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HUD approval?

Valued Member

HUD approval?

Everything is done inspection, Appraisal, I have my commitment letter as well. However, we were supposed to close tomorrow 9/14 but now my lo is telling me we are waiting for HUD approval? I'm confused on what that is and if this another bump in the road which has been a long one dealing with a short sale Smiley Sad my realtor and lo are telling me closing will be Monday but I'm not feeling to confident at this point
3 REPLIES
Moderator

Re: HUD approval?

Maybe namvet or one of the other loan officers will pop in and answer your question.

 

As far as I know, the the lender says HUD approval they are referring to the HUD1.

The HUD1 (also known as the closing statement) is prepared by the title company or closing attorney then turned over to the lender for 'approval' of the figures so you can close. The whole process is very quick from the time the title company submits the preliminary HUD to the banks' closing office for official approval. So when I saw you still hadn't closed yesterday, it occurred to me that maybe your loan officer was referring to something else. But I can't tell what. Here in S Fl we refer to HUD approval as the lenders approval of the HUD1 closing statement.

Established Member

Re: HUD approval?

You should be ok, I went through the same thing with my short sale purchase. In the end, it all worked out! Good luck!

Valued Member

Re: HUD approval?

I sure hope so!!! I'm still waiting 😔 my realtor calls everyday and is trying to see where it stands I'm so confused at this point my LO barely answers and every time she does all I get is still waiting for approval and second signature....