Financing in Jersey City>Question Details

Lance, Home Buyer in Jersey City, NJ

NJ Mortgage approval process/How long does a 'Condo project review' take to review?

Asked by Lance, Jersey City, NJ Sun Jul 27, 2008

I am on day 28 with a Wachovia broker, I have satisfied all that they have asked for just waiting for the 'condo project review' to be approved by underwriters for an answer. Does this mean that I am approved so far except for this? I have the title work done and am all set, can they still decline approval? I just want to close this week. help!

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The mortgage business has been very tough on condo's recently. Your loan can still be denied even if you have supplied all if the information the lender has asked for. The loan can be denied due to the condo not Fannie mae or Freddie mac approved. What this means is there may be 1 oener that owns too many units, to many investor owned units or the condo's insurance may not be sufficient. Wachovia is also having some internal problems. they just shut down most of there brokerage centers and laid off most of there staff. If you would like someone else to take a look at your loan, please feel free to call me at 800-706-1177 ext-127, My name is Stephen Roe and I am a loan officer with Suncoast Mortgage Corporation. We are also in NJ. Otherwise, Good luck!
0 votes Thank Flag Link Mon Jul 28, 2008
Your mortgage broker who is responsible for your loan should have the answers for you. You need to confirm your closing date if there is a delay submit an amendment extension to cover yourself would need to be signed by you and the seller Contact broker in the morning.
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0 votes Thank Flag Link Sun Jul 27, 2008
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