Buying A Home
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Issues with closing on home
I don't even know where to start! My husband and I found the perfect home (bank owned/forclosure). We made an offer and it was accepted. The lender we went with qualified us for a homepath loan, but three days before our original close date(Aug 16) told us they forgot to calculate the HOA fees into the qualification and that we didn't qualify for a Homepath loan. This wasn't an issue because we qualified for a regular FHA loan. We were able to get an extension from the bank to the end of the month. We are a week from closing our docs have just dropped, and we are signing them on Monday. But our lender just told us that there is a possibility of us not being able to close by Friday (last day of our contract). We had to move out of our apartment because we gave our notice and 30 days came and went, still not closed yet. We are living with family THANK GOODNESS.
Has anyone else dealt with this kind of problem??? We are so frustrated and at a loss. We keep getting new closing dates and need to figure out what we're going to do.
I just can't believe every home buying process is like this. People would never buy homes!
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Re: Issues with closing on home
I think typically government loans, like FHA loans, can usually take 60-90 days to close. Due to being government - there are more hoops to jump through.
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I am still in the process of buying a home, but as of now this is how it has been:
We got preapproved right away (the same day for a VA (government) loan. It took us about 4 months to find a home. We put in an offer and it was accepted on the 22nd. It took us the whole weekend to get our papers together. Three years worth of taxes, two months of account summary's, and signing the loan documentation. So I faxed over all these things this morning. They told us that it will take up to 3 days to process, then another 3 day's to get an appraiser, and then who knows when he/she will be available to see the property. We only have 10 days to get an inspection. It is very stressful!