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.
waiting for buyer's commitment ltr
Our buyer's "file" was submitted to underwriting 9 days ago and so far we have heard nothing. She is going directly through a bank. Does anyone know how long it takes from the time the loan application and file is submitted to underwriting until the time you get a firm commitment letter? Does anyone if the appraisal comes after that? It has been 4 weeks since we sign the contract. I am so anxious for this deal to go through, after our last deal didnt even make it this far.
Any thoughts or comments would be helpful to calm my nerves.
Re: waiting for buyer's commitment ltr
I know 30 days is typically considered the minimum but I've heard of it moving faster. A lot of it depends on the bank, the type of loan and what her situation is.
We're doing a conventional and our mortgage broker has assured me that we will have no problem closing on time (exactly 30 days -- note that I am skeptical based on stories I've heard). H and I have good income, credit and dti ratios. We applied for the loan on 3/12 and I got an email Monday 3/26 saying that the underwriters had reviewed it (I do not know when it was submitted) and that the only thing they wanted was a letter explaining a four month gap in my employment. I got them that on Tuesday and haven't heard anything since. Our appraisal was ordered on 3/19 and was supposed to come in today or tomorrow.
If she's using FHA or something else with strict requirements it could definitely slow things down. What is your closing date?
Our lender said sometimes underwriting does not get the file until 5 days after it has been sent (why? I have no idea). And then it takes time for them to go through the file and possibly request more information from the buyers.
Our apprasial was done within 7 days after signing the contract and before it is sent to underwiting. Isn't this the norm?
It took us maybe 2 weeks to finally close after having the file sent to underwriting. They came back with several conditions and they usually do. So this may be the reason for the wait for you.
We have a closing date of on or about April 15. I was told that "on or about" means that it could be 30 days after the specified closing date. We signed the contract Feb 20th. She is doing a FHA loan and is buying our co-op, not sure if the appraisal works the same as with a house. She's not using a broker which I think was a mistake on her part.
We want to start looking at houses but without a firm Commitment from her bank I am just too skeptical (been through this once before and the guy didnt get the mortgage and we already found a house we loved) and afraid I'll fall in love with something that I love and can't have. I wish this was all over with already! (sorry for the venting!)
I've bought once using a mortgage broker and I've bought twice going direct with the bank.
In my experience, it goes faster when you cut out the middle man and just work straight with the bank.
On my three houses, it's taken anywhere from 2 weeks to about 45 days to get the committment letter once it went to underwriting. It depends on how many extra documents they need, how busy they are, if they're short staffed, and if they have any motivation to work (read: don't expect much to happen between Thanksgiving and the New Year).
Also, I've only closed three times, but it's never been late. I closed right on time for the first two and 2 weeks early the last time.
http://pandce.proboards.com/index.cgi#general
The fact that it's a co-op could be slowing it down as well - there are certain standards that the co-op must meet to satisfy FHA requirements and it might take extra time to confirm that those are met. I wouldn't panic just yet.
FYI - we're using a broker and with ours they are known for moving faster than the banks. Listing agents love this company because they are known for getting deals done quickly. It all depends on the company.
Edited by moderator.