FHA Mortgage funding?

Posted on Sep 15, 2012 in FHA Information

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Question by MsE: FHA Mortgage funding?
This is a little long winded, discount bear with me. – I live in Oregon if that makes a difference.

In November we were preapproved for a home loan through an FHA program. We started looking and put in a few offers that never worked out. Jan 30th we put in an offer on a foreclosed property that was owned by Freddy Mac.

The offer was verbally accepted on the 5th of February and they sent us the offer paperwork on the 5th of March to sign. We had our home inspection done, page we got the sewer scope done, and we got the appraisal done (we paid cash for everything). There were some electrical things to address but overall the home inspection and appraiser both said it was a solid house and we were getting a good deal (the house was built in 1934).

After we signed the offer paperwork I emailed the mortgage assistant asking her if she could narrow down the day we’d be closing. I didn’t need an exact day but maybe within a two week window. She never emailed me back.

I got a call from the mortgage assistant on Monday 3/22 that our loan was approved, it had been through the underwriting and the appraisal was approved but they needed to verify one deposit on our checking account. I sent over verification on the deposit and through email asked the mortgage assistant if we would be closing this week (I have family coming to help us move and I need to know what day we’re moving so they can take time off). I assumed it would be this week because everything was approved and I wanted to schedule movers and let my family know.

She has not responded to either of my emails.

So, yesterday I got a call from her on my way home from work and she was very snotty with me about the closing day. Telling me, “I know you want to know but I am working as hard as I can for you”. I have not been mean to this woman, I have had hardly any contact with her. In fact, the only time I’ve emailed her was to send her documents she’s requested and the two emails regarding a closing date (in the three months we’ve been working with her).

In addition to her snarky comments about the closing date she told us there was a snag with our mortgage. That the basement had not been permitted and she would have to get new funding for us. I was in the car on the way home and a little shocked about all this, so the only question that I could come up with was, “How long will this take? When do you expect to know if we will get new funding?”. Her response was, “I should know tonight or tomorrow morning”.

It’s now 3pm and I have not heard a word from her.

I emailed her at noon requesting more information on our loan and asking her to please explain the process to me so I would understand. Should we be looking for a new home? Is this deal falling through? She left me high and dry on the phone and I just want to understand what is going on.

What do I do now? Is this normal for an FHA loan? I’m pretty annoyed with our mortgage assistant and if this deal falls through I will be working with a new company after this. I just do not understand and would like a little bit of clarity.

Best answer:

Answer by STEVEN F
Short form: This person is either incompetent, overworked, or both. You were actually NEVER approved. ALL further communication with her should be conducted face to face.

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