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National Emergency/COVID-19 effect on loan approval?

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cp94550
Regular Contributor

National Emergency/COVID-19 effect on loan approval?

I am currently in escrow on new build construction, with projected close date of 5/21. 

Could/will the current state of the US have an impact on my loan/purchase?  Are banks business as usual or should I be concerned?

 

Current least ends 6/15.... do I need a backup plan in case it falls through?


Starting Score: EX: 560 on 11/1/11
Current Score: EX: 651 on 1/31/16
Goal Score: 700

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CreditInspired
Community Leader
Super Contributor

Re: National Emergency/COVID-19 effect on loan approval?


@cp94550 wrote:

I am currently in escrow on new build construction, with projected close date of 5/21. 

Could/will the current state of the US have an impact on my loan/purchase?  Are banks business as usual or should I be concerned?

 

Current least ends 6/15.... do I need a backup plan in case it falls through?


If it were me, I would have a backup plan in play no matter what. Reasons: there could be a possible work stoppage or slowdown due to workers getting sick; financing delays due to low interest rates and an overwhelming number of mortgage and refinance applications; supplies/appliances delivered late, again due to possible employees being out sick. 

Yep, it's a good idea to have contingency plans in play. 


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cp94550
Regular Contributor

Re: National Emergency/COVID-19 effect on loan approval?

We closed today 🎉🎉. Lender did say some things changed in regards to approvals/qualifications but nothing that effected us. . Luckily wife and I both remained employed. 

 


Starting Score: EX: 560 on 11/1/11
Current Score: EX: 651 on 1/31/16
Goal Score: 700

Take the FICO Fitness Challenge
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19eighty5
Senior Contributor

Re: National Emergency/COVID-19 effect on loan approval?


@cp94550 wrote:

We closed today 🎉🎉. Lender did say some things changed in regards to approvals/qualifications but nothing that effected us. . Luckily wife and I both remained employed. 

 


Congratulations on closing!

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Sept 2022):EX- 706, TU- 685, EQ- 684
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