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Are you sure you're buying a townhouse and not a condo? I ask because FHA doesn't do spot approvals on anything but condos. And, then your troubles make sense. It's practically impossible to get mortgage insurance on a condo w/ just 5% down. Is it possible this wasn't discovered until the appraisal was done?
Most banks can move pretty darn quick, but no one can legally close your loan in under 8 business days due to new disclosure regulations. You may miss your closing date, but it should be by days, not weeks.
I got a pre approvel letter on march 23rd and my settlement date is may 6th 2011, I've done the inspection and the appraisal and plus my earnest money down of $2000.00, does this means i got the house and im fully approve
Your loan needs to be reviewed by an underwriter - ask your loan officer if you have a Conditional Loan Commitment. If not, then you are not fully approved. Even if you do have a Conditional Loan Commitment, it'll list documents that need to be gathered up & reviewed by the underwriter before you have the Final Approval.
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