Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 1 decade ago

Waiting for Underwriters approval.....FHA Loan?

My hubby submitted all of his paper work on 3/23and 3/27

How long does it take? We are supposed to close on 4/30/09 which I doubt will happen.

Should wmy hubby call now or wait until next week? On the contract it states the written mortgage commitment must be delivered to the sellers agent no later than April 17th day of April 20th 2009. The date can be extended as stated on the lease.

Also my hubby called the lender Last Fri and the lender said all we do is wait. wait on what?

Right now we are living in an Apartment and we already told the leasing office that we will not be renewing our lease. Our lease is up in the end of May. I pray and hope that everything will be done in time before we have to leave.

One more thing..... His dad gave us a gift loan we filled out that part of the application for the mortgage, but he doesn't want to ask his dad for his bank statement, It was hard to ask him for the loan. His dad gave us a check but we forgot to copy the check we cash it instead in our savings account and printed out the statement and faxed it to our lender. I really hope this would not be a problem.

*We already had inspection done* Now we are just waiting waiting waiting :(

Update:

Let me correct what i said about "Gift loan"

I meant to say that His dad signed the gift letter. and then my hubby faxed it. He just didn't fill out the part asking for bank information. I tried checking our bank statement for the image of the check but it doesn't show up. We already cashed the check I wish we would of waited to do that, we don't have his dad's bank statement yet,----hubby is afraid to ask. He said he will wait until they ask for it.

2 Answers

Relevance
  • 1 decade ago
    Favorite Answer

    An FHA loan shouldn't take longer than it takes to get the appraisal and the title work back, which is approxmiately two weeks.

    I have personally closed FHA loans in as little as 4 days.

    Your final mortgage commitment will not be delivered to the sellers until the title work and the appraisal is back, all employment and closing funds verified, and you have submitted all of your paperwork.

    Unless the sellers wrote "time is of the essence" into the contract, the 17th and the 30th are target dates, and it is a myth if these are not met it invalidates the contract...it doesn't.

    Tehre is no such thing as a "gift loan". FHA will not allow you to take out a loan for the down payment. Your father will have to sign a written gift letter that "no repayment is expected" and he will have to sign that.

    You will need a copy of the cancelled check from the bank, or an image, collaborating the gift funds, as FHA and all loans, requires a paper trail or else the funds must be seasoned in your savings account.

    FHA underwriters don't like money in accounts that suddenly appears....they will require you to source it, and if you can't, the loan is a no-go.

    Understand that an inspection is not an appraisal and FHA loans do not require an inspection, though it's always best to have one.

    Source(s): former FHA underwriter
  • 4 years ago

    3 parts to loan approval...you, the house's value and the house's title. If you're pre-approved, they've looked at your income and credit history, and decided you're an acceptable risk. They can't approve the value or title yet, because there's no house yet. Now they've looked at the house and something on either the title or the appraisal is not SOP. An underwriter at that lender doesn't have the authority to approve it, but wasn't ready to decline it. Someone with a higher level of authority is going to look at it and see if they can accept whatever is causing the concern. Call the processor on a regular basis. Be very polite (nice works a lot better than snarly) but persistent. Every time you call her, she'll call the underwriter who will call whoever her contact is. It's out of their hands so be patient with them. But don't let them forget about you. When they say, no word yet, you say, okay I'll talk to you tomorrow.

Still have questions? Get your answers by asking now.