Am I freaking out over nothing????

Question

We are buying our first home, so there's alot that I'm not totally sure about when it comes to the paperwork. First, this is an fha loan. We were preapproved back in July, found a house, negotiated an offer, and signed a contract. We submitted all of our info to our loan officer, and a few days later he asked for some more documents. He said that the underwriter requested these, and now that we've submitted them all we are waiting on is the clear to close. The closing date is set for Friday. Is this going to happen on Friday?? I haven't started packing or making any preparations, because I'm afraid that something will fall through. Is it typical to not have the clear to close four days before closing? The seller has already moved out. Should I pack or wait????

Answer 1

You haven't even begun to pack? When is your current lease up? If you are m2m I would wait to give notice until you actually close, but I'd start getting boxes now, girl.

Answer 2

If the seller has moved out, then go ahead and start packing.

Anything major they should be aware of by now, but here is how you find out.

The loan processor makes sure that the documentation fits the loan conditions before it goes to the underwriter...so THAT is the person you need to call.  If she knows that all she is waiting on is the UW final OK...then you are good to go.

No loan is fully, 100% approved until the title, appraisal, AND loan are approved.

Be sure to call the closing agent the MORNING BEFORE your closing to see how much you need to bring and get a certified check for the amount that they want.

Answer 3

Pack.  More than likely, you would have been notified by now if it wasn't going to close.  Congratulations.

Answer 4

Nothing is guaranteed until you actually close on the house.  If you were pre-approved there is a strong likelihood that the loan will not fall through, so you just need to worry about the sellers backing out.  Situations vary of course, but in this market I would find that unlikely.

Start packing, particularly items you do not use in the short term.

Good luck, and congrats on your new house!

Answer 5

It sounds like your loan was approved, but that didn't get communicated to you.  Usually, both real estate agents anxiously await this information and communicate it to both parties as soon as it's obtained.  The reason they are so interested in this is because, in lieu of actual approval, there's a chance the loan won't be approved and the deal would fall through, and they would lose out on their sales commissions.  So they tend to be interested in this.  I doubt the seller would have moved if their agent hadn't told them you got your loan approval, and since you submitted the last of your documentation in July, it has absolutely "gone to committee" by now (unless your loan team is  incompetent and I doubt that).  Call your loan officer right away, and have them confirm loan approval for you to ease your mind.  Good luck!