Few Days From Closing – Freaking Out

Few Days From Closing – Freaking OutFew Days From Closing – Freaking Out
richeventtula asked 5 years ago

Some background:

Selling my old residence for $ 103,500 in a cash deal spread out over several months. Owed $ 59,800 at the time of sale. Paid existing FHA mortgage down to $ 7,000 from the deposits from fuure owner (at $ 60,000 before mortgage process, $ 67,000 as of today). Closing and settlement will be in September. Property has been under contract since January.

Income: $ 140,000/yr
Credit Scores: EQ631 / TU662, EX643
Collections: 1 Collection, settled at start of credit process

Found new construction home, loved it. Under contract for $ 211,800. I was prequalified same day through builder’s partner (American Eagle Mortgage.) Paid $ 1000 to builder from cash in checking (from paycheck). Rolled over 401k into IRA and then withdrew $ 8,000 (out of $ 8,300) with intention of returning within 60 day window from proceeds of old residence (I got $ 7,000 of that today via wire from buyer of old residence). Used $ 5930 of that for deposit (so total deposit is $ 6930). Lender is giving $ 2,000 credit and builder is giving $ 6,800 credit. Cash from borrower at closing is estimated at around $ 600.

I got approved with conditions a few days ago. Big holdup was IRS tax account transcript from 2013 showing 0 balance. They’ve had everything since Tuesday. Got email from loan processor yesterday asking if I had an HOA at the old residence, I let them know that I did not via email. Closing is next Tuesday — still no final approval given. Mortgage is with a mortgage banker (American Eagle Mortgage Co), not a broker or big bank, FHA, 4.5% locked rate

Are my fears unfounded? Everyone keeps telling me “no news is good news”, but, still.. so close to closing without an approval worries me.

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