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I have a 651 credit score. i have no money to put down, first time homebuyer. i was wondering what programs are available w/no money down. also is a lease/purchase a good idea?
Additional D... |
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Beth | Can some one help me? I have applied for a loan and the loan was approved.? |
I haven't got the closing date yet. How long after the approval dose it take for the closing to happen? The company I am working with is a broker. They say I have been approved and I have received the terms and conditons of the loan. I found out they have to send those something about the law. But it seems to be that the loan company keeps wanting more information. I don't understand cause if it is approved what more can they want. I was told that last tus we were going to close it is now sun and no idea when it will close I really hope soon. Has anyone had this experiance. I know closing take awhile but I just don't know how long it will take. The guy I have been talking to said it will close buy the end of the month I am starting to feel it is never going to happen. |
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superloanlady
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Your loan officer, should keep you informed. When a loan is submitted to a lender, it goes into underwriting. The underwriter verifies the information submitted, and if it meets their guidelines, sends out an approval, with stipulations needed to get the loan closed, could be most recent paystub, bank statement, if it has been awhile since you applied, there are verifications of employment, deposit, and mortgages. I don't know what state you are in, so its hard to say what is going on, some states require an attorney to do the closing. If it is a purchase, then who you are going to use for insurance, a pest inspection, and all paperwork involving the sale has to be included. If your loan officer isn't giving you straight answers, more than likely they have a processor in the office who has been working to get your loan closed, ask to speak to the processor, they are very busy, just explain that you are concerned about your loan and would like to know what is going on, what do they need, and when can you expect to close. If you are unable to speak to the processor, ask for the broker or office manager. You are entitled to know what is going on, make sure you know what terms they received, too many times I have heard of closing docs being totally different from what was originally quoted. Sometimes a lender, instead of turning the file down will provide a counter offer. Could be you have a new loan officer, that's not sure how the process works. Tell them you need to know exactly what is going on. Good news is Weds is the first, so they could already be preparing your closing docs. |
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MissV
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You should have named an approximate closing date when you provided an Offer to Purchase. This gives the mortgage company a date to shoot towards.
Where's your Realtor? |
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Chef Frisbee
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If they ask for some upfront closing fee - its a scam - walk away |
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Expert Realtor
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Every loan that credit-qualifies is approved WITH CONDITIONS.
If you don't fulfill the conditions, then they won't do a FINAL approval of the loan.
An underwriter reserves the right to add conditions, if conditions you provide raises more questions...such as if they need to source funds and your bank account shows money being moved around...then they may want to see a papertrail to prove the money actually exists.
Remember that you are borrowing tens of thousands of dollars on a credit report and your signature on a few documents....it is very, very common to ask you for lots of information...basically your ENTIRE income and financial history, for final approval.
If you don't want to provide the documentation, you can always go stated income....but you'll pay a much higher rate. |
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Ari
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"Approved" doesn't necessarily mean that your loan has been given the 'OK' by an Underwriter yet. I means that you've met the general guidelines for the loan--i.e. the salary amount you gave, your credit scores, etc.
Once you've gotten your first approval, this means that they can start working on gathering everything to submit to the Underwriter for full approval. Such as your paystubs, W-2's, Verification of Rent or Mortgage, the home appraisal, title work, etc.
Once all this is received and it still looks like you're within approval guidelines, the loan will be handed over to an Underwriter. They'll then review the loan to make sure that it absolutely meets every guideline given by the bank, and their investors that purchase the mortgage portfolios.
If/When it is approved by the Underwriter, they'll be able to set-up your closing. The amount of time depends on how long it takes to obtain the documents and how busy Underwriting is, generally.
Since you're working with a broker, they'll "approve" you, meaning you met the standard guidlines. Then they'll shop your loan to several banks, and that bank will go through the above process. |
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helprhome
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Hello there. I like to tell people that I help with this kind of thing that it may take up to 30 days from contract to closing. Now the contract is when you have agreed with the Seller or everything. Closing is when the keys are transferred and the title is transferred. The lender has a two step process and some of it depends on you. They approve you for the money then you have to get insurance on the property, they have it appraised and sometimes surveyed and approve that the property is worth what you are planning to pay for it. You probably have had it inspected so that you know what things might need to be fixed and how soon. A good inspector is worth their weight in gold for a 1st time buyer! They will tell you what is needing to be done now and where everything gets shut off at, as well as how long should an appliance last. That is important if you are buying a home! You need to plan for those repairs for the future or look for a home warranty program now and pay for it every year from now on. The biggest expense is usually the air conditioning, so that has to be working to be able to get the warranty to start with. Be patient, it will probably all come together just fine. Everyone in the transaction gets paid at closing so they are motivated to get it done! |
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