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Commitment Letter Expiration and Closing Date

Established Member

Commitment Letter Expiration and Closing Date

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
6 REPLIES
Established Contributor

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?!!


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Super Contributor

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.

 

 

Retired Lender
Established Member

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

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.

 

 

Retired Lender
Established Member

Re: Commitment Letter Expiration and Closing Date

ic ..sorry ...i post on the wrong topicSmiley Mad
Established Member

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?