Re: Question on FHA 203k loan...am i getting a bad deal??[ Edited ]
03-29-2012 11:00 AM - edited 03-29-2012 06:08 PM
I don't believe you can receive a GFE until you have a purchase agreement on a home. The bank can only predict your numbers until then. Right now it is still a guessing game. Here is a break down of how my process went and I will try to edit this once I get home to where all my paperwork is since I don't have exact dates in my head.
1. Recieve pre-approval from lender
2. Took home owners education class
3. Went shopping for a home
4. Had home checked for feasability (cost of home and repairs not to exceed pre-approval amount)
5. Made offer on house and offer was accepted - $1000 EMD to seller
6. Home inspection, appraisal, and repair work bid out
6. Mortgage company provides GFE
7. Repair work bids turned in- lowest bid accepted.
and that's as far as I am. I've turned in the final quote for the repair work and the lender has to work that in to finalize my numbers and send it through underwriting.
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