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How long should I have to wait?

Profile picture for lilirish79
My loan has been in "final review" of the 203K process for 5 days now....  My closing date has been extended 3 times, going on 4.  I am getting sick of being able to do nothing, and having to pay the penalty of $350 a week at the same time.  Any insight would be greatly appreciated
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September 15 2009 - Bakersfield
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Profile picture for lilirish79
Thank you Marvin.... We actually signed loan docs yesterday.  I am starting to learn how to breathe again.  It has been a long 13 weeks.
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September 17 2009
Profile picture for Marvinloans

Sounds like your moving forward but if you need more info. on how to get through the 203k process with less delays then go to this blog and watch the video.

FHA 203k Blog

Good luck
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September 16 2009
Profile picture for lilirish79
Thanks Robert....  Seems as though Plaza Mortgage misplaced our loan and had to resubmit it.  My LO was e-mailing about it from his 25th anniversary trip in Hawaii.  Things got back on track, and I am happy to say that we are supposed to sign loan docs today.
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September 16 2009
Profile picture for FHA down to 620 OK!
These loans can be complicated. Your asking for money you dont have to fix a house with only a 3.5% investment. The tradeoff is that you will have to deal with delays and red tape. Be patient and it will all come through so long as the repairs are within guidelines. Sometimes a Lender is simply going through a busy spell where there is a surge in applications and Underwriting gets bogged down.

If you were not going to get the loan, belive me,...your LO would be on the phone with you everyday trying to battle to get you approved!  ; )
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September 15 2009
 

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