Waiting on final underwriting approval

[Anonymous]

My home buying journey that started last summer with one house not passing home inspection and the other not passing financing approval I have finally found a property that everyone is in agreement for purchase.  It had a few minor upgrades that needed to be done (well in basement, no longer allowed, and fuse breaker service at 60AMP that needed to be upgraded) but with contingencies on price we came to agreement on repairs.  It passed septic inspection, home inspection (with some minor corrective work and aforementioned upgrades) and finally appraisal earlier this week when it came in at 10K above sales price.  Waiting on final approval so repairs can be done prior to close and I'll be locked in at a 5.25% USDA loan. 

Have to say won't take a breather till I hold the keys in my hand but for once things are looking up.  Thanks for all your advice and help throughout this past year my FICO score couldn't have done it without ya.

[ShowCredit]

Congratulations,

I am not sure what you mean when you say "the other house did not pass financing approval".  Can you please explain?

[Anonymous]

That means something about the house did not allow the financing.  Often with gov't progrmas there are standards the house has to meet.  It can be things such as repairs that need done, it could be flood issues, property issues, etc.  It means the buyer was approved for the loan, but the bank would not loan on that particular property.

[ShowCredit]

Thank you.  I did not know that.

[Anonymous]

Yup Mickie is correct.  Basically second property got two dings.  One it was a manufactured, secondly it was in a flood zone and didn't pass the elevation survey.  So FHA wouldn't back it.  I'm kinda glad at this point that the deal fell through as manufactured homes are near impossible to finance now.