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FHA Mortgage Loan...Waiting on a Clear to Close

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FHA Mortgage Loan...Waiting on a Clear to Close

My husband and I will be first time home buyers and we decide to go with a FHA loan. We are on our last stretch on the home buying process and I am beyond stress!! Everything has been moving along quick and we received the conditional approval 7/30, and we turned in what they asked for. Now we are playing the waiting game and it’s what is stressing us out. We are set to close on 8/15, but we haven’t heard back until yesterday in where they need a final employment verification for my husband and that was it. Our agent and LO, said we can start getting excited but i think otherwise cause I heard things go wrong all time. We are also doing a final walkthrough of the house on 8/10 to verify on the updates the seller had to do for FHA. We are hoping everything comes out good, we have already spent so much money on this house, we’d hate to lose the deal. I guess I’m just asking for advice on how to deal on not having a “clear to close” and if anyone can help on explaining the last few steps.
Message 1 of 4
Frequent Contributor

Re: FHA Mortgage Loan...Waiting on a Clear to Close

Honestly, it sounds like things are moving very smoothly.  Final employment verification is very common obviously, and the fact that they aren't asking for any kind of additional clarification for anything is a really good sign.  Congrats on your new home.  If you don't mind, what are your specific loan terms?  PMI?  

Message 2 of 4
Established Contributor

Re: FHA Mortgage Loan...Waiting on a Clear to Close

You'd have to sign your CD by Monday EOB to close on the 15th, so it should be today or Monday but sounds like all is set to go- just the usual last sec tidy ups (VOE is always the last item)- verification of funds should have been done already.

" EX 698 EQ 701 TU 707 MMS 705"
Message 3 of 4
Established Contributor

Re: FHA Mortgage Loan...Waiting on a Clear to Close

The lending process is very complicated with many moving parts. Your feelings are completely normal as your loan is winding down. Know this, although anything can happen, at this stage of the process is really really rare. Based on how smooth you said it's gone, I would say take a deep breath, exhale, and  I hope you have started packing! Congratulations on your new home purchase.


Best wishes to you!

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI.
Message 4 of 4
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