10-20-2010 10:21 AM
Hello all. My wife and I applied for a direct loan. We received pre-approval letter and phone call telling us we were good to go we needed to find a house within approval amount that met guidelines and had 30 days to be under contract. If we couldnt we could apply for 2 extensions. This was Sept. 26. We found a house and went under contract the first week of Oct. THey told us to get the homebuyer ed course and get home inspection. Completed the course and got the home inspection. We were awaiting the appraisal. Well realtor called today and said they are out of funds for loans so they arent doing appraisals. We were scheduled to close Nov. 12.
They did say that funds had been approved through congress and our loan will still be good but they wont do the appraisal until the funds arrive. They said the funds could come tomorrow or it could be Nov.
Does anyone have any information as to when these funds may actually be available? I guess we shouldnt panic they said the money is coming and we are still good but it still makes me nervous.