Home Buying in Naugatuck>Question Details

EastCoastBuy…, Home Buyer in Naugatuck, CT

I'm supposed to close on Friday and I just got the conditions for my conditional approval yesterday.

Asked by EastCoastBuyer, Naugatuck, CT Tue Feb 25, 2014

I submitted the documents they needed yesterday within 20 minutes of their request. Will I still be able to close Friday (2/28)? When I emailed my lender on Monday to ask him if we can still close Friday, he said that as long as the processor gave me conditions by yesterday, we should be good, but since it's cutting it really close I'm starting to get nervous. This is my first home purchase and it's an FHA loan. They only asked for 4 conditions (explain deposits on my account, sign 2 forms, and take a homebuyers class) which were submitted pretty fast, but I was wondering how long it would take from that point on to get the clear-to-close.

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There are national lenders today who will grant a 'CLEAR TO CLOSE' within five days of application. This is BEFORE the home inspection and appraisal dollars are spent. With lenders such as these, the uncertainty is REMOVED. There are no 'Found a few things' two days before closing. -------- In your case, 'How long will it take' depends if your contract inflicts pain on the lender or broker for missing the close date. If the lender misses the close date, there is no consequence to them. It is possible, the obstacles you encountered can be resolved the same day. The underwriters will do what they can to meet the closing date, but they will not expose themselves to risk. Try to remain calm and collected. The process will work at it's pace. The issues presented do not suggest your purchase is in jeopardy.
Congrats on your pending home purchase. Best of success, Annette Lawrence, Broker/Associate, Remax Realtec Group, Palm Harbor, FL 727.420.4041
1 vote Thank Flag Link Tue Feb 25, 2014
Final approvals are difficult to predict and generally depend on your specific circumstances. "clear-to-close" notice can come a week to a couple of days prior to closing or a couple of hours before the event. Unfortunately, there are times when the lenders elect to not fund the loan. Good luck....

Bill
1 vote Thank Flag Link Tue Feb 25, 2014
That is really dependent on the lender and how soon they can review those conditions. Assuming when they review what you submitted that there are no new questions or items to address, such as providing cancelled checks for the deposits, then closing Friday in not stretching things too much.

Some lenders are really good at meeting closing dates and some have a lot of red tape and are not so good. The larger the bank, usually the slower they move.

Just keep in good communication with your loan officer and make yourself available to fulfill any last minute conditions, and hopefully you'll be fine.

Once a clear to close is granted, it generally takes a day or so for the documents to go out to the closing agent and to get you your figures for closing.

I always advise people not to line up movers,deliveries, cable installers, etc until everything is cleared and the closing is set. Before then, any number of things can happen to delay things, whether it has to do with the loan, the buyers, or the sellers.

It's not over til its over!
0 votes Thank Flag Link Tue Feb 25, 2014
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