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How far out did you get your closing date?

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Valued Member

How far out did you get your closing date?

How far out from closing did you get a closing date from your lender?

 

I'm freaking out - my realtor put on my purchase agreement that we would close by May 25.  Mortgage broker said it would be tight but should be fine.

 

I don't know if I've actually been to underwriting.  The mortgage broker submitted documents to the lender and told me I was conditionally approved after two days.  I sent in all requested additional documents.  That was weeks ago.  We have been waiting on appraisal and got that back yesterday.  We have been waiting on seller to finish requested repairs and those are done so we can re-inspect, scheduled for May 13.

 

I asked my mortgage broker yesterday if we are still able to close on May 25 (which is a holiday, so of course not).  He says "it should be fine". He says "provided appraisal is fine then lender should be ready to send package to USDA by the end of next week" (meaning the 15th).  USDA is taking about 10 days now for guaranteed loans.

 

"It should be fine" is not good enough for me!  I'm trying to schedule movers, schedule fence builder, need to give notice at my current rental, pack...

 

When did you all actually get a closing date?

 

Message 1 of 12
11 REPLIES 11
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Frequent Contributor

Re: How far out did you get your closing date?

Our USDA Direct closing was scheduled 2 months out. Ratified contract on 4/15 with a closing date of 6/15. 

Thanks to this forum, I stayed sane while buying our 1st home via USDA Direct & closed on July 31st, 2015, our 108th day under contract. Two weeks later, we applied for an auto loan from DCU & got approved! Now, all we need is the white picket fence installed.
Message 2 of 12
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Frequent Contributor

Re: How far out did you get your closing date?

Our offer letter, submitted 03/08 by our broker's agent, called out 04/15.

 

Our original commitment letter from our loan officer called out 04/02, which would have been tight, but doable, if we hadn't gone for the Energy Efficiency Mortgage and needed the extra time to get quotes from contractors. 

 

We ended up closing on 04/15.

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Message 3 of 12
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Frequent Contributor

Re: How far out did you get your closing date?

I would only give you this little bit of info to save you the drama that I am going through.... My closing date listed on contract is "Thur May14".... thats 4 "business" days away and 6 calendar days away and I STILL have NO a clear to close from my lender (Mortage Solutions of Colorado). There are some key words in your lender's statement ( "provided appraisal is fine")  My loan type is USDA Guaranteed and these appraisals must include "health and safety" considerations be listed in appraisal... long story short my appraisal listed a repair to the sheet vinyl in basement were condition of value... ( was immediately professionally repaired, however the SAME appraiser MUST come and verify and document repairs and complete and updated appraisal, he has been unavailable since repair)  I MUST be out of my current rental on 5-14 as new tenant takes posession the 15th.... I HAVE NOWHERE TO GO ! I padded my timeline (or so I thought) by two weeks as my loan officer told me that Apr30 was "not going to be an issue"...

In any event ,  I have found that saving the last half of rent or even a month is NOT worth the stress and anxiety of where I will house my wife and 12 week old baby Smiley Sad If I dide this again I absolutely would not give notice until after closing with keys in hand... just sayin'

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Message 4 of 12
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Senior Contributor

Re: How far out did you get your closing date?


@PdxGirl wrote:

How far out from closing did you get a closing date from your lender?

 

I'm freaking out - my realtor put on my purchase agreement that we would close by May 25.  Mortgage broker said it would be tight but should be fine.

 

I don't know if I've actually been to underwriting.  The mortgage broker submitted documents to the lender and told me I was conditionally approved after two days.  I sent in all requested additional documents.  That was weeks ago.  We have been waiting on appraisal and got that back yesterday.  We have been waiting on seller to finish requested repairs and those are done so we can re-inspect, scheduled for May 13.

 

I asked my mortgage broker yesterday if we are still able to close on May 25 (which is a holiday, so of course not).  He says "it should be fine". He says "provided appraisal is fine then lender should be ready to send package to USDA by the end of next week" (meaning the 15th).  USDA is taking about 10 days now for guaranteed loans.

 

"It should be fine" is not good enough for me!  I'm trying to schedule movers, schedule fence builder, need to give notice at my current rental, pack...

 

When did you all actually get a closing date?

 


You can't do anything about the process/length of process time of financing a home. The lender controls just about everything. I work for a national builder and our buyers often don't receive confirmation of a closing date/time until a day or so before closing. That's just the way it works. The closing agent has to wait for the lender to deliver a complete financing document package before scheduling the actual closing.

 

Message 5 of 12
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Frequent Contributor

Re: How far out did you get your closing date?

5 weeks after offer acceptance

Message 6 of 12
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Valued Contributor

Re: How far out did you get your closing date?

Our builder put our close date in the contract....7 months out. Our builder was ready to close on the date in the contract. It was our lender who caused the delay.
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Message 7 of 12
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Valued Member

Re: How far out did you get your closing date?

Thanks everyone for the replies, especially Nuggets321...so sorry for you!  But it will all work out in time.

Message 8 of 12
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Valued Member

Re: How far out did you get your closing date?

We are still in underwriting at this time; but our appraisal is done and today my LO told me she expected us to close on our FHA loan sometime between June 16th (the soonest) and June 30th (what she felt would be the latest).

 

Message 9 of 12
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Established Member

Re: How far out did you get your closing date?

We had a three week close from offer acceptance - but I already had pretty much everything in to my lender and had just gotten out of a contract on another house.

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Message 10 of 12
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