Reply
Established Member
Posts: 13
Registered: ‎07-28-2008
0

Commitment Letter Expiration and Closing Date

[ Edited ]

Hi all,

 

I'm freaking out and need some advice. My BF and I are in the process of purchasing our first home together. We're buying new construction and the closing date has not been settled, but our developer keeps telling us soon very soon. Our apartment is pretty much done but it's the common areas that may take longer.

 

Now our commitment letter expires on 4/30 and we're nervous that our closing won't happen by then. If we close after 4/30, we have to resubmit ALL of our documents and basically reapply...has anyone dealt with anything like this? I'm trying to stay calm, but having a hard time since the apartment is SO close to being completed and we're just waiting.

 

MANY thanks!

Message Edited by poyc on 03-23-2009 09:49 AM
Established Contributor
Posts: 993
Registered: ‎04-01-2008
0

Re: Commitment Letter Expiration and Closing Date

I've heard of others getting extensions in instances like this. But I've also heard it's clearly up to the individual lender. So ask in advance if this is needed can it be done?!!


1/28/14 EQ 817, (6/30/14)EX 821, TU 817 on 6/13/2014

Take the myFICO Fitness Challenge
Super Contributor
Posts: 6,624
Registered: ‎07-03-2007
0

Re: Commitment Letter Expiration and Closing Date

we typically just ask for those documents that have expired. not a whole new submission.

paystubs, bank statements, ect.

 

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Established Member
Posts: 24
Registered: ‎07-15-2008
0

Re: Commitment Letter Expiration and Closing Date

thanks rmily and Dallas for the answers. 

Dallas, so it's not anything related to the new plan that's about to come out this april?

the reason I asked cuz I called my LO to ask about the home affordable plan, and he told me why don't I wait till april for th TARP program to come out. He also told me that this program would help me reducing my loan to the current home value. I wasn't sure about this program, cuz haven't heard before. I went online and google for the infor, but couldn't find anything that's related to what he said. ..hmm

Super Contributor
Posts: 6,624
Registered: ‎07-03-2007
0

Re: Commitment Letter Expiration and Closing Date

you are buying a house. at fair market value.

i dont think you need a loan modification yet.

 

you have an approval. they are good for so long(always have, always will)

time expires, we refresh documents.

as long as nothing is going on with credit/income then it will be ok.

 

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Established Member
Posts: 24
Registered: ‎07-15-2008
0

Re: Commitment Letter Expiration and Closing Date

ic ..sorry ...i post on the wrong topic:smileymad:
Established Member
Posts: 13
Registered: ‎07-28-2008
0

Re: Commitment Letter Expiration and Closing Date

Thanks for your replies! We learned last night that we're not closing until at least mid May. OH WELL!! High Hopes for end of April.

 

Our loan officer said that new documents would need to be submitted, but also a new credit check? Is ths basically starting from scratch? Also, we have a rate lock that expires on 4/15. Are we allowed to extend that as well or is that null and void since letter is going to expire?

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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.