How far can you go in the FHA purchase process without the signed paperwork returned from the bank?

Asked by Pamela Russo, 07716 Tue Jun 2, 2009

My husband and I finally received an email from the bank's loss mitigator yesterday telling us congratulations, our offer is approved on a short sale. The property condition, however, has declined since we put our offer in - some shingles are missing, and the sellers removed the stove, washer, dryer, and refrigerator. Because of this, we feel it is in our best interest to do a streamline k loan, but the bank wants us to close this month! We want to get as much done as possible prior to receipt of the paperwork from the bank, but how far can the loan truly go in the process without it?

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Primatanya, , 08816
Tue Jun 2, 2009
How far are you in the financing process? Have you already been preapproved from another lender? I just recently did an FHA loan with Wells Fargo & it took them less than 30 days to get everything completed (which is normal time it takes in today's market). You will need to get the property appraised & have a home/termite inspection - the property also needs to meet FHA requirements. During this homebuying process, I learned that it's better to deal with a direct lender (since they charge less fees) and that you shouldn't have anyone rush you (not the seller or agents - including your own) to close. You need to make sure that everything is done correctly and in a timely manner (accuracy is always important...when people rush that's where the most mistakes are made and it can be very costly - look at today's market). Talk to Tania Lopez of Wells Fargo & she will be able to help & answer any questions that you may have. Here is her contact info:

Tania Lopez
Wells Fargo Home Mortgage
Home Mortgage Consultant
Office: 732-565-4821
Mobile: 908-812-5993
Fax: 732-745-0986
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