How long does it take to close on a Home path loan, mine is taking 2 1/2 months?

Asked by paul_ji, Los Angeles, CA Tue Sep 25, 2012

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Maria Cipoll…, Agent, Coral Springs, FL
Mon Oct 22, 2012
Are you keeping in touch with your agent and your mortgage broker? May be is a problem in your credit or still waiting for more documentation from you. Anyway, Two months and a half is a long time to wait for a mortgage approval or you mean is been two months and half since you submit your offer?
Either way you should contact your realtor and find out what is going on.

Best of Luck,

Maria Cipollone

Century 21 Tenace
1 vote
Ray Wright, Agent, Riverside, CA
Fri Nov 2, 2012
Yes, how about an update for us all. Were you able to close this deal?
0 votes
Diane Wheatl…, Agent, Upland, CA
Wed Sep 26, 2012
Dear Paul, Seems like an awfully long time to me but of course, I do not know all of the details involved. I just closed a Home Path loan for a client in less than 30 days. It is a question for your lender working the file. Have they received all of the requested documentation from you? Are they waiting on a statement of yours, paystub or tax return? The financing process typically lasts 30 - 45 days on the outside if the file is complete and ready to submit to underwriting for approval.

Demand some answers and good luck to you!

Diane Wheatley, Broker
0 votes
Rodney Pheni…, Agent, Murrieta, CA
Wed Sep 26, 2012
Is it really the loan side or the actually sale? Are you buying a REO, SHORT SALE, or Standard?
The only thing that should hold up a loan would be them trying to finance you or the appraisal of the property. Did you have any credit problems you had to fix?
0 votes
Ray Wright, Agent, Riverside, CA
Wed Sep 26, 2012
Actually, I'd need more info before giving a response. Every sale is different and when purchasing any repo home, there are issues that can arise to cause delays. Often times it is with the REO bank not your lender.

Was it a HomePath Renovation loan? Has the appraisal been done? What issues has the lender brought up for the delay? Have you spoken with your Realtor and has he or she explained what is happening? What does your contract state? There are a lot of other issues that may be involved. I'd discuss it with your lender and have them fully explain where any delays may be. If it isn't your loan that's causing the delay, then it may be with Fannie Mae. If so, your Realtor should be able to explain wherein lies the problem.
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