 7 days to set the closing, we wouldn't have made it in with our rate lock. I would try to keep calling and make a pest of yourself - I'm so not good at it, but it does seem the 'squeaky wheel gets the grease' - GOOD LUCK!!!
nov04LIbride
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Re: ANOTHER SONYMA QUESTION!
Posted by jilljustin
Had you already had a closing date? Because today I called and they said- we should hear something around 10- and then it will take 7 days?! If they give us a closing date, they can still turn us down? I will never suggest SONYMA to anyone this is awful- Thank you for answering my questions!
We did already have a closing date, but we were forced to close then because the sellers had to be in their new home then, and needed the $ to put down on that (we closed at 9AM, the closed on their new home at 1PM!). The lawyers scheduled it because the mortgage broker guaranteed a 24-hour turn around to a conventional mortgage if we were not approved by SONYMA.
There is no rhyme or reason as to how they choose--we met all qualifications, were told by the broker it was a sure thing, and yet we were turned down. I would not recommend it to anyone, and since we were turned down we had no time to shop around for a lower rate conventional.
jilljustin
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Re: ANOTHER SONYMA QUESTION!
I think we had the same problem the bank keeps losing our stuff- this is so frustrating- I called AGAIN for the second time and they said- as soon as we hear something you will be the first person we will call- Well that hasn't always been the case- They have ALREADY extended our lock in rate a month later- I am just upset because I have an apt. full of stuff but NO house to put it into yet- We asked our landlord for about 3 months extenstion on our apt. but this is the final one. SO we are out on December 7th- Thank you for replying it makes me feel better that there are people out there that have experienced a similar situation. See ya Jill
jilljustin
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Re: ANOTHER SONYMA QUESTION!
Once again- I called and NOTHING- I feel bad calling the lawyer even though it is a good friend of ours- he is going to think I am nuts- But I think I am going to ask him- if he could write up legal papers so we can at least keep our stuff there-(only if we get a closing date!) These people haven't lived in the house since the day we bought it- I offered to rent from them but they said it that it gets to sticky with house insurance and lawyers- Well they have been waiting over 3 1/2 months now- Talk about needing to have patience..... Thanks for listening....
nov04LIbride
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Re: ANOTHER SONYMA QUESTION!
I'm still fuming over the whole SONYMA thing. No one ever gave us a valid reason for being turned down, and then AFTER being turned down and getting the conventional rate I heard about other programs for first time home buyers where they pay all the closing costs!
palebride
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Re: ANOTHER SONYMA QUESTION!
We got a mortgage through SONYMA and it took forever...the bank kept asking for more papers, the same papers over and over...but after we were approved by SONYMA, it went really quickly. And it was pretty close to when they told us we'd hear from them....if not that day, then the day after. it's a terribly frustrating process.....and I think the trouble comes both from SONYMA and the bank you choose to go through. Which bank are you using, by the way?
Good luck! Hope you hear something soon!
jilljustin
Posted:
Member since
Re: ANOTHER SONYMA QUESTION!
I just found out we were approved- now, they are saying our closing date isn't till the 15th- WHY after SONYMA has approved us- I have to be out of the apt. on the 7th- I am going to have my lawyer write something about asking if I could move our stuff in. We are going through HSBC as our bank..... I will keep you posted. Jill
