I am in the process of buying a house and I know the lender said she had a deadline on completing the paperwork. She got the approval on Friday and says we can close this coming week though we have to come up with 00 down. I have about 1/2 of that and I was wondering is there a time limit on an FHA loan on when you have to close or can our closing be pushed back a week or two for me to get the rest of the down payment??
We have not locked in a rate. My realtor is involved. I dont want my rate to change b/c we got a excellent rate. I may just have to go ahead and close this week. The money is part that I have saved, some my dad has given me and my sister is going to allow me to borrow some if needed. I guess I could say that money is a gift from her and me & her know between ourselves that I am paying her back!
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Point ? A charge of 1 percent of the mortgage amount. Points are a one-time charge assessed by the lender at closing to increase the interest yield on a mortgage loan. Prepayment ? Payment of all or part of a debt prior to its maturity. ... what guarantees there are, when the buyer can move in, what the closing costs are, and what recourse the parties have if the contract is not fulfilled or if the buyer cannot get a mortgage commitment at the agreed-upon terms. ...
FHA home loan Lender asked: FHA home loanThe FHA mortgage program is a FHA home loan program designed to assist every qualified and eligible Florida mortgage. ... Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs. Easier Credit Qualifying Guidelines such as: No minimum FICO score or credit score requirements. ...
FHA home Loans allow Florida families to obtain a home and keeping their down payment and closing cost low. Keeping their FHA mortgage payments to a minimum helps low income families own their own home. There are many types of FHA Home loans Florida homebuyers can apply for. 1. Fixed Rate FHA Mortgages ... I want to take a home equity loan out to make the repairs but i dont know what kind of time frame i will be looking at to get one. Any advice would be much appreciated. ...
While you are gathering money for your downpayment BE SURE to keep a papertrail of where the money is going to come from, because the underwriter will want evidence that it is either yours or has been gifted and NOT borrowed.
It's not a question for the bank, it's a question for the sellers because they can hold you in violation of the contract if you don't close on time, and if your rate has been locked on the loan, you can lose that as well…so you also need to be communicating with your loan officer.
Where is your Realtor? They should be helping you with all of this!
PS: The other poster that stated if you don't close on time that your contract is null and void is incorrect. You would have to have included a "time is of the essence" clause in the contract (which Realtors on both sides try to avoid). No seller is going to flush away a buyer and start the process over (which can take another 4 to 6 weeks) when they may be a few days away from closing with a currently approved buyer.
No SMART Realtor is going to advise that.