We are set to close in 15 days, a little worried... (loan, home)

[JKDorsey]

My wife and I had an excuted contract on the 26th of October. We have already had the inspection w/o any issues.

They buyer is using a FHA 203B loan and putting 10k down (100k home). they have until the 20th to get financing - 5.50%. Closing is set for the 25th.

We have yet to have an apprasal done or even heard anything about setting up a time to do it.

My agent says they still have plenty of time and the apprasals are very busy right now.

But what are the steps in a FHA loan? Could the bank perhaps wait until they are approved for the loan before they pay the $500 or so for the apprasal to be done?
Thanks for any input.

[nsumner]

Your question is 3 days old so may be you heard something new since then.

The appraisal is usually ordered after the home inspection is done and after the option period has expired. On the contract's third party financing addendum there is a number of days that the buyer has to get "FULL LOAN APPROVAL" by. See how close you are to it.

Depending on the lender they are using, sometimes they do wait for loan approval b/4 they order the appraisal. Your Realtor should be able to answer that.

Naima