Posted on: 15th May, 2009 09:52 am
I know the guidelines but accepted an FHA contract before I owned the property for 90 days. The FHA case number was ordered and the appraisal was done before the 90 days but the closing is after the 90 days. What will happen. No one has caught it at this point. Will we just have to rewrite the contract or will the deal fall through because of the case number already in with the buyer's name and property address?
ray i deleted your two posts in the Mortgage Know-how forum. please, for the future, keep in mind that you need only post a question one time - too many will confuse the issue.
from what i've seen (admittedly a few months ago), closing after the 90-day limit worked out okay, even in an instance where the contract was signed earlier, etc. things may have changed slightly - after all, our lendign guidelines change more frequently than a baby's diaper nowadays - but i think you'll be okay.
i'm hopeful somebody else has some more recent experience and can chime in with that.
from what i've seen (admittedly a few months ago), closing after the 90-day limit worked out okay, even in an instance where the contract was signed earlier, etc. things may have changed slightly - after all, our lendign guidelines change more frequently than a baby's diaper nowadays - but i think you'll be okay.
i'm hopeful somebody else has some more recent experience and can chime in with that.