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Waiting painfully for clear to close

tag
Anonymous
Not applicable

Waiting painfully for clear to close

Got an extension  Friday (final extension ) was supposed to get clear to close today,instead I get we need one year of rent checks, and then a by the way do you have a 401k.

 

I have 20k in reserves after my down payment a 663 credit score if I was approved by the first underwriter with 2 already met conditions what is the deal.  My extension runs out Tommorow and I doubt a clear to close and closing happens the same day any idea what is going on.  FHA loan by the way. .

 

Message 1 of 4
3 REPLIES 3
thrillege
Valued Member

Re: Waiting painfully for clear to close

I still don't understand why they ask for the 401k statement. Is it not ok to pull money out of it for closing cost/ down payment?

Message 2 of 4
webhopper
Moderator Emeritus

Re: Waiting painfully for clear to close

In some cases its ok to take out a 401k loan to pay for the down payment; however some loans require you to have 2 or 6 months of reserves. A 401k that is 100% vested can meet reserve requirements.
FICO 9:
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Message 3 of 4
Shogun
Moderator Emeritus

Re: Waiting painfully for clear to close


@webhopper wrote:
In some cases its ok to take out a 401k loan to pay for the down payment; however some loans require you to have 2 or 6 months of reserves. A 401k that is 100% vested can meet reserve requirements.

+1

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EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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Message 4 of 4
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