So Nervous!

[Anonymous]

Ok, heres the situation...We found our home and the offer was accepted last week. Our loan officer had us pre-approved a few weeks prior using the FHA Total Scorecard. We sent him all the required documents like paystubs and savings acct. info. We put 2K for earnest money and opened escrow on 9/10. We are using the DPA program which the seller agreed to put in 9.6K. So basically, we need to close by Sept. 30th. Our loan officer said everything should be smooth and we will close on time. This is of course a FHA 30 year fixed rate loan. Yesterday we received an overnight package with various papers to sign with est. motgage payment, etc

Is it really possible for us to close in time?

 We have already had an appraisal and home inspection is today.

I do have savings put aside for thr down payment if needed, if DPA runs out!

[FL_N8iv]

Hmmm...we're talking 17 days.  It'll be very close, but very possible as you already have addressed some things on your "closing checklist" (appraisal, home inspection).  An extremely proactive approach is the key.  I would scan/fax whatever I could then overnight anything else (CMRRR of course ).  As I understand, UW can take anywhere from 7-10 business days so that'll be your determining factor.  If your app is already @ UW, then you're ahead of the game. 

Given your tight deadline, I would check in daily to ensure you're aware of any pending issues right as they occur.  That way, you'll have the best opportunity to jump on them ASAP & prevent any potential delay.

CONGRATS on your home & BOL closing by 9/30!   

Message Edited by FL_N8iv on 09-13-2008 04:44 PM

Message Edited by FL_N8iv on 09-13-2008 04:44 PM

Message Edited by FL_N8iv on 09-13-2008 04:46 PM

[DallasLoanGuy]

depends on the company.

some can do it and others quit taking these deals already because they cannot close on time.