What a great program! I've had many clients take advantage of it.
You are right on to explore financing your next home as a first step. Here's some information on why that's a good idea: http://www.trulia.com/blog/davidmstevens/
Usually, your lender can give you a pre-qualification prior to you singing your contract to purchase. Then you'll have information you need to make a purchase within your budget, and you'll have greater strength in negotiating your terms. Final approval, though, would be based upon an accepted contract, appraisal and title work completion and final verification of your documentation, etc, and I'm guessing that is what your application is referring to, Did you find the application on the OHFA website or are you working with a lender yet?
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Give me a call or email. We have listings on the MLS as to the different ways to finance a property. While all conventional loans have forbidden the land contract, the Government loans such as VA, and FHA, are still able to be sold that way, as well as a home that is owned outright without a loan. There are many pitfalls in this process that need to be addressed at the time the contract is written. I have been in real estate a long time and in 1983 when we had 18% loans, I wrote 12 land contracts that year. Of thoses 12 only one did not go ahead and close. The Buyer had an auto accident and could no longer work. It is best to have some sort of insurance for these kinds of possibilities.
Coldwell Banker Heritage Realtors
535 North Main Street
Springboro, OH 45066
There are many reasons this could happen. I typically work with Sellers, some of them are very busy and I cannot get them for days, sometimes several days, on the phone. So I wouldn't be too alarmed just yet. I would also ask, did the request have a response deadline? I always put those in as that will inspire the agent to get it done on time, whatever that time is. If there is no response time, that could be part of the reason the response hasn't been immediate.
But typically as was stated, the money for the repair can be put into escrow and the lender and underwriter will be satisfied. I hope you close on time!
Broker, CRS, GRI, ePro
Raving Real Estate
Laramie, Wyoming... more