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Has anyone applied for this loan? I am in the process and it seems to be taking forever. I was already pre-approved and signed a contract for a house. I then gave them the paperwork they needed for the loan a week ago and today when I called to ask about it the loan officer said I probably wouldn't hear if its approved for another 3 weeks. They also said that it takes longer to find a CDMP certified appraiser. Is the appraisal more strict for this loan? I don't feel like they care to answer my questions.
What is the CDMP Loan? I've never heard of that..?
I should have wrote that CDMP stands for Community Development Mortgage Program. Here is a little info on it.
@Anonymous wrote:*CDMP
It's a Community Development Mortgage Program.
No, I'm not that familiar with them because in our area I *think* they are restricted to certain geographical areas. Maybe someone else knows about them.
I tried for CDMP and was denied because I had PAID collections of more than 500 dollars in the last two years. There are special appraisal guidelines they have to do. It was an entire month before I got my denial. I did get notification about 3 weeks in that I had to be sent to a higher level of underwriting because of the paid collections. I hope you have better luck, Wells process of underwriting is lengthy because once they run into an issue with your file they put it aside and start working on someone elses and yours get picked back up once they run into issues with other files so it is like they are juggling multiple files.