07-23-2012 08:21 AM
Realtor e-mailed Loan Officer this morning (and copied me) asking him how soon he can close me because the house is now vacant and they have the keys. The closing day on the contract is August 13. The Loan Officer e-mailed back and told the Realtor that he is ordering the appraisal today and that we will more than likely be closing first week in August. First week in August is like NEXT WEEK! Can they turn things around that fast or is my Loan Officer just being way too optomistic?
07-23-2012 01:12 PM
Yes, if it's a Conventional loan. In fact it is poosible to close even faster!
I'm not sure about FHA, but for VA loans, the closing time is often determined by the mandatory appraisal process and therefore it's my understanding that VA deals average about 45 days to close. I was told the secret to a 30 day VA close is to order the appraisal immediately and make sure you have a VA lender that knows what they are doing.
Best wishes on your close!
07-23-2012 01:18 PM
My loan officer called me after I posted this and said that it should take 5 to 7 days to get the appraisal back, then he'll submit my entire file back into underwriting and then it should be about 48 hours after that to get any answers. He said he feels confident that we can close by August 10. I am not sure if he's just really optimistic or what, but he's been doing this for 10 years and he seems great, so we'll see what happens!
07-23-2012 05:06 PM
If your LO is on top of things and has your file all ready to go, once he gets the appraisal, it can go to the UW - that could take as few as 24-48 hours - then it goes to the title company, and if the deed is at title and titles are clear and good to go (which you should know by now anyway) then absolutely. The title company just needs to get the papers.
Word of wisdom: Don't schedule closing on a Friday, because then you will have to wait til Monday to get the keys after funding - ask for table funding if that is the case if you can!
I put in an offer on 7/26/11 and had the keys by 8/19/11.
07-23-2012 05:58 PM
Lillisum - it IS possible. From ratified contract to closing for us was 2 weeks. But we had all docs submited with our loan app and were in underwriting the same day. We had a few wierd hang ups with our loan but quickly cleared those. The appraisal was the last delay becuase the listing agent no showed for the appt, then wouldn't respond to phone calls or emails from the appraiser for a week, and things had to be rescheduled.
So yes, it IS possible! Hopefully that happens for you!!!
07-24-2012 11:09 AM
I'd say it can be done that fast. The hold ups might be the appraisal... if the home appraises low, or if there are any problems based on the FHA appraiser. The other thing that can take a long time, as we ALL know...is underwriting. They may/may not come back with conditions. It's hard to tell what could/might happen, but realistically yes it COULD happen that fast...especially if everything goes smoothly with appraisal and U/W. Congrats and good luck!
07-24-2012 12:35 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. 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.