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Delayed Closing

I'm about to lose my mind!! We were supposed to close last week however, due to FHA requirements there was another appraisal done on the home. Then we were supposed to close this week on Tuesday, but the appraisal had not been returned yet. Well, the lender finally received the appraisal Tuesday evening and we were going to close today,Thursday. Now the lender has been asking for check stubs and bank statements all over again. My agent says that we will close tomorrow, Friday but i'm skeptical because the lender is requesting these pay stubs and bank statements as if they are starting the process all over again. Is this normal? How much longer could this go on?
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September 05 2013 - Dallas
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Profile picture for wetdawgs
Yes, it is normal to ask for bank statements and pay stubs at the end to confirm that nothing has changed since the application started.   Back in the good old days, one just had to sign that nothing had changed. Now you have to prove it.   (They also do a last minute credit check to see if you've opened new accounts or changed your debt load).

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September 05 2013
I hope that you closed today and that congratulations are in order.  I will add that lenders also very likely called your employer the day before closing to make sure that you were still employed.

Everything they have asked from you is normal.  Some people sign a contract and then go on a shopping spree and open credit cards buying furniture for the home.  This affects the DTI ratio and could cause a person to get their loan denied.

I hope this thread will be useful for other buyers.

Naima
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September 07 2013
Yes, it is normal.  I've just gone thru an FHA loan back in May 2013.  After appraisal report, lender came back and requested either the same paperwork, or more extensive background check on down payment.  What you should do, is ask your agent to pester the lender's manager, or branch manager for updates daily.  It was only then, that we were able to close in 34 days on an FHA loan.
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September 05 2013
Hi,

I have seen a similar scenario. I hope you have a patient seller on the other side of the transaction.

All the best,

Arpad

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September 05 2013
In my opinion and experience the really great lenders get all they need up front and rarely ask for more information and get the closing done as much as a couple of weeks early.

Then there are the not so great lenders that seem to drag things out, ask for more info the day after closing, that they should have had 30 days before, extend and extend and extend.

Sometimes it is there fault, sometimes not.....unfortunately this is more the norm than the exception and you just have to roll with it.  Probably too late to change lenders now.

It's weird how some can get it right and run smooth and fast and others can drag it out for an eternity and ask for info part by part, bit by bit....and still get it done late.
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September 05 2013
Yes normal FHA has more strings attached, an you will be giving info, check stubs etc until you actually close. good luck
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September 05 2013
 
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