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Closing Appointment set but lender hasn't issued clear to close

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New Member

Closing Appointment set but lender hasn't issued clear to close

I’m new to home buying and starting to get nervous. My closing date is supposed to be 5/22 with a $100 per Diem per day if I close after 5/22. My purchase agreement was signed 4/10 by the seller and submitted to my lending officer. I am a single mother with 3 dependents. I am purchasing a home through the FHA first time home buyer’s program with a down payment assistance loan. I am a salaried employee and have been with my company almost 5 years. I got pre approval for a loan the beginning of March. On 4/14 I received the loan application from my lender. I filled it all out and mailed it all in. I had previously sent all the proofs…..bank statements (I have 2 checking accounts), IRA and 401k statements, child support orders, pay stubs, w-2’s, taxes when I applied for the pre approval. I completed my homebuyer’s education on 4/17 and pre purchase counseling on 4/22 and immediately submitted those to my lender. 4/22 the appraisal came back with no work orders and 4/17 my application was sent to the loan processor. On 4/29 I realized the one of my judgments (I have two from 2009&2010 that have both been paid) was not listed as satisfied on my credit reports so I sent letters of satisfaction to my lender. 4/24 my application finally went to underwriting. Sometime between 4/24 and 4/27 title work was requested by my realtor (I am not going through my finance company for title work). On 5/1 I was requested to sign more documents, the 4506’s that were not included in my original paperwork (this is the first I had ever seen these forms) so I immediately sent them over. On 5/8 my lender contacted me and said that underwriting had some conditions (nothing about being approved with conditions). The conditions were easy enough, a bank statement showing the tax deposit into my account and where I transferred that money to my other account, an updated pay stub, and copies of the checks used to pay off my judgements. I sent those. But the checks weren’t for the full amount of the judgment since I had been paying on them for 2 years so I had to write a letter of explanation which I did. I had all this back to her the same evening she requested it. Also on 5/8 I contacted my real estate agent to check on title work, she said it was still being processed. 5/11 I emailed my lender asking the status of my loan and for an updated cash to close.  5/13 She replaied back with my estimated cash to close but no status on my loan so I contacted my realtor.  She informed me underwriting had requested something from the title copany but from her understanding it is all cleared up and the loan is being finalzed.  A closing appointment was then set up for 9am 5/22 but I still haven't gotten the clear to close.  I'm nervous and anxious.  With not having the clear to close how likely is it that something may come up and push back closing?

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Established Contributor

Re: Closing Appointment set but lender hasn't issued clear to close


@bellemme3 wrote:

I’m new to home buying and starting to get nervous. My closing date is supposed to be 5/22 with a $100 per Diem per day if I close after 5/22. My purchase agreement was signed 4/10 by the seller and submitted to my lending officer. I am a single mother with 3 dependents. I am purchasing a home through the FHA first time home buyer’s program with a down payment assistance loan. I am a salaried employee and have been with my company almost 5 years. I got pre approval for a loan the beginning of March. On 4/14 I received the loan application from my lender. I filled it all out and mailed it all in. I had previously sent all the proofs…..bank statements (I have 2 checking accounts), IRA and 401k statements, child support orders, pay stubs, w-2’s, taxes when I applied for the pre approval. I completed my homebuyer’s education on 4/17 and pre purchase counseling on 4/22 and immediately submitted those to my lender. 4/22 the appraisal came back with no work orders and 4/17 my application was sent to the loan processor. On 4/29 I realized the one of my judgments (I have two from 2009&2010 that have both been paid) was not listed as satisfied on my credit reports so I sent letters of satisfaction to my lender. 4/24 my application finally went to underwriting. Sometime between 4/24 and 4/27 title work was requested by my realtor (I am not going through my finance company for title work). On 5/1 I was requested to sign more documents, the 4506’s that were not included in my original paperwork (this is the first I had ever seen these forms) so I immediately sent them over. On 5/8 my lender contacted me and said that underwriting had some conditions (nothing about being approved with conditions). The conditions were easy enough, a bank statement showing the tax deposit into my account and where I transferred that money to my other account, an updated pay stub, and copies of the checks used to pay off my judgements. I sent those. But the checks weren’t for the full amount of the judgment since I had been paying on them for 2 years so I had to write a letter of explanation which I did. I had all this back to her the same evening she requested it. Also on 5/8 I contacted my real estate agent to check on title work, she said it was still being processed. 5/11 I emailed my lender asking the status of my loan and for an updated cash to close.  5/13 She replaied back with my estimated cash to close but no status on my loan so I contacted my realtor.  She informed me underwriting had requested something from the title copany but from her understanding it is all cleared up and the loan is being finalzed.  A closing appointment was then set up for 9am 5/22 but I still haven't gotten the clear to close.  I'm nervous and anxious.  With not having the clear to close how likely is it that something may come up and push back closing?


I just got my CTC Monday and am signing today, so you're not completely out of timeline. I would check in with them tomorrow (and Monday, if the answer isn't had by then) but the fact that the closing appt is set is maybe a good sign. Here they won't even schedule that until they get documents from the title company so it's a good sign for that reason.

Hang in there Smiley Happy

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New Member

Re: Closing Appointment set but lender hasn't issued clear to close

Thank-you.  And good luck too you Smiley Happy  I'm way to impatient.  I emailed my lender my paystub today as a way to ask more questions.  She cc'd someone else within the bank asking for an update on conditions so hopefully I hear back soon.  If I don't hear by Monday I think I will try again.  The unkown can be so unbareable, I've been trying to find other things to focus on to keep me occupied.  It was working up until late last week, lol

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Valued Contributor

Re: Closing Appointment set but lender hasn't issued clear to close

did your LO give you the name and contact information of your processor?  They should be able to give you better status of what's going on with your file.

 

may 22nd is next friday...it is not unusual to get CTC about 2-3 days before closing.

 

congratulations!!!  oh, and welcome to hell week!!!  Smiley Very Happy

 

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Frequent Contributor

Re: Closing Appointment set but lender hasn't issued clear to close

Got my CTC the evening before closing!  Good luck.  I am sure all is fine.

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