Sweety, Home Buyer in Washington, DC

After the fha appraisal how long until closing? I'm not in underwriting yet!?!?!

Asked by Sweety, Washington, DC Tue Jan 12, 2010

I did my loan application the beginning of December 09' for a fha loan. They just got the appraisal on the house 1/11. So all this time I thought I was in underwriting, now the seller wants to close by 1/31 and I am just going to underwriting. Does this look possible to close by 1/31? Oh yeah, I'm buying from Fannie Mae and using NSP funds which from what I understand is about a 21 day turn around.

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Ask your mortgage broker who has status of your file. Most closing are approx. 45 - 60 days from date execution of contract.
0 votes Thank Flag Link Tue Jan 12, 2010
Hi Sweety, your last sentence makes all the difference in the world as far as time frame goes. There are a few additional steps involved in the loan process when going through the NSP program. On average 6 out of every 10 settlements DO NOT close by the contract time frame. You can more than likely add another 2-3 percentage points to this average when dealing with first time buyer programs.
The key here is patience. If you have a little, the end result will be all worth while....

Much success to you!
Web Reference: http://www.alqamarmalik.com
0 votes Thank Flag Link Tue Jan 12, 2010
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