Waiting on the clear to close from Wells Fargo

[KatieBell]

We met our final condition on Thursday. As of 4pm on Friday our package was being prepared to send to underwriting for final review and approval. Our processor at Wells Fargo has already instructed the title company to send the docments to the owner for signature, but we still don't have an official clear to close.

 

The loan is FHA - how much longer can I expect to be waiting for the final clear to close?

[Brian B The Loan Professor]

We met our final condition on Thursday. As of 4pm on Friday our package was being prepared to send to underwriting for final review and approval. Our processor at Wells Fargo has already instructed the title company to send the docments to the owner for signature, but we still don't have an official clear to close.

 

The loan is FHA - how much longer can I expect to be waiting for the final clear to close?

Hard to say - typically your file will get put in a pile to be reviewed - once your turn comes up it will get it's review and hopefully a clean CTC. Usually a day or two - maybe 3 just depends on how busy they are.

I may have missed it but how did you work around the rental history issue?

Congrats

B

[KatieBell]

We met our final condition on Thursday. As of 4pm on Friday our package was being prepared to send to underwriting for final review and approval. Our processor at Wells Fargo has already instructed the title company to send the docments to the owner for signature, but we still don't have an official clear to close.

 

The loan is FHA - how much longer can I expect to be waiting for the final clear to close?

Hard to say - typically your file will get put in a pile to be reviewed - once your turn comes up it will get it's review and hopefully a clean CTC. Usually a day or two - maybe 3 just depends on how busy they are.

I may have missed it but how did you work around the rental history issue?

Congrats

B

 

When submitting my loan documents they requested my landlord's name and address. That was the only thing they have ever asked about rental history. Should I be worried that there is more to come?

[Brian B The Loan Professor]

We met our final condition on Thursday. As of 4pm on Friday our package was being prepared to send to underwriting for final review and approval. Our processor at Wells Fargo has already instructed the title company to send the docments to the owner for signature, but we still don't have an official clear to close.

 

The loan is FHA - how much longer can I expect to be waiting for the final clear to close?

Hard to say - typically your file will get put in a pile to be reviewed - once your turn comes up it will get it's review and hopefully a clean CTC. Usually a day or two - maybe 3 just depends on how busy they are.

I may have missed it but how did you work around the rental history issue?

Congrats

B

 

NO dont worry about it - I was just wondering if it had come up - I remembered you being concerned with the way you were paying direct and lacked proof - (That is how I collect from my renters so it was close to home) just wondered if it was an issue or not - if you are this far along you shouldnt have to worry about it - Glad it wasn't an issue.

B

 

When submitting my loan documents they requested my landlord's name and address. That was the only thing they have ever asked about rental history. Should I be worried that there is more to come?

[KatieBell]

Well - we got stymied on something completely different today.

 

Our pest inspection has been complete for more than a month, the inspector found a small amount of wood rot due to a caulk failure on the roof of the porch. No big deal, we were going to take care of it after closing. The area is so small that the banks appraiser didn't even make note of it in the appraisal report.

 

However, it's a no go from FHA. They won't approve the loan until the wood rot is repaired, and the owner is refusing to pay for the repair. He has a cash offer on the table for more than what we are paying him, so it's no skin of his nose if the deal falls through.

 

We have made a last ditch effort to save the deal by offering to pay for the repairs ourselves - so now we're waiting on a response from the seller.

 

I'm so envious of people who breeze through the home buying process.

[Brian B The Loan Professor]

hahahahah no one ever breezes through - something always comes up - sorry to hear it happened last minute - not something an appraiser would typically comment on - These things usually work out - the fact that he has a better offer could make things difficult - Good Luck

B

[KatieBell]

All that stress and worry was unnecessary, we closed today, as scheduled. I received the clear to close at 3pm and we closed at 4:30. I wish the whole thing had gone more smoothly, as it was a mad dash to get everything done once we received the ctc, but it's all done now and we have our house.