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Now what? FHA Mortgage with first time homebuyers down payment assitance

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Established Member

Now what? FHA Mortgage with first time homebuyers down payment assitance

Good morning! We were approved in underwriting with conditions, we've just turned in everything they asked for. Now what? Our closing date is February 21st. Do you all think we will make it for that day? We applied for the house Janurary 13 and paid the earnest money on Janurary 14th. I feel like this is going really fast but I don't really know how this is. The house is a new build and we've already paid for inspection as well. We are scheduled to walk the house this wednesday to see if there is anything we believe should be fixed. Title company sent me documents to review and their information for closing day as well. Any info or advice is appreciated. thank you!

 

6 REPLIES 6

Re: Now what? FHA Mortgage with first time homebuyers down payment assitance

Yes, it can definitely move that fast.  All depends upon the lender and processor as well as the borrower.  Seems like you are on the ball with your documents.  If you are using a Realtor, have them go over the closing docs with you prior to closing.  Also, reach out to your loan officer as well with any questions.  Both should be able to give you more insight into the closing process and the timeline for getting you closed.

Message 2 of 7

Re: Now what? FHA Mortgage with first time homebuyers down payment assitance

Yes, it can definitely move that fast.  All depends upon the lender and processor as well as the borrower.  Seems like you are on the ball with your documents.  If you are using a Realtor, have them go over the closing docs with you prior to closing.  Also, reach out to your loan officer as well with any questions.  Both should be able to give you more insight into the closing process and the timeline for getting you closed. 

 

The only issue you may run into is with the downpayment assistance.  Some agencies drag their feet when processing, some require you to reserve the funds when starting the process, and others get it done when needed. 

Message 3 of 7
Established Member

Re: Now what? FHA Mortgage with first time homebuyers down payment assitance

thank you! Well underwriter requested a couple more things which I provided yesterday, except for one which is have more money reserves. I should have that by the 15th and be able to send to UW. Loan Processor says as soon as I send that I should be clear to close for the 21st. LP also confirmed that my Downpayment assistance was approved, so I am very happy about that. Hopefully I will get to close on the 21st!

I will update Smiley Happy in the meanwhile all I can do is wait.

Message 4 of 7
Established Member

Re: Now what? FHA Mortgage with first time homebuyers down payment assitance

**Update** 

Today I received THE call that we are clear to close! Yay and will be getting money back at closing! Can't wait to get those keys!

Message 5 of 7
Established Contributor

Re: Now what? FHA Mortgage with first time homebuyers down payment assitance

congrats im about to go into underwriting what are some of the conditions they are asked you before you were clear to close





Message 6 of 7
Established Member

Re: Now what? FHA Mortgage with first time homebuyers down payment assitance

Thank you and Congratulations as well! Our conditions were to pay off one credit card and have a bit more money reserved.

Message 7 of 7