Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-28-2009, 07:49 AM
 
38 posts, read 483,941 times
Reputation: 39

Advertisements

My wife and I are buying are first home. We are putting down 5% so the mortgage company we went through said FHA would be the way to go.

We got the pre-approval, signed the P&S, got the commitment letter and are processing the paperwork needed to close near the end of next month.

Ask the processor at the mortgage company today if everything was going OK and he said there were 2 questions on some of the HUD required documents the builder was concerned about (built the home 2 years ago and no one lived in it since) and was asking for more information...

He said potentially the documentation/questions could not be completed in time for closing and if so we would need to come up and additional 5% on the down payment.

How could this happen? (Side note - my realtor said there is nothing to worry about since we have the commitment letter and over 3 weeks to close) Totally confused.

Thanks for any insight.
Reply With Quote Quick reply to this message

Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top