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 with the balance to get out LTV to 90%.
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. We have given all paperwork, etc on time and were told everything is looking good then this potential road block. Thanks for any help.
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FHA Loan - possible to change down payment needed?
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