FHA Home Loans
            
FHA-Home-Loans.com  FHA loan info from a FHA mortgage loan
site specialized in FHA loans - FHA Home Loans.com
is not a Government Agency.

FHA Loan Programs | FHA Loan Qualifying | Apply Now | Services | Tools | Contact Us | FHA Loans | Add to Favorites | Get Prequalified

Navigate FHA Home Loans

  Home > FHA Loan Qualifying > FHA Loan Possible Delays
FHA Loan Programs

fha loans FHA Loan Qualifying

     Documents Needed

    Qualification Summary

    Income

    Credit

    Savings

    Ratio's

    FHA Loan Closing Costs

    Loan Processing

    Submission

    Underwriting

    FHA Loan Approval

    Loan Documents

    Funding your FHA Loan

    Recording

    Property Appraisal

ra.gif (855 bytes)Possible Delays

 

Apply Now
Free Services
Tools
Contact Us
Realtors
Recommend this page
Bookmark this site
FHA Loans - Possible Loan Delays
...............................................................................

Did you know that a typical Real Estate Transaction involves the timely cooperation of up to 53 different parties? Due to the number of people involved, there can be problems…

Since no escrow is closed until it is closed, the following items are potential roadblocks. We have placed a time delay of closing estimate next to each problem and the ones with asterisks (*) are potential transaction killers.

The Investor

Typical Time Delay

  • Decides last minute they don't like information provided

2 weeks or *

  • Decides last minute they don't like the property

2 weeks or *

  • Wants property repaired/cleaned prior to close

1 to 3 weeks

  • Borrower does not qualify because of a late addition of information

2 weeks or *

  • Requires at last minute a re-appraisal

2 weeks or *

  • Investor loses file

1 to 3 weeks

  • The Investor asks for additional information (these are called Conditions) from the buyer

1 week or *

  • Investor too busy

1 to 3 weeks

  • Investor waits to verify all income information with IRS

1 week or *

The Real Estate Agents

Typical Time Delay

  • Does not get all documents signed promptly

1 to 3 weeks

  • Did not structure the transaction properly

1 week or *

  • Did not pre-qualify the client for motivation

2 weeks or *

  • Misunderstands-understands or lacks real estate experience

1 week or *

  • Won't return phone calls

1 to 3 weeks

  • Transfers to another office

1 week

  • Goes on vacation leaving no one to handle file

1 to 4 weeks

  • Has poor people skills with client

1 to 3 weeks

  • Gets client(s) upset over minor points

1 to 3 weeks

  • Does not communicate with their client(s)

1 to 4 weeks

The Escrow Company

Typical Time Delay

  • Fails to notify agents of unsigned or unreturned documents so that the agents can cure the problems

1 week or *

  • Fails to obtain information from beneficiaries, lien holders, title companies, insurance companies, or lenders in a timely manner.

1 week or *

  • Incorrectly prepares paperwork

1 to 3 weeks

  • Incorrect at interpreting or assuming aspects of the transaction and then passing these items on to related parties

1 week or *

  • Lets principals leave town without getting all necessary signatures

1 to 2 weeks

  • Too busy

1 to 3 weeks

  • Loses paperwork

1 to 3 weeks

  • Does not pass on valuable information fast enough

1 to 4 weeks

  • Does not coordinate well so that many items can be done simultaneously.

1 to 4 weeks

The Seller

Typical Time Delay

  • Loses motivation (i.e. lost job transfer, etc)

1 week or *

  • Nets less money from sale than originally believed

1 week or *

  • Cannot find another home to purchase

1 week or *

  • Illness, divorce, etc

1 week or *

  • Unknown defects are discovered

1 week or *

  • Home inspection reveals average amount of small defects that seller is unwilling-willing to repair

1 week or *

  • Removes property from the premises that the buyer believed was included

1 to 3 weeks

  • Is unable to clear up problems or liens

1 week or *

  • Last minute solvable liens are discovered

1 to 3 weeks

  • Did not own 100% of property as disclosed

1 week or *

  • Seller thought partners signatures were "no problem" but they were!

1 week or *

  • Leaves town without giving power of attorney

1 to 4 weeks

  • The notary did not make a clear stamp when
  • notarizing the seller's signatures

3 days - 1 wk

  • Seller delays the projected move-out date.

1 day or *

Acts Of God:

Typical Time Delay

  • Earthquake, fire, rain, etc.

1 week or *

The Inspection Company

Typical Time Delay

  • Too picky.

1 day or *

  • Infuriates seller.

1 week or *

  • Makes mistakes.

1 to 3 weeks

  • Delays completing report

1 week or *

The Title Company

Typical Time Delay

  • Takes extended amount of time to deliver Pre-lims

1 to 2 weeks

  • Does not find liens or problems until last minute

1 week or *

  • Does not "bend the rules" on small problems

1 to 3 weeks

  • Poor service

1 to 3 weeks

  • Loses paperwork

1 to 2 weeks

We appreciate the time you have spent to understand the challenges between contract acceptance and the close of escrow.

We want you to understand the loan process as to understand the importance of getting preapproved for your mortgage before starting your home buying process.

Get pre-approved for a FHA loan now by clicking ra.gif (855 bytes) Here

...............................................................................

Next > Am I Qualified? |   Apply Now   | Need Help? < Back
 

 
FHA Loan Limits Search | Equal Opportunity Lender | Fair Lending | Licensing | Privacy | Sitemap | Disclosures
| Questions | Realtors | FHA Home Loans.com - Home | Links
We are not a government agency.  FHA home loans are not originated by the HUD or FHA. HUD only insures FHA loans and HECM reverse mortgages. FHA loans are originated and funded by HUD approved FHA home loan lenders. FHA-Home-Loans.com is not a mortgage lender and does not make or offer fha loans directly or indirectly.  Information about FHASecure refinance program to help borrowers who are facing foreclosure and must refinance.FHA-Home-Loans.com is owned and operated by a private company specialized in providing information about FHA loans and does not make or offer FHA home loans and FHA mortgages. FHA-Home-Loans.com is not affiliated with or owned, operated, endorsed or sponsored by HUD, Federal Housing Administration or FHA. Contact HUD directly at: www.hud.gov
Copyright 1999-2012 FHA-Home-Loans.com. All Rights Reserved.