& that we would be closing the following week, we would be called with our closing date & time. The person we were working with assured us, turns out the appraisal went for a 2nd review & we were denied becuz they reduced our appraisal down ,000 (ouch). Furthermore she then told us she only had that one FHA lender & could not help us so she was turning our file over to a friend of hers who is a broker with many more FHA lenders at hand. We spoke to this new person about 2 weeks ago, he said our credit is excellent, the house appraised out just fine & he felt he wowuld have no problem gettting this approved as he has more companies that are FHA & not worried about the appraisal & he needed to send us some things to sign & updated copies of our pay stubs etc. After he rec’d all that he said we would have our approval within 2 weeks. Today is day 13, so we called to find out what was going on-he stated that he is 100% sure all will go thru- and that we now are at a much lower rate as well(excellent news) but he hasn’t that he is waiting for the underwriter to get back to him & we should be cllosing by the end of next week, how long should it take??? This is what happened with the other person back in August & we finished up paying a ridiculously high Sept payment on our ancient loan (interest only at 9%), and Oct 1st is right around the corner-if our credit is excellent & the house appraised out, and he stated everythign looked fine- why is it taking sos long to GET IT DONE? Anyone who is a broker or loan officer if it tyakes more than 2 weeks is that normal? Does it mean a potential 2nd review? Help…Thank s for all answers.
We were trying to Re-Fi out of an arm into FHA fixed…in Aug we were told everything looked good…?
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"There was not a chance that house was ever going to be worth anywhere near what my mortgage was," Bloch told the LA Times after finding out that comparable homes in her neighborhood were now selling in the $200000s. ... We're from the Government and We're Here to Help. As for the alphabet soup of government programs designed to stem the foreclosure tide, they might as well be trying to drain the ocean with an eye dropper. Like everything else in this bust, ...
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All of the above answers are right. It usually takes me approximately 3 weeks from start to end on all loans. But, because the appraisal is already done they might be able to get it completed for you within the 2 week time frame that was promised, especially if the broker is talking to an underwriter. And yes, there is always potential for a 2nd review but it really depends on the lender that the broker has chosen to go through.
Hang in there. It sounds like you have a excellent loan.