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Old 06-24-2008, 09:12 PM
 
72 posts, read 410,143 times
Reputation: 87

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I was preapproved for a mortgage thru BOA but a week before closing they decided that they couldn't give me 95% financing since the townhome was in a declining market so I would have to put down an additional 5%. BOA then calls me back 2 days later to let me know that the underwriters determined that my fiancee's credit score of 675 was too low and not looking at my score of 778 to approve 90% financing, they can now only approve me up to 80% of which would be a downpayment of $32K since the agreement price on the home is $160K. I am in the process of applying for a FHA loan thru my Chase Bank and the contracts and title search have already been completed. How long should the process take now since the contracts and title search are done and now an FHA inspection has to be done and my realtor is trying to get the bank to do a spot approval since the complex has never had an FHA inspection. I want to get this done ASAP and I know the seller is getting restless, so please can someone help me?
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Old 06-24-2008, 09:37 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
Reputation: 1007
If the U/W already saw the your income/asset docs, then possibly within 24-72hrs. The appraisal can be underwritten in 24-48hrs.

You have to give us more information.


Quote:
Originally Posted by streetkings01 View Post
I was preapproved for a mortgage thru BOA but a week before closing they decided that they couldn't give me 95% financing since the townhome was in a declining market so I would have to put down an additional 5%. BOA then calls me back 2 days later to let me know that the underwriters determined that my fiancee's credit score of 675 was too low and not looking at my score of 778 to approve 90% financing, they can now only approve me up to 80% of which would be a downpayment of $32K since the agreement price on the home is $160K. I am in the process of applying for a FHA loan thru my Chase Bank and the contracts and title search have already been completed. How long should the process take now since the contracts and title search are done and now an FHA inspection has to be done and my realtor is trying to get the bank to do a spot approval since the complex has never had an FHA inspection. I want to get this done ASAP and I know the seller is getting restless, so please can someone help me?
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Old 06-24-2008, 09:40 PM
 
72 posts, read 410,143 times
Reputation: 87
Quote:
Originally Posted by renriq02 View Post
If the U/W already saw the your income/asset docs, then possibly within 24-72hrs. The appraisal can be underwritten in 24-48hrs.

You have to give us more information.
The underwriter from Chase has not verfied my docs yet since we have sent them to the loan officer at Chase today. The contracts have also been submitted to the loan officer today and the title search has also been completed, so how long should the FHA take to close?
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Old 06-24-2008, 09:42 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
Reputation: 1007
At least 1 to 1.5 weeks. I would shop around for a lender to see who can close faster.

Ordering title only takes less than 1hour.
There's much to be done, and the appraisal is something that should've been done already.

Quote:
Originally Posted by streetkings01 View Post
The underwriter from Chase has not verfied my docs yet since we have sent them to the loan officer at Chase today. The contracts have also been submitted to the loan officer today and the title search has also been completed, so how long should the FHA take to close?
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Old 06-24-2008, 09:57 PM
 
72 posts, read 410,143 times
Reputation: 87
Quote:
Originally Posted by renriq02 View Post
At least 1 to 1.5 weeks. I would shop around for a lender to see who can close faster.

Ordering title only takes less than 1hour.
There's much to be done, and the appraisal is something that should've been done already.
So I should be able to close soon? Me and my fiancee have no debt at all(paid off al credit cards, car loans, and student loans), we have a combined income of 73K, my credit score is a 778 while hers is a 675, we have $5000 for downpayment, $9500 for closing cost, $8000 in reserve funds, and need to only finance $155K. I'm hoping the closing date is ASAP!
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Old 06-24-2008, 09:59 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
Reputation: 1007
You would need to ask your loan officer as closing times vary per lender.

If your loan file isn't in line to be underwritten, then there's no guarantee for turn time.

Quote:
Originally Posted by streetkings01 View Post
So I should be able to close soon? Me and my fiancee have no debt at all(paid off al credit cards, car loans, and student loans), we have a combined income of 73K, my credit score is a 778 while hers is a 675, we have $5000 for downpayment, $9500 for closing cost, $8000 in reserve funds, and need to only finance $155K. I'm hoping the closing date is ASAP!
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Old 06-28-2008, 06:53 PM
 
Location: Cary, NC
1,036 posts, read 3,627,137 times
Reputation: 503
Underwriting for FHA loans can vary from 4-5 business days to 25-30 business days depending on the lender. Some are very backed up on FHA because so many are getting into it now and doing "on the job training" on the requirements.

It depends on how much experience the loan officer has in putting together a clean package so that the underwriter can quickly review and approve. At best it will take a few days for them to properly review and approve if all the conditions were met.

Same as with your BOA lender, if they "overlooked" or forgot something it can mess up or delay the process.
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Old 04-07-2009, 06:19 PM
 
1 posts, read 49,830 times
Reputation: 11
i was pre approved by my bank for 140000 and bid on a house and was excepted. we started all theinspections and got it appraised. then the underwriter decided we needed a bigger down payment.we are now trying to get an fha loan. since we have gotten everything inspected and appraised.how long do you think it might be before we hear back to say whether we were approved or not.it has been a week today.
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Old 09-30-2009, 10:18 AM
 
1 posts, read 43,185 times
Reputation: 13
We signed a contract for a house and we were told that we had 10 days to do our inspections and that we could walk away within those 10 days if we didn't like the results of the inspections. On the 10th day we told our realtor that we didn't want the house and she said that the appraisal had been done already and that we had to pay for it. Is that true? How long does it take to have an appraisal done? Do we have to pay even though we haven't sign any papers with our lender? Thanks.
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Old 09-30-2009, 11:45 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
Reputation: 1007
what does your contract say?

what does your state laws say?

in NC you dont have to pay any upfront costs

ethically you should pay if you agreed to order it

Quote:
Originally Posted by CARTERITA1 View Post
We signed a contract for a house and we were told that we had 10 days to do our inspections and that we could walk away within those 10 days if we didn't like the results of the inspections. On the 10th day we told our realtor that we didn't want the house and she said that the appraisal had been done already and that we had to pay for it. Is that true? How long does it take to have an appraisal done? Do we have to pay even though we haven't sign any papers with our lender? Thanks.
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