My loan is still not approved

uh oh!

Yes, I've usually received approval only 1-2 days before closing. Hound them, hound them, hound them.

There is a special circle in hell for underwriters.

The loan approval process is going through dramatic changes under the current conditions.

Appraisals are hard to pin down as values are unstable.

I saw in an article where someone was denied a loan when when they were willing to put 60% down on a condo.

Is this FHA or conventional? How much down?

Your time frame doesn't seem unreasonable. They are not quick anymore with approvals so I wouldn't worry about it beeing close.

But I wouldn't be surprised if it gets pushed back.

Things are pretty bad in the mortgage industry. Well qualified buyers are being put through the ringer.

It sucks.

Keep us posted.

gawd, man, write a check already! credit is for wussies. if you have to borrow, you can't afford. maybe rent is more your speed.

Did you get the appraisal back yet? That may be what is taking so long. Lenders have to use a clearing house for appraisals now. They can't rely on the same people they used to always use for appraisals. Thus, it takes longer just to get an appraiser out to do the work.

Also, Wells Fargo isn't that busy. But they probably are terribly understaffed. Lenders do not want to lend right now. So, they will do anything they can to try to slow down the process.

You might call a local lender and see what kind of turnaround they can offer and then call Wells Fargo back and tell them they need to get it done or you will walk.

Precious Roy wrote:

Did you get the appraisal back yet? That may be what is taking so long. Lenders have to use a clearing house for appraisals now. They can't rely on the same people they used to always use for appraisals. Thus, it takes longer just to get an appraiser out to do the work.

Not only does it take longer, but the appraisers are often not familiar with the area they're working in. Thus the appraisals are inaccurate. I even know of one instance where an appraiser refused to put a value on a condo because no similar property had sold in that town in the last 6 months. Therefore the lender refused to make the loan. These restrictions have effectively stopped condo sales in Blowing Rock until somebody pays cash for one.

I just bought a house with an FHA loan, but I was pre-qualified for it in June. The actual loan was submitted on Aug. 14, with a closing date of Aug 28. The underwriters (at a small bank chain) took almost 10 days to get to it, and then demanded another comparable property. The appraiser was out of town, and the closing then went down on the 31st instead.

I'm sure all markets are different, but where I was buying, home values haven't shot through the floor, and banks are still lending.

It is common for loans to not be approved until the last minute before closing.

les run wrote:

gawd, man, write a check already! credit is for wussies. if you have to borrow, you can't afford. maybe rent is more your speed.

Bingo.

Hey les run, he is buying a house, not a candy bar. Back to your mommy's basement.

When you purchase things you don't need (or can't afford), you will soon be selling your necessities.

-- Benjamin Franklin

Ha ha that's funny....Lenders don't want to lend...that's great thanks for that nugget of knowledge...

To the OP, most lenders are 60-90 days BEHIND...you should've used Quicken Loans, still closing loans in 30 days beeyotch...

Banks are understaffed right now considering the HUGE number of loans that are currently applied for. Houses are selling like crazy right now in just about every area of the country.

So, understaffed and busy = your dilemma.