VA home loan 8 business days to close

[Anonymous]

So I have 8 business days to close on my house. The appraisal was ordered 2 weeks ago Thursday. It was due in last Thursday which would be 10 business days., today is sunday. The broker said they got an email on Thursday stating it will be in by end of close of business on Thursday. Still nothing. The broker said they are going to call the VA regional loan center on Monday. I am supposed to close on the 25th of this month. 8 business days left. Once the appraisal gets in it goes for final review. I am at my breaking point here. Its been a hard journey. Never had these problems before when I purchased two previous homes with the VA. So I am stressing about final review. I hear so many stories about things going wrong during the final review. My fico score is 771. I have the money for down payment. I have no debt and have not opened any new credit cards, loans, or had any credit checks performed. I just need reassurance I guess. So wanting to be done with this. Need to get out of my apartment. Been here for 3 months since my divorce. Here is one question that I have been unable to find. So I know to not open any loans or do any credit checks. I am not doing this but lets say I got a car loan 3 days before closing. I know it takes awhile for a loan to show up on a credit report. How would anyone know I have a car loan? If its not on the credit report and I did not put any money down, how would the home lender know? How would it be discovered during final review or the day of closing? I am sure I have to sign a document stating nothing significant has changed when closing but other than that how is it discovered? I could understand if it was done 3 or 4 weeks before closing but do nto know how it is found out just days before closing. I was just curious.

[Anonymous]

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@Anonymous wrote:
So I have 8 business days to close on my house. The appraisal was ordered 2 weeks ago Thursday. It was due in last Thursday which would be 10 business days., today is sunday. The broker said they got an email on Thursday stating it will be in by end of close of business on Thursday. Still nothing. The broker said they are going to call the VA regional loan center on Monday. I am supposed to close on the 25th of this month. 8 business days left. Once the appraisal gets in it goes for final review. I am at my breaking point here. Its been a hard journey. Never had these problems before when I purchased two previous homes with the VA. So I am stressing about final review. I hear so many stories about things going wrong during the final review. My fico score is 771. I have the money for down payment. I have no debt and have not opened any new credit cards, loans, or had any credit checks performed. I just need reassurance I guess. So wanting to be done with this. Need to get out of my apartment. Been here for 3 months since my divorce. Here is one question that I have been unable to find. So I know to not open any loans or do any credit checks. I am not doing this but lets say I got a car loan 3 days before closing. I know it takes awhile for a loan to show up on a credit report. How would anyone know I have a car loan? If its not on the credit report and I did not put any money down, how would the home lender know? How would it be discovered during final review or the day of closing? I am sure I have to sign a document stating nothing significant has changed when closing but other than that how is it discovered? I could understand if it was done 3 or 4 weeks before closing but do nto know how it is found out just days before closing. I was just curious.

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For someone who says they're not getting a car loan right before closing, you sure do have a lot of questions about doing so. If you're not doing it, DON'T WORRY ABOUT IT. If you are doing it & planning to sign that document stating nothing significant has changed, you'll be committing fraud. I just don't understand why you'd stress something you're not planning to do if you're truly not planning to do it.

[Anonymous]

I'm not stressing at all about a car loan. Imean just curious is all. I just want to know about how they would find out 3 days before closing if a person got one is all. The reason why i ask is because i havr lifelock. The next day they ask me if i applied for a new loan. So i dobt know how lofelock does it. So i am guessing if lifelock can find out the bank can find out. What i am trying to understand is how can they find out so fast. Yes i am buying a new car. In 6 qeeks from now. I am not going to jeopardize my home loan for a car. I am juat trying to understand a process and how it works is all. I am stressed about the apraisal not comming in on Monday and pushing back the closing date or during final review they need more documents Or clarifications pushing back the closing date as well.

[Anonymous]

Everything moves faster in the digital age, especially credit info. If this were 1965, I could see it taking 3 or 4 weeks for the credit info to hit the bank, but with the internet, I'd blame that for lenders discovering all credit applications immediately. Mystery solved. They know all & see all is the assumption I'd go on.

[gdale6]

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@Anonymous wrote:
So I have 8 business days to close on my house. The appraisal was ordered 2 weeks ago Thursday. It was due in last Thursday which would be 10 business days., today is sunday. The broker said they got an email on Thursday stating it will be in by end of close of business on Thursday. Still nothing. The broker said they are going to call the VA regional loan center on Monday. I am supposed to close on the 25th of this month. 8 business days left. Once the appraisal gets in it goes for final review. I am at my breaking point here. Its been a hard journey. Never had these problems before when I purchased two previous homes with the VA. So I am stressing about final review. I hear so many stories about things going wrong during the final review. My fico score is 771. I have the money for down payment. I have no debt and have not opened any new credit cards, loans, or had any credit checks performed. I just need reassurance I guess. So wanting to be done with this. Need to get out of my apartment. Been here for 3 months since my divorce. Here is one question that I have been unable to find. So I know to not open any loans or do any credit checks. I am not doing this but lets say I got a car loan 3 days before closing. I know it takes awhile for a loan to show up on a credit report. How would anyone know I have a car loan? The inquiry(s) show in microseconds and creditors have auto notification of such things if they ask for them.  If its not on the credit report and I did not put any money down, how would the home lender know? How would it be discovered during final review or the day of closing? I am sure I have to sign a document stating nothing significant has changed when closing but other than that how is it discovered? I could understand if it was done 3 or 4 weeks before closing but do nto know how it is found out just days before closing. I was just curious.

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[frugalQ]

They would see the inquiry that shows up immediately.

and you would be required to sign a statement explaining what the inquiry was for and if you took on any new debt.

This is the exact reason lenders do a soft pull days before closing.

[Legal_Girl]

AND.. what if the closing date is postponed for some reason, appraisal, etc?  Then there it is on your credit report right before closing.  What then?? 

[Anonymous]

All I wanted to know was how it would show up. It had been answered and I appreciate that. Thank you. Apraisal came in above purchase price. It's in final review now. I could get the keys as early as Friday or Monday at the latest if everything is ok during final review. Almost there. I have bought 2 houses in the past and it had never been as stressful as this purchase.

[MarineVietVet]

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@frugalQ wrote:
They would see the inquiry that shows up immediately.

and you would be required to sign a statement explaining what the inquiry was for and if you took on any new debt.

This is the exact reason lenders do a soft pull days before closing.

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It must depend on where you live or a particular lender.

When I refied my home in October 2012 I had two hard pulls; one right before closing.

But I was expecting it so it was not an unpleasant surprise.