preapproved for a FHA loan?
i was approved for a fha home loan, found a home & put in an offer. the offer was accepted now i need to get it inpected is there any chance that after all this something can go wrong with my loan & i wont get the loan?
- Anonymous1 decade agoBest Answer
Yes. It happened to me. I was pre-approved for an FHA loan, but after spending money on the appraisal fee, shopping around for movers, and buying new appliances, my loan was denied, and I couldn't move into the house that I picked out.
Also, pre-approved and approved are two different things. First, you said you were pre-approved. Then, you said you were approved. Pre-approved only means that you "may" be qualified for a loan based on a very brief look at your income and credit. Basically, don't assume that you have the loan until the FHA underwriter officially approves you.Source(s): Personal experience
- kayceeLv 43 years ago
i actually think of you have replied your question. Your gut is telling you that possibly, merely perhaps she thinks of you in some way under a house shopper no longer using using the Nehemiah DPA. it incredibly is merely unacceptable! In immediately's marketplace, customers rule on the 2nd. you will no longer pay greater desirable than the home is properly worth regardless of what the asking value is or what DPA you'll be able to or won't be getting. there is an addendum to each FHA settlement that the sellers ought to sign that states this and that they'll return earnest money deposit if the valuables does no longer meet FHA standards. the valuables will difficulty to strict inspections to insure (as superb achievable) which you, the guy removing the loan, isn't getting a assets it incredibly is suitable heavy with maintenance. FHA recognizes that their debtors are no longer wealthy, they want domicile customers to attain the yankee Dream. the internet internet site under will supply added innovations from HUD to help domicile customers. discover yet another Realtor and circulate an FHA authorized lender to tackle directly to ward off mis-communications relating to the Nehemiah application. FHA's internet site additionally has FAQ for this application which you will discover effective.
- Anonymous1 decade ago
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- JägerLv 41 decade ago
Yes, it's possible. Hopefully, you checked the mortgage contingency box. If you did and were unable to get a loan, you'll be able to break away from the deal.