We applied for an FHA loan in the beginning of April 2009. We were approved, got our rate locked in, brought necessary paperwork and signed all the documents. This all took about two days from beginning of conversation to signing. Our loan officer told us it would take anywhere from 60 to 90 days to close and that no news is excellent news. It is now July 10th 2009 and we still have not gotten an appraisal. We’ve been told so many different things. (The appraiser will call you within a couple days, etc) My last conversation took place today and I was told by a different loan officer that our case is in the third stage which is to get approval for the loan from FHA. I thought we had been approved when we signed the paperwork over three months ago! Does anyone have any comments or experiences refinancing from a private bank to an FHA loan. How long did it take? Is getting the runaround so to speak normal? Thank you
I called many banks and we were quoted many rates in the fives, but Wells Fargo told us that if we went FHA, they could lock us in at 4.25. We thought that sounded fantastic, so we proceeded. We did receive the HUD statement from FHA/Wells Fargo with the 4.25 locked in, I just wonder if it’s taking this long with other banks who are doing FHA loans.
How long should it take to refinance to an FHA loan with Wells Fargo?
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So they take $1 million from the investors and only fund $250000-$300000 in loans. The rest is gravy. There is no risk when you know the loan will reset to payments higher than the gross income of the borrower. ...
The recent credit freeze has actually made FHA mortgages far more popular because banks such as Bank of America, Wells Fargo and JPMorgan Chase are making it increasingly difficult to borrow. ... Possibly the most widely known is the FHA loan, which has the 3.5 percent down payment; however, the purchase money mortgage has been gaining popularity where lenders are willing to consider traditionally unorthodox lending methods. Obviously, in the end, it's about a home ...
Editor's Note: The primary reason for foreclosing on the wrong house is that the wrong party (not the creditor) is initiating the foreclosure and therefore lacks sufficient information about the loan, the property or the debtor. ..... Wall Street Journal, Wallets, Washington D C, Washington Dc Weather, Washington Post, Washington Weather, Water Lines, Weather, Web Producer, Wedding Dress, Weidner, Weiner, Wells Fargo, Wells Fargo Bank, William Andrews Clark, William C ...
No, that is not normal and should raise a red flag. All mortgage situations vary. But if you go with a excellent broker they would get you "Clear to close" before locking you in. Then you shop for the best rate and a 15 or 30 day lock. The lower the lock the lower the rate!
If you didnt get an appraisal yet dont count on the mortgage. Appraisals are typically the deal breakers these days. If you are in NY or NJ I can refer you to a fantastic broker.
Also check this website out to see if it applies to you. Its a fantastic way to get a increase in your score straight away! https://www.getcreditfacts.com/?aff=BCS-DW8N3V
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Excellent luck!