Your next step is finding out why it is not funding, what is teh [problem, do they have a fix to it and how long will it take? You should contact your buyer broker as you may need an aextension to your purchase agreement. Check with your loan officer for what the hold up is and if it can be fixed. good luck working things out... more
It only takes a few dozen questions to qualify you in minutes for the loan program to fit your needs. Are you buying a primary residence or an investment for a rental? You may qualify owner occupied from a minimum 580 fico score and 3.5% down or as low as half percent down payment program. You may qualify 3% down conventional from a minimum 700 fico score and 5% down conventional with NO Mortgage insurance from a minimum 620 fico score.
Do you need listings emailed to you to study? There are currently no REO but only standard sales and short sales from 2bd 3ba condo for 299k in 91708 but from 160k for 2bd 1ba condo in Chino. You will need pre-approval to be able to look at and submit offers on homes of your choice. Here is a needs list to gather for processing a loan approval, DU Approval or pre-approval letter. http://tinyurl.com/l9ctod4
Here are some links to study and consider that I offer.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
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It actually depends on your lender regarding the time period. Some lenders are wet funders and as soon as your docs are signed and checked in by the escrow department they call and the lender will fund as long as it is before the cut off time the will fund that very day. Some lenders require that the paperwork be sent to them so they can give it the once over and there could be a 1-3 days before the fund.
As for what happens the escrow company finishes up items and sends to title the signed grant deeds and other paperwork that they require and asks them to set up for recording according to what the contract states and the timing of the lender.
Once it is funded (again depending on the timing and country requirements) it could record that same day or many times the next work day.
You can ask your lender what the turn around time is to find out when it would be funded.
Diana 909-945-5763... more