Pending lender conditions – do I need to take action?

Home Forums Purchase Program Pending lender conditions – do I need to take action?

Viewing 12 posts - 1 through 12 (of 12 total)
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  • #65084
    JR0312
    Member

    3 conditions popped up for which I have submitted documents in the past. They have a status of “pending”. Does that mean my mc uploaded the required documents? For instance one is for the 4506t form and the other is for 12 months of cancelled checks (I’ve been sending these to my mc every month since last year)

    #65086
    JR0312
    Member

    Apparently they were automatically generated conditions and all i need is proof of insurance policy!! How close am I?!

    #65087
    Nelsont
    Member

    Very. Usually that comes with everything else in place. No guarantee you won’t get more conditions but, the closing is near.

    #65089
    JR0312
    Member

    @nelson wow this is so exciting! The email from the underwriter stated that all I need is insurance, hopefully that is the case! I put my earnest deposit jan 13… crazy how fast this is moving (new build). We have a close date of 2/27. Hopefully we can close by then to avoid per diems!

    #65090
    Nelsont
    Member

    Expect things to pop up in the coming weeks like a need for an appraisal and maybe a request for a new bank statement or transaction.

    #65091
    JR0312
    Member

    The appraisal has already been completed, thankfully! I’ll be sure to keep my file up to date with pay stubs etc. Do you think we can ckose bt 2/27?

    #65092
    Nelsont
    Member

    I think you are on track. But with new construction usually 2 appraisals occur with one as an estimate and one near total completion.

    #65093
    JR0312
    Member

    @nelson I forgot to mention that the home is already built! It was completed before the appraisal.

    Also, do I need to fill out any waiver forms for inspection? Or is it assumed that I dont want inspection because its new (i dont want inspection)

    #65094
    Nelsont
    Member

    I am not sure about that. It’s obviously to your benefit to find out if things were done to code or if something is in code but not technically correct. But I don’t know the requirements for having one.

    #65095

    Inspections can be waived on new construction, but if you don’t have a reason to waive, it could benefit you depending on the builder. Ask the builder if they have 3rd party quality control. Ryan Homes does, which basically means an inspection is included in the purchase, I just don’t get to choose an inspector.

    #65096
    JR0312
    Member

    @baker good idea. I guess i can always have this done later? eapecially if things arent built to code? I have the 1/4/10 warranty through the builder in case anything breaks. It basically covers everything

    #65097
    2BLESSED
    Member

    Good Evening all. I to am purchasing a new construction home and I am adamant about paying the $400 for an inspection. I realize there is a home warranty but I would feel a lot of comfort in knowing that I had a professional home inspection report completed with a report to fall back on if needed. NACA does not require it but it is something that you may want to give a second thought on. Good luck on your purchase and I hope you have a fast closing!

Viewing 12 posts - 1 through 12 (of 12 total)
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