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Closing Time

I put a contract on a home October 16, I was supposed to close November 16, they pushed it out til November 30 and then again to December 17.  They are blaming Rural Development which is the type of loan I'm getting, but I don't believe them.  I think it's just the not doing their jobs and I have some proof of that in that it took them 3 weeks to order the appraisal.  Do I have any options to get the money I'm loosing by the hour by living in a hotel all this extra time....that they are taking??

My loan was preapproved before contract and I haven't given them a single piece of paper since October.  There is nothing I've done wrong to hold this up... it is all bank things.
  • December 13 2012 - Huntland
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Answers (2)

That sounds like a govt subsidized loan and those do often run out of financing from time to time. They should easily be able to tell you if the funding has run out, if so they are probably not lieing to you - it happens. You will have to wait until it is refunded and that can be an indeterminable time. If you want the help, you have to wait for it to be available. Good luck.

Tim
  • December 13 2012
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Profile picture for wetdawgs
A 30 day closing was extraordinarily optimistic  with a rural development loan.    Perhaps one of the issues is your loan didn't jump to the head of the queue in a very popular loan program and bump everyone else.  

Do you have options?  An FHA loan with 3.5% down or a conventional loan with 5% down is likely to close more quickly than a rural development loan.  They usually take 30 to 60 days if everything is okay.  Pay cash and you probably can close in a week or two.
  • December 13 2012
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