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mortgage professionals.....Please help!?
My husband and I ahve in Escrow for 4 weeks and are set to close on the 10th of june. We still have not recieved our approval form countrywide home loans...we were Pre-Qualified with them prior to looking for our house. Is this normal? Our LO says that the Op's Dept. should have contacted us by now and that they are very backed up. By the way...this is a REO home from countrywide with FHA financing.
Someone please shed some light...I am beginning to panic. We close in 14 days!
2 Answers
- Anonymous1 decade agoFavourite answer
First thing. Don't worry! You are buying a bank owned property and they likely have hundreds of offers to sift through. Your professional realtor needs to stay on top of the seller with updates on the financing status. IF the seller won't allow an extension (unlikely), you can back out and (MOST likely) get your earnest $ back because your contract was (likely) written "Contingent upon acceptable financing"
2nd thing. Don't worry! FHA is about the ONLY way to get to 100% (97% + seller gift 3% to Ameridream, etc). So, (almost) EVERYONE who's buying a house right now is using FHA. Countrywide's U/Ws probably have 50+ loans on their desk.
Be patient, and it will be fine.
Best of luck!
Source(s): Mortgage professional DBeasley@URFunding.com www.urfunding.com - 1 decade ago
You have nothing to worry about. In Michigan the set up your running takes as long as 90 days for the banks to make up there minds. Who told you you had a closing in 15 days. Until Country Wide gives the clear to close there shouldn't be a date set. The loan officer will tell the realtor when you can close. Here we are telling most people if your buying a bank owned home you need 75 days before you close. I have two that the bank still hasn't said if they will except the offer that was made on the home.
