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12-13-2012 08:28 AM
We made an offer on a house (freddie mac foreclosure-scary) and was accepted right before Thanksgiving. Prior to that I received a preapproval letter. Since then, there has been a home inspection done and we heard back on appraisal yesterday. Today, I recieved an email from mortgage banker saying she needed to know how much my student loan payment would be after deferrment and my employer said they just received today a fax for employment verification. Maybe I just don't understand but shouldn't those things come before the appraisal and inspection? I mean, what if they determine now that I'm not eligible for a loan and I already had to pay for the home inspection out of my pocket?
12-13-2012 08:42 AM
Unfotunately I believe those items have to be paid before hand and if you do not get the loan, you are out of that money...it's part of the home buying process. They can't give you a loan until they know what the house is worth, they need an actual figure to punch into the system and they can't know that without an appraisal.
12-14-2012 10:40 AM
That's similar to our timeline too. Only we had to do two appraisals because we're buying a home from a house flipper who bought the home at auction less than 90 days before our contract date. If you loan is approved, it will most likely come with a list of conditions that you must satisfy and then send back for another review. Welcome to mortgage purgatory.
12-14-2012 02:21 PM
our appraisel came AFTER underwriting. Our home inspection we did before. Only because we wanted to. Inspection was at our discretion.