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goalof700
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ok. my boyfriend and i have been wanting to buy a home. we didnt get approved together so he applied on his own under a stated income loan. bank called back and said everything went through go find your house! he got 6.1% and the bank told us exactly what we need to bring for closing. so we did find a house and bid on it, bid got accepted. we did the inspection and bought the home insurance.we have a closing date of the 20th of this month. could we go to close on the house on the 20th and them say sorry but the financing didnt go through or...you need 10% down....etc etc. when do you know the deal is good? shouldnt they tell you BEFORE you close that the financing is no good so not to waste time? (or break a heart :cry: ) any help would be appriciated!

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If your loan officer has done his job right up front then everything should go smoothly. The only variables missing are the appraisal and title report. Once those are in, the lender should be able to give you a lending commitment.

On the other hand, the industry is full of bad loan officers, so nothing is guaranteed.

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If you are concerned, you could be a bit pro-active, and call your loan officer, ask the LO if the appraisal came back OK, if the title work was OK, If the underwriter for the lender has looked at the credit report/income and asset information/ and approved all of that.

Once all of those items have been "cleared" then you are good to go,and the closing should be no problem.

Charles

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