11-04-2012 11:07 AM
I've read that lenders are doing re-appraisals before closing due to Sandy...just what I've read, don't know if that's fact; best to contact your LO.
I haven't heard of re-appraisals being done, but I guess that makes sense if the property has sustained damage. I was supposed to close on my condo yesterday, but Tuesday night my LO called me and told me Ginnie Mae is ordering properties in my area (including mine) to be re-inspected prior to closing. My re-inspection was completed today, which was a very quick turn around. I'm hoping to get a(nother) clear to close Monday, and actually close on Tuesday.
Good luck to everyone else in this process!!!
Thank you for the info. Who pays for the re-appraisals due to the storm - the borrower or the lender? Not sure why the lender would pay, but as a borrower I don't want to pay either. Isn't the seller supposed to certify that the house is in the same condition as it was before the storm?
We are closing on Nov 9th, and are concerned if anything major comes up in the walk-through before closing..
The lender is actually required to pay for re-appraisals and re-inspections in this case. I was expecting to have to pay for it and I was getting ready to make out a check before she told me the lender is required to absorb the cost.
11-06-2012 05:54 AM
Thanks for the info.
I spoke with the Loan Processor and was told that the re-appraisal is just a visual inspection of the exterior to see if there was any damage from the storm.
We'll know more about that today. We are closing this Friday and nervousness has set in.
11-06-2012 11:56 AM - edited 12-01-2012 01:36 AM
Signing party on Monday, closing and funding next week, woohoo!
11-07-2012 06:58 PM - edited 11-15-2012 12:57 PM
Ok I am so glad to be a part of this board, it took forever to get my credit up
It wont let me post a picture
11-21-2012 08:42 AM
11-23-2012 06:50 PM - edited 01-15-2013 12:38 PM
Purchase Price: $112,800
Property: 1,352 sq ft
Submitted Offer on: 11/12/12
Signed Purchased Contract on: 11/14/12
Type of Loan: FHA 30 year fixed
Loan Rate: 3.25%
Loan Application submitted: 11/17/12
Loan Approved: 11/21/2012
Appraised value: $105,500
Closing Date: 12/13/12
Closed On: 12/27/12
11-30-2012 09:59 PM
Whoppeee.......I finally joined the ranks yesterday!
12-03-2012 05:18 AM
I'm using a zero down FHA 203h Disaster loan. Its offered for one year after a federally declared disaster (in my case a tornado almost killed the whole family January 2012) I wasn't eligible to get an FHA loan until June 2012 (24 months out of chapter 7 BK). I lost my job May 30th, 2012. I lost my next job August 2012. I moved to New Orleans and was hit by Hurricane Issac August 2012.
I have perfect post BK credit. 4 trade lines, low DTI ratios, and 100 million contingencies to fulfill.
My PITI+MIP will be 40% of my rent in the same neighborhood.
Working for a notoriously volitile employer.
Sitting here a nervous wreck. lol
It's been one rollercoaster ride of a year.
12-03-2012 10:59 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.
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.