How Long Did You Sit At “Approved- Conditions”?

Home Forums Purchase Program How Long Did You Sit At “Approved- Conditions”?

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  • #64671
    Nelsont
    Member

    Yes. It is fairly common. Your title company and/or attorney need to provide to this I believe. It is not for you though that is where the holdup would be. Not sure where they get it. Maybe the county? If so you can understand why it can take a while.

    #64672
    Kiwicali011210
    Participant

    Hmmm. So, we get this today, should the next step be CTC? I hope this isn’t another “you provide this condition and we will get back to you in a week” type of thing :/. Our 3rd extension expires next Friday so I hope we can close before then!

    #64673
    Nelsont
    Member

    Well the CTC is essentially the last thing you will get. Have you received a closing disclosure yet? If not then that’s what to expect. The CD is the point at which the loan is approved but not finalized or scheduled. You get the CTC once the supervisors sign off on the approval schedule the closing and appropriate the funds.

    And conditions have no end point. You can get conditions up until the day you close if things pop up. I would not count on it though.

    #64674
    Kiwicali011210
    Participant

    I got a packet (it was not the loan estimate, as I had received the loan estimate earlier) that said “initial disclosure”. It did not say initial closing disclosure, and did not have a closing date on it. It included the amortization schedule. Thanks for the insight Nelson 🙂

    #64679
    Our1sthome
    Member

    Well… our status just changed to Approved-Clear to close. I thought that meant we were going to close but the office said we need it to say Final clear to close. ugh. 😭

    #64680
    Kiwicali011210
    Participant

    Still, one step closer, congrats!!!!

    #64681
    Nelsont
    Member

    Yep. Final Clear to Close often comes same day as clear to close. You should be received a Final CTC email that has the exact amount of money you will need to bring (if any). You title company/attorney will be copied on the email.

    #64684
    ksmcs
    Participant

    Anyone deal with “Underwriting-2nd Opportunity”? We were in “Underwriting CTC” since Dec23rd and we keep getting these hidden conditions (items that were previously provided btw) from US calling the processing department and not hearing it from our underwriter. Sounds like some of you are experiencing the December delay we are encountering. We are, however, 60-days into escrow (we started escrow Nov 19) with nothing from BofA. We had movement on our profile this past friday that took us back to “Lender:Application,” moments later to “Underwriting-2nd Opportunity” and as of today no word on a closing date or insight from NACA on what is happening to our account. Is anyone experiencing a similar situation?

    • This reply was modified 2 months, 2 weeks ago by ksmcs.
    #64686
    Nelsont
    Member

    I have never seen this status. The status is a manual drop down selection so there is a possibility this status is an error. However knowing nothing of your situation I would be inclined to guess that you were denied (without being told?) at one point in the last 3 weeks and BOA is re-reviewing your file. The denial and re-review (if that is what happened – again I’m just taking a guess here) could be due to a number of reasons from an error on your file to a mistake by the underwriter to situations out of everybody’s control including bank of america waiting on the appraisal company or the title company or even the county (we all know how hard government works!) to provide vital information. Whatever the case may be please update us on what you find out.

    • This reply was modified 2 months, 2 weeks ago by Nelsont.
    • This reply was modified 2 months, 2 weeks ago by Nelsont.
    #64747
    Kiwicali011210
    Participant

    Any updates with you all? My initial closing disclosure was just uploaded, it lists 01/24, next friday, as the close date. File still says approved with conditions though.

    #64757
    Kiwicali011210
    Participant

    Status updated to “Approved-clear to close”, initial disclosure was also uploaded today. Closing date listed on it is 01/24, so fingers crossed all goes as planned and we can close then

    #64758
    tlthom76
    Participant

    Congratulations!!!! 🙂

    Another minor condition popped up this morning. They cannot seem to upload my rental ledger correctly, it keeps cutting off the right side of the paper. It’s so frustrating. Hopefully they can get it right and this condition can be cleared.

    T.

    #64759
    Our1sthome
    Member

    We got the CTC. Scheduled tomorrow @ 9am

    #64763
    tlthom76
    Participant

    Congratulations!!! 🙂

    #64765
    Kiwicali011210
    Participant

    Congrats!! @tlthom76 that’s such a simple fix, they should be able to do that quickly I would think

Viewing 15 posts - 16 through 30 (of 50 total)
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