Commitment Letter - how sound is it?? (loan, approval, credit report)

[GiGi24]

Hi, let me give you a little background.

On June 5th my fiancee & I signed a home contract for a new build (already been built) Our closing date has been set to July 16th - it was set when we signed the home agreement.
The next week I sent all the necessary paperwork & applications to their preferred lender (utilizing their incentives.) I believe our loan had come back from underwriting 2x asking for more documents. On June 30th we received a Loan Commitment Letter with no unusual conditions in the letter, but in her e-mail underwriting asked for 3 more documents. So we've been waiting. On Monday of this week my Loan Processor called & said they were having trouble with my fiancee's credit, since he has so little of it. So we ended up calling their creditor & adding 2 more trade lines to his credit report - which they faxed to our lender on Wednesday afternoon. Thursday, my Loan Processor said our loan was back in underwriting and it's usually a 48 hour turn around. I'm feeling very down to the wire now considering we close next Friday. Does the Commitment letter mean anything? How many more issues could come up before we close? Could we even close on time? We haven't opened anything new that our lender doesn't know about, or lost our jobs, or anything that would jepordize our status. What if we don't get our final approval until the day we close? There would be no time for them to give the closing documents to the closing company, then we'd have to delay closing?

Any advise would help... I'm so new at this & a typical first time home buyer who's freaking out & feels like there's no time left.

THANK YOU!!!!

[GiGi24]

Anyone?????????????????????

[GeorgiaTransplant]

Originally Posted by GiGi24

Anyone?????????????????????

If both parties agree, closings can be delayed-or moved up.

If you're a couple of days out, I find it unlikely they'll stop a whole deal because of a minor paperwork issue.

Remember it's often just as painful for the builder to sell as it is for you to buy. These days it's not like they have people lining up for the properties.

[brien51]

Relax Any money you have put down is normally subject to loan approval and it sounds like the bank is covering more bases. You can push the closing out a week. Have your lawyer contact the seller's lawyer and have them work it out. PLease don't write and say you don't have a closing lawyer because that is a big mistake. So if you don't have a lawyer, get one yesterday and give him all of your documents before signing anything.

If you have the lawyer, you are paying him so make him work for you.