FHA mortgages — Government locked our file?!?
by Mortgage Rates on Sunday, September 19th, 2010 | 6 Comments
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House closings never occur on the first date given. There are always glitches or lost paperwork or whatever. Try to relax and it will happen
wow -have you ever defaulted on any government loan? that would come back and you are a turn down
I have been a mortgage banker for 13 years and never heard of any one getting locked out. Now your rate lock may have expired? Many underwriters are very busy and while they are reviewing your loan the loan officer may be locked out on their web site from viewing any progress that does happen and that is a good thing as you are getting closer to close. I just never heard that term before.
I don’t know of this type of situation. Maybe it is in final underwriting? Have you asked your real estate agent about this? Maybe your agent can call the underwriter or loan officer and get some info. Sometimes the terminology used is confusing and you may have misunderstood.
You don’t say where you are located, but if closing needs to be extended, there is a relatively simple process to do this. Ask your agent if you should go ahead and prepare an extension.
There shouldn’t be any penalty fee to you to extend closing unless you are buying a foreclosure property. Even then, sometimes the REO company will waive the penalty fee if they know about it early enough, and the closing will happen with enough time in the month to get it on the books as closed in Dec.
Good luck.
This is not good. Do you have an outstanding judgment against you? Unpaid child support? Unpaid taxes? These are the types of things that would make the IRS lock things up.
I do not know who told you that you are “OK”, but this does not sound OK to me.
Unlike conventional loans – FHA limits you to a single lender because you can only get one case number per address. The lender completes the documents and submits them to FHA. Things can drag out if your loan isn’t meeting the FHA guidelines.
Relax, it could just be a glitch in their system. It could be an issue with the appraisal. It could be any number of things. I wouldn’t worry unless they tell you – you no longer qualify. The rules for lenders these day’s change every day. I don’t know how they keep up with them all. And just as soon as you think things are fine, something changes and it impacts your process. Try to stay calm and wait to hear from your loan officer. I’m sure it will be fine.