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Old 02-04-2010, 09:04 PM
 
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Our broker sent the application to underwriting three weeks ago and now we're still waiting. The broker said it's taking longer b/c of the new FHA rules put in place after 1/1/2010. I'm getting restless since we have 45 days to get a loan. Today he told me that the underwriter hasn't looked at our files yet. But he also assured me that it's not going to be denied. I know he already got it thru the automated underwriting system and it was approved, but how long does it take for the underwriter at the bank (Citi) to get us an approval? It's so frustrating! Does an approval by the automated system mean that it's not going to be denied by the underwriter at the bank? Any comments, please? Thanks!
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Old 02-04-2010, 11:03 PM
 
5 posts, read 20,210 times
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Originally Posted by flowers_NYC View Post
Our broker sent the application to underwriting three weeks ago and now we're still waiting. The broker said it's taking longer b/c of the new FHA rules put in place after 1/1/2010. I'm getting restless since we have 45 days to get a loan. Today he told me that the underwriter hasn't looked at our files yet. But he also assured me that it's not going to be denied. I know he already got it thru the automated underwriting system and it was approved, but how long does it take for the underwriter at the bank (Citi) to get us an approval? It's so frustrating! Does an approval by the automated system mean that it's not going to be denied by the underwriter at the bank? Any comments, please? Thanks!
I wouldn't be a bit surprised if your file were stuck in Quality Control right now, along with many other customer loan files. The new Good Faith Estimate is most likely the cause (not FHA), because you have brokers sending in packages that are not documented exactly how the lender wants them. This was not a problem prior to Jan 1, but it is right now. Compounding this is the fact that lender A wants their loan package doc'd this way, lender B wants the loan file submitted that way. So these QC depts at the lenders are overwhelmed with files that arent done the way they want them. And it has nothing to do you, but rather whether the file is compliant with the lender's interpretation of the new documentation standards. If you still have 45 days to closing, I cannot imagine running out of time. Ask your loan officer if he can check with the lender to see what day's loan submissions they are working on in QC. If he finds out that they are working on Feb 1's, then you've got a few more days to go before they look at it. Then once the file is out of QC, the file is assigned to an underwriter.

The automated approval is something we get when we're pre-qualifying a customer, and as long as what we submit to the lender (assets, income docs, any explanation letters) is what was asked for on the approval certificate, then you shouldn't have anything to worry about. Just hope the appraisal comes in at least at the sales price! Good luck!
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Old 08-12-2010, 10:05 AM
 
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GOOD NEW
I submited my refund for FHA on November 03, 2009. Finally I get aproved on August 05 2010, but , now take between to 4 to 6 weeks to get the money, so almost a year to get the money.
The problem is a lot of people make fraud. and IRS want a lot of documents for proof
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Old 08-16-2014, 08:45 AM
 
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Default FHA Loan

I am selling a home and the buyers applied for a FHA Loan. The first loan they submitted had me the seller paying for the closing cost. I looked this up and it said the buyer is the one to pay closing. They came back with a counter offer boosting the selling price by the amount of the closing cost and then listing the seller as paying for closing cost. This seemed a little shady. I signed this the closing cost will be a wash, but now wondering if I did the right thing by agreeing to this?
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Old 08-16-2014, 08:56 AM
 
3,805 posts, read 9,281,252 times
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Originally Posted by jhp1940 View Post
I am selling a home and the buyers applied for a FHA Loan. The first loan they submitted had me the seller paying for the closing cost. I looked this up and it said the buyer is the one to pay closing. They came back with a counter offer boosting the selling price by the amount of the closing cost and then listing the seller as paying for closing cost. This seemed a little shady. I signed this the closing cost will be a wash, but now wondering if I did the right thing by agreeing to this?
You're not really paying it, 96.5% of it is being rolled into their loan. This is simply the way to do it. It's not really unseemly, BUT the home must appraise for that new, higher price. It is legal and ethical.

Now, ten years ago, there was a good bit of nudge-nudge, wink-wink between lenders, realtors and appraisers in an effort to make sure the home appraised for the price. However, firewalls have been set up such that this practice is pretty much impossible these days. So: no longer shady.
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Old 08-16-2014, 10:52 PM
 
Location: MID ATLANTIC
8,644 posts, read 22,786,365 times
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Quote:
Originally Posted by jhp1940 View Post
I am selling a home and the buyers applied for a FHA Loan. The first loan they submitted had me the seller paying for the closing cost. I looked this up and it said the buyer is the one to pay closing. They came back with a counter offer boosting the selling price by the amount of the closing cost and then listing the seller as paying for closing cost. This seemed a little shady. I signed this the closing cost will be a wash, but now wondering if I did the right thing by agreeing to this?
Is it legal? Absolutely. But what you have to think about now is if the home doesn't appraise for the new, higher amount, your buyer is gambling that you will lower the sales price to the appraised value (and still pay closing beause he doesn't have the funds). The fact that the contract is written higher than the listing price is a red flag, in itself. Just be prepared.
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Old 02-08-2017, 04:45 PM
 
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Hello, I'm selling my home inspection and appraisal has been done and appraisal approve offer price. This was three weeks ago. How much longer do I wait for closing date. BTW buyer has a FHA pre approval.

Thanks
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Old 02-08-2017, 06:01 PM
 
3,805 posts, read 9,281,252 times
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Quote:
Originally Posted by denisemorales View Post
Hello, I'm selling my home inspection and appraisal has been done and appraisal approve offer price. This was three weeks ago. How much longer do I wait for closing date. BTW buyer has a FHA pre approval.

Thanks
That's a tough question because every company is a little different. I get files into Full Approval, then we wait for the appraisal to come in, and then when it does, we sign docs about a week later.

The inspection might have been 3 weeks ago, but you need to find out if the report has been delivered to the appraiser. The time between inspection and report delivery has really increased in the past year.

But you are right to be wondering what's going on.
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Old 02-08-2017, 06:12 PM
 
12,016 posts, read 12,622,573 times
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Quote:
Originally Posted by denisemorales View Post
Hello, I'm selling my home inspection and appraisal has been done and appraisal approve offer price. This was three weeks ago. How much longer do I wait for closing date. BTW buyer has a FHA pre approval.

Thanks
You should have been given a closing date by your realtor, when I went to buy my home we set the closing date about 45 days after the inspection which was that same week. Call your RE agent and ask them if and they don't know ask them to find out from the buyer's bank or realtor.
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Old 02-08-2017, 08:44 PM
 
Location: MID ATLANTIC
8,644 posts, read 22,786,365 times
Reputation: 10461
Quote:
Originally Posted by denisemorales View Post
Hello, I'm selling my home inspection and appraisal has been done and appraisal approve offer price. This was three weeks ago. How much longer do I wait for closing date. BTW buyer has a FHA pre approval.

Thanks
Your contract spells out everything, when buyer must deliver approval and when appraisal is due. Get with your Realtor and lean on them.
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