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Old 09-06-2009, 01:12 AM
 
5 posts, read 28,413 times
Reputation: 12

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Hey everyone,

I wanted to ask a question and see if anyone could help me out.

My wife and I are in the middle of a home purchase...offer accepted, closing date agreed on, etc. The only step left is getting the final approval on the home loan. I was pre-qualified for a FHA home loan about a month ago, which I now realize doesnt really mean much. I locked in a rate and went through the first round of questioning, ie. they looked at our credit and asked a bunch of questions and approved us. Now they are in the verification stage and have collected our paychecks, etc. The first time it went to the underwriter it came back with some conditions which were basically needing to qualify a gift from my dad and some other standard docs that they needed. The appraisal has been completed and came in fine. I just submitted the last few documents they requested and its now in line to go to the underwriter again.

It sounds like we are in ok shape...we still have almost a month until closing and it looks as though most of the documents they want have been submitted. My question is could this entire thing fall through at the last minute? Could our lender reject us at the last minute or is the fact that its already gone to the underwriter once, the appraisal is approved, etc. mean that we just have to wait for the final approval?

Luckily we have time and our loan processor seems optimistic that everything should be fine but we have to schedule movers, start packing, etc. and it just scares me to do all that before we get that final approval. I guess I'd just like to know if there is a possibility of us just being straight rejected at the last minute. I may just being paranoid but I feel like until we get that final approval we are in limbo.

I'd love your feedback...thanks!
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Old 09-06-2009, 04:09 AM
 
Location: Ohio
2,175 posts, read 8,827,028 times
Reputation: 3957
Don't schedule anything untill you get a closing date and a definite YES on the loan approval and final papers signed.
But it sounds like you will get the oppurtunity to unlock the door of your own house and start moving in.
I hope everything works out and you enjoy your new home.
I have bought two houses over the years and although everything looked good there was still anticipation and the fear of a last minute problem. Your anxiety is normal and from what you posted, problably just that and nothing more.
I remember the feeling of moving into my own house. It is great.
If you got far enough through the process to get a closing date, you are probably fine.
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Old 09-06-2009, 08:10 AM
 
Location: Maine!
470 posts, read 1,782,082 times
Reputation: 320
you should be okay. we just closed on our first home this past june. it seemed like the lender & underwriter asked for the same things 10 times over. talk about annoying, but i really wouldn't worry. if there is an issue, you're lender should be upfront with you from the get go.
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Old 09-06-2009, 10:06 AM
 
5 posts, read 28,413 times
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Thanks guys...the only issue is we are about 22 days away from closing and I am worried we wont get that final approval for atleast another week or so. Our file is going to the underwriter next week for he second time this time with the additional paperwork but I am worried they will come back with more requests.

I'm in a tough spot cause we have to start packing and schedule the movers because we can't wait until we get the final approval because what if that is a week before closing? We wont have any time to do everything.

Anyone else face these issues?
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Old 09-06-2009, 10:48 AM
 
Location: Maine!
470 posts, read 1,782,082 times
Reputation: 320
you know we didn't get final approval until the day before--talk about nerve racking. our loan officer & realtor were both very understanding and reassuring. i guess this happens at times. there was also a backlog because we went VA with our loan and it slowed some things down. we were "approved" just not in stone until the day before. hang in there! and do some breathing exercises!!
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Old 09-07-2009, 02:11 PM
 
Location: Fuquay Varina
6,100 posts, read 8,698,793 times
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You can have everything packed and ready to go with the exception of daily needs for a week. We rented a townhouse before buying. Put all the boxes and furniture we could do without in one area, cleaned and packed everything else, lived in the dining room for a week haha
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Old 09-07-2009, 08:36 PM
 
Location: Boca Raton, FL
6,403 posts, read 10,243,113 times
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Smile Getting the clear to close

It sounds like you are in good shape. What you have is a conditional approval with conditions which you are satisfying. This is standard.

Most lenders are right at the wire today. It sounds like you are ahead of the game so congratulations!

Enjoy the process even though it's nerve wracking and just look forward to your new home!
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Old 09-08-2009, 04:15 PM
 
5 posts, read 28,413 times
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a quick update for those that care...

it went to the underwriter this past Friday and it came back with just one more condition they needed in regards to a gift my parents gave us. i submitted that this morning and she got the title as well which is the other thing she needed. she just submitted it for final approval and said we should hear back this week.

i am assuming that if something major was to come up it would have already come up so i am keeping my fingers crossed that we get that final approval this week. that would put us 2 weeks ahead of schedule!!
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Old 09-08-2009, 04:59 PM
 
125 posts, read 609,698 times
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Quote:
Originally Posted by downtownculture View Post
a quick update for those that care...

it went to the underwriter this past Friday and it came back with just one more condition they needed in regards to a gift my parents gave us. i submitted that this morning and she got the title as well which is the other thing she needed. she just submitted it for final approval and said we should hear back this week.

i am assuming that if something major was to come up it would have already come up so i am keeping my fingers crossed that we get that final approval this week. that would put us 2 weeks ahead of schedule!!

Congrats!!! You give me hope! I just got my offer accepted a week ago, and will start the underwriting process soon!!

Congrats again! All the best!
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Old 09-09-2009, 12:51 PM
 
5 posts, read 28,413 times
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So we got final approval today! 2 weeks ahead of schedule. A few things I have learned from the experience that i thought I'd share.

I went with Bank of America, which if you follow this forum has its fair share of horror stories. We were lucky that we didnt have any issues with them...just some paranoia on my end. But the best advice I can offer is STAY ON TOP OF THEM! I would literally email my loan processor AND leave her a voicemail...and if she didnt get back I'd just call again. Its annoying but they are dealing with 40 plus other clients as well so its actually in THEIR interest as well to get you the final approval. My loan processor was actually very thankful to me for being so persistant.

The other thing...get them everything they need ASAP. They hounded me for a lot of stuff and at the last minute they wanted even more stuff. This is normal but literally anything they wanted I got them either the same day or the next. Its not a fun process but you just gotta stay on top of it.

Also, start the process ASAP. Our offer was accepted on a Sunday and I locked in my rate Tuesday (after spending Monday shopping around for rates) and began everything as soon as possible. Bank of America offered me the best rate (5.375) with 0 points and the closing costs were reasonable. I got everything in writing. Once the loan officer pre-qualifies you and locks in the rate I paid about $500 upfront which went towards closing costs. From that point it took over a week for them to assign me the loan processor. So be patient...it takes a while.

We still havent closed but I am feeling great that we got the final approval this early...I'd love to hear feedback about what else I should expect...
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