07-01-2013 12:33 PM
Okay! Long story story short..My husband and I put a contract on a house in April (April 8th to be exact). We had originally applied for a USDA loan, but because of my student loans (A high debt to income), we were denied. We were "quickly" switched over to an FHA loan the last week in May. Fast forward 2 weeks, we were approved with conditions. The conditions were "easy" (check stubs, bank statements, VOE etc). But it seems the bank KEEPS coming back with conditions. The last few conditions were a new VOE for me (because the last one had expired) and they wanted verification that work on the house had been completed (even though they had an appraisal telling them it already was).
I'm just irritated because this is the 4th extension we've had to ask for and we really just want to move. So I guess my question to everyone is: How often do they typically come back with conditions? Is this something common? I really feel like they're just dragging us along and waiting for rates to go up! We've signed our GFE and TIL (from which I hear isn't anything that's set in stone), but I just wonder how much longer this is going to be! Grrr! Any advice would be greatly appreciated!
07-01-2013 01:30 PM
Just work with your lender. I was in a short sale that just closed on June 28th that was under contract since February.
After recieving the SS approval, the lender requested multiple bank statements in one week. The quicker you respond and get the PTD and PTF conditions clearing, the quicker and smooth the process will go. The lender was impressed by my committement to getting them what they needed within 30 minutes of the request.
07-01-2013 01:50 PM
Thanks for the reply! I definitely get them the conditions as soon as possible. It's just so frustruating when you think you'll be getting a clear to close and then then they're like,"nope...we need a few more things!"
07-01-2013 02:28 PM
I think I ran to the bank probably everyother day for 1.5 weeks. The quicker you get this the conditions and the quicker your broker uploads to the lender, the quicker you can get your conditions reviewed and released. Average turn around time for conditions is 24-48 hours.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.