Buying A Home
jessbriseno824
member
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
So...are we approved or not?
So our offer was accepted, we sent in the checklist items to the loan processor for our loan application and then were asked for them again...and then again (same items) 8-} . We waited days for our application packet and when it arrived it had the wrong interest rate. We then didn't hear from the underwriter for another two days and when we did, they wanted more information. We sent it in and they never confirmed they received it.
Our loan has to be approved by June 20th! I am so terrified , I just don't know what to expect. If the mortgage company doesn't get their stuff together, will we lose the house before we even get an answer on whether we were approved?
How does this work? Is there anyway to get them to expedite the decision? Did anyone else experience this? If so, what was the outcome?
I am a first time home buyer and I just feel a little lost 
Thanks for any advice, in advance.
Thanks for any advice, in advance.
Re: So...are we approved or not?
Although I did not experience these kind of problems when I bought my home, I've unfortunately heard this story often. If I were you, I would be the nag that calls them every day (or as appropriate) to find out the status of the loan. Remind them of the loan approval deadline. The noisy wheel gets the grease!
With all that said, generally speaking, it is usually easy to have the closing date and/or loan approval date moved out, as needed. Look at it from the seller's point of view. They don't want to go back to the drawing board in selling their house when, if they just give you an extension, the deal is still "live".
Do you have an agent? If so, that is usually the way an extension works. You tell your agent the issues/problems you are having with the loan approval...they tell the seller's agent...and a 1-page addendum, which pushes out the dates, is added to the purchase agreement.
My closing date was pushed out twice...once by me, once by the seller. Both extensions were in writing and neither was a big deal to either party.
My previous tenants went through hell and a hand basket getting their loan to close. They had a similar experience to yourself. The bank would ask for X,Y,Z. They sent those items. And sent them again. And sent them again. Because the bank kept saying it didn't get X...then it didn't get Y, etc. It was an FHA loan and they and the seller also had issues with the house being approved for an FHA loan. That was an additional back and forth with the FHA inspector/program.
In the end, their closing date got pushed out 4 times and 6 weeks further from the original closing date. But, they were still able to finally close. And I lost awesome tenants, lol
, (but was happy for them).