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Old 07-10-2011, 05:31 PM
1 posts, read 787 times
Reputation: 10


Hello, I am in escrow for a foreclosure house. And I'm trying to get approved for two loans to buy this place so in case one loan wouldn't get approved, I can use the second loan. Does anyone have experience with it? What are negative sides of multiple loans? Here is the story: I made an offer for a house with wells fargo pre-qualification letter with 15% downpayment (FHA). While in escrow, I found out that this house is approved for homepath loan. Homepath is a better deal for me in this case, so I decided to get an approval for homepath loan while working with wells fargo on their loan. I don't have too much time left to close an escrow, only 10 days left, the problem with wells fargo is that the appraisal hasn't been scheduled yet. What would you recommend to do? Get approved for both loans and then choose the one I prefer?
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Old 07-12-2011, 11:02 PM
Location: Minnesota
336 posts, read 1,280,291 times
Reputation: 140
Do you want to pay for both appraisals? With FHA they only issue one case number for the property - but I don't think you need an appraisal with the homepath.
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