February 20, 2024
Before You Close Your FHA Home Loan
Once your FHA loan application is approved by your loan officer, is your FHA loan really “bulletproof” until closing day? Some believe that it is, but this is not true, there are many things that could wind up stopping a home loan before closing day. For example, your seller may change their mind and decide not to sell. The house might appraise for a lower amount than the seller asks for, and the borrower ultimately chooses to back out of the deal. There are too many scenarios to count. A home that is damaged or destroyed before the closing day is just one variable. While that may sound extreme, that’s a problem that happens often enough to require provisions in FHA loan regulations to guide borrowers and lenders through. Don’t | more...