Home Buying in Schererville>Question Details

Theresa Ayi, Home Buyer in Greenville, SC

How long will underwriting of a loan take when I have a past foreclosure, and my name is on the government CAIVRS list until Sept. 10th, 2013?

Asked by Theresa Ayi, Greenville, SC Mon May 20, 2013

I have been told from my loan officer that it may/will take up to 45 days beyond the eligibility date of September 10, 2013 for my name to be cleared from the CAIVRS list. I'm wondering when I should start to look at buying a home...July, August, or should I wait until September to submit a bid on a home, because even if I am approved in every other aspect of the loan through underwriting, I will be denied if my name is still showing up on the CAIVRS list?
Any information would be extremely appreciated. Thank you.

Help the community by answering this question:

Answers

4
Here are two websites I found that might help you better understand how the system works.
http://www.guidetolenders.com/refinance_mortgage/articles/pa…
http://portalapps.hud.gov/FHAFAQ/controllerServlet?method=sh…
Hope they are useful.
1 vote Thank Flag Link Tue May 21, 2013
Definitely wait, if you would like I could email you homes as they come on the market so when you're cleared you will be ready to make an informed decision. Jessekikkert63@gmail.com feel free to email me with your criteria when you want to get started.
0 votes Thank Flag Link Mon May 20, 2013
You should waith untill your name is of the list. You should know than for how much you are approoved and how long it will take close.
0 votes Thank Flag Link Mon May 20, 2013
I would recommend waiting until you can be certain your loan can go through. Right now the market is moving fairly quickly with a limited amount of inventory relative to the same time period last year. That being said, sellers are receiving offers with less contingencies and shorter contract-to-close time periods.
The typical transactions I see, and expect my clients to see, have closing dates of 30 to 60 days from the offer date. Anything beyond 60 days may be suspect or not weighted as favorably as another offer in this time period.
I hope this helps, please feel free to call me to discuss further.
Tony Mitidiero
708-259-3734
0 votes Thank Flag Link Mon May 20, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer