advertisement
Forums

The Forum is sponsored by 
 

AAPL stock: Click Here

You are currently viewing the Tips and Deals forum
Sis in law has house under contract - how much time to sort out the mortgage?
Posted by: mattkime
Date: June 24, 2022 02:20PM
My sister in law somehow beat the odds and has a house under contract. She's pre-approved for an FHA loan but ideally would get section 184 loan instead - [www.hud.gov] - the section 184 loan would save her about $200 a month on mortgage insurance. $1800 vs $1600 a month for mortgage, insurance, and taxes.

Ideally she would have had the lender for the 184 loan all figured out but thats not where we are right now. (...ugh, I did try...)

Her existing mortgage broker is trying to get us to commit to the fha loan basically right now. Thats not how I work. I think she has a couple of business days to figure this out. At this point I think she has about a month and 3 days to get to meet the terms of the contract.

I'm under the impression that sellers want minimal hassle so if that means waiting a little bit longer for a mortgage to finalized, its annoying but fine.

Just curious if there's any forum wisdom on this topic.







Edited 1 time(s). Last edit at 06/24/2022 02:34PM by mattkime.
Options:  Reply • Quote
Re: Sis in law has house under contract - how much time to sort out the mortgage?
Posted by: Will Collier
Date: June 24, 2022 03:44PM
I've bought three houses, it took about a month to get the mortgage in place to close every time.
Options:  Reply • Quote
Re: Sis in law has house under contract - how much time to sort out the mortgage?
Posted by: rgG
Date: June 24, 2022 04:03PM
No real advice but glad she found a house.





Roswell, GA (Atlanta suburb)
Options:  Reply • Quote
Re: Sis in law has house under contract - how much time to sort out the mortgage?
Posted by: mattkime
Date: June 24, 2022 05:29PM
ug...and the other lender she contacted says that they'd be applying the same terms as the first lender regarding the 184 loan - its spelled out that gifts for down payments are allowed BUT apparently lenders have changed their mind on this. I guess she can take a look at refinancing after she's settled in.



Options:  Reply • Quote
Re: Sis in law has house under contract - how much time to sort out the mortgage?
Posted by: Michael
Date: June 26, 2022 10:18AM
It seems to me that she might have a couple of days and still meet the month plus time frame. I'd certainly spend Monday on it.

I had never heard of section 184--that's pretty cool. I wonder why GA and the several other states aren't approved?
Options:  Reply • Quote
Re: Sis in law has house under contract - how much time to sort out the mortgage?
Posted by: mattkime
Date: June 26, 2022 10:26AM
Quote
Michael
I wonder why GA and the several other states aren't approved?

I assume its because there aren't any federally recognized tribes in GA.

---

She's trying to reach out to tribal resources but at this point I suspect this won't work out right now. If interest rates manage to remain relatively stable she might refinance in six months. Apparently the 184 loans take longer although that might be due to high demand at the moment - its currently difficult to ask a seller to wait an extra month to close.



Options:  Reply • Quote
Re: Sis in law has house under contract - how much time to sort out the mortgage?
Posted by: Will Collier
Date: June 26, 2022 01:18PM
Can you get a Section 184 refi? If so, go ahead and take the FHA and get the house now, then dump it over as soon as a 184 goes through.
Options:  Reply • Quote
Sorry, only registered users may post in this forum.

Click here to login

Online Users

Guests: 50
Record Number of Users: 186 on February 20, 2020
Record Number of Guests: 5122 on October 03, 2020