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I expected to hear something by Wednesday and now everyone is telling me NEXT Wednesday? And yet I keep hearing how this is to be expected, and somehow MY fault for going FHA? My agent told me that they are now discouraging people from using FHA financing.
I just don't want the deal to go south because of all this.
Hello,
I can really sympathize with your situation. We are in the same boat. However, we are not first time home buyers. We are in our 50's and sold our big house December 2012. We are downsizing into a condo. Here is my story;
We are trying to close on a traditional condo. We are at 7 weeks and still don't have a confirmed closing date. This is taking way too long and we were pre approved for a loan amount which was double the amount of money that we wanted to borrow for this transaction. Also, we learned that being pre approved means nothing in NM. Compass bank doesn't seem to do know what they are doing, at least the lender that we are dealing with. Our appraisal took a whole month just to get done and my husband kept going in to see what the hold up was. The original appraiser never showed up so the bank finally sent someone else.
Now we are being told that the condo approval papers weren't filled out completely and the bank will reject them. We have had to pay for the appraisal and the condo approval papers up front. Also, when the bank found out that we were purchasing a condo the interest rate went up. Then the interest rate went up again when the bank learned that more than 50% of the building were rentals. We are now looking at 5.75% a huge increase to the 3.875% which was stated in the beginning.
We were told on Monday that we would have an answer about our loan on Wednesday. Today is Thursday and my husband went into the bank and spoke to our loan officer and now she says it takes a week. We have been told so many lies it is unbelievable.
So it doesn't look like we will be closing in 8 weeks either. Is this normal with a traditional purchase now days? We sold our big house in December 2012 and it only took only a month until we closed.
My advice to anyone in NM is don't use Compass bank for a home mortgage. They are totally incompetent. They LIE but then again all big banks are liars and crooks. If we had to do it over again I would use the credit union.
I expected to hear something by Wednesday and now everyone is telling me NEXT Wednesday? And yet I keep hearing how this is to be expected, and somehow MY fault for going FHA? My agent told me that they are now discouraging people from using FHA financing.
I just don't want the deal to go south because of all this.
When I sold my house in MA it took forever and I was asked for extensions on a regular basis. When we started going into month 3 I had enough. I told all involved that I would give them 48 hours to get the paperwork to the attorneys and to close the deal that night (it was a Friday). After the standard objections such as "if we sign Friday night we can't file it til Monday" (no big deal) to "closing agents don't work nights" (Sure they do.) I got the news at 4 pm on Friday that the papers had arrived. They were signed that evening. And filed the following Monday.
Tell them you will pull out if the deal isn't done by X date at x time. See how fast they run to get it done.
I closed on an FHA in 50 days from the loan application date. Got a Mortgage Commitment in 21 days but a second FHA appraisal was needed and had to wait on that. Thank god I locked in before the rates shot up.
I feel your pain! I had clear to close and closing scheduled. Sellers allowed me to move into home a day early bc of holidays. Less then 24 hours before the closing I received a call from bank that I didn't pay off credit cards and so couldn't close. I was told by underwriter that I didn't have to to close loan. Now I am in the home bank claiming blame but still no loan and my extention ends tomorrow. Sellers are not willing to extend contract again so if no one can change their minds I have to move all my stuff out tomorrow to the street. Someone needs to be responsible for this. I'm at my wits end!
. . . and I feel yours. We've been working our deal since July 8, 2013. We were initially knocked off because our previous mortgage holder didn't foreclose for a looooong time but the "Back to Work" program came in and we refiled. The lender took another long time gearing up for this program and working our application. We finally got complete underwriter approval two weeks ago and now the FHA has had the file for nine working days. We are beyond any contract extension we've had but the sellers have already signed their documents on an earlier assumption that we would close two weeks ago. We were told the FHA could take 7 to 10 working days. I wonder how realistic that'll be.
Ok so one of you has credit card debts that you didn't pay down, and the other has a RECENT FORECLOSURE THAT VIOLATES GUIDELINES and you are blaming the Mean 'Ol Bank.
BTW, if you are actually with a lender using the Back To Work program, hit your knees and thank God, because not many will even touch the program - - because it represents extreme risk. You just proved that you can't afford a house by losing it. Don't ***** because the bank willing to loan you a ton of cash is taking their time.
Don't comment on my situation because the bank told me I didn't have to pay off cards to close and I also had the clear to close. Maybe you wouldn't be such a jerk if you were in my shoes or the other guy because it's frustrating to wait months. Average closing is 30 days and sellers don't like waiting so long. Btw the way the bank is owning up to it being their fault and is scrambling to make it right.
Pfhtex, your post is so ignorant. You know nothing of our past or current situations and it's apparent you didn't even fully comprehend our posts. Begone.
Pfhtex, your post is so ignorant. You know nothing of our past or current situations and it's apparent you didn't even fully comprehend our posts. Begone.
That is a cute second post, kiddo.
"Begone?" That's mighty Black Fingernails of you, Dylan. Lest I violate Terms of Service, I shall heed your pronouncement. Or something.
Last edited by Pfhtex; 12-20-2013 at 04:00 PM..
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Pfhtex jerk
