How long does it generally take to have the appraisal sent to the mortgage company once the VA has done their appraisal in New York

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Found a house i fell in love with early december after already securing financing... or so i thought. the loan officer approved me and gave me a commitment to lend letter from the bank. the only conditions on that commitment were that it pass the appraisal inspection (it's a va home loan) and that any conditions for repairs in my offer be met. we were supposed to close dec 30th, but didn't because the sellers repairs were not acceptable and he hadn't done the repairs the va appraiser wanted. he says he will fix them and does them repairs properly this time. house is inspected again, my private inspector and the va inspector are happy. the house even has $20,000 in positive equity on the appraisal. loan officer tells me the paperwork is essentially done, they just have to say the repairs were done and everything is good. we agree to close the 5th of january. monday the 4th, the loan officer calls me and says there is a problem with my residual income. i need to free up $120 more a month to qualify for the loan. the mortgage on my house will be $300 less per month than i pay in rent right now and i qualified for this apartment! i don't have any debts except a student loan and a car payment. the student loan is only $80 a month so the only way to free up enough income would be to pay my car off in full, which is impossible for me right now since i don't have 11,000 in cash. now he is telling me if i don't find someone to cosign and boost my income then he can't close the loan. i've already given notice on my apartment, paid a lot of money to break my lease, and bought and paid for appliances for this house. i think a complete disaster may be averted since my mother offered on her own accord to cosign on the loan with me yesterday, but he still has me in a really bad situation. shouldn't my income qualification issues have come up a long time ago? why was i given a commitment letter from the bank? had i known it wasn't a sure thing, i would have never put in notice on my apartment and i would never have bought appliances. now i am stuck paying $500 for a va appraisal fee if i back out, i forfeit $2000 in earnest money, and i'll be homeless and forced to pull a couple more grand out of thin air to find another place to live since there are no open apartments and mine is already going to someone on the waiting list. is what the loan officer did legal? even if this loan closes, i still want to know what recourse i have or if there is any way to report him. i don't ever want this to happen to someone else. i wasn't asking if i had a "case," just if they could actually do that. a commitment letter from a bank would mean that not only had i been approved for the loan (they ran my credit, had my w-2's, paystubs, verified income and my employment, everything) but also through underwriting. there is a huge difference between a pre-approval and a commitment to lend.

I've been told that right around the end of 2009, Fannie Mae and Freddie Mac (the quasi-government companies that basically underwrite the mortgage industry at this time) completely overhauled their guidelines and rules for counting income. The mortgage companies and bank mortgage departments are just puppets on a string that have to live with a continually-changing set of mortgage rules. So yes, it is legal, and yes it certainly does stink! I am in a similar position. I was buying a house late 2009 with an approved mortgage and it did not appraise to the sale price. As we were renegotiating and re-doing the paperwork, the rules changed and now the mortgage banker will only count 70% of my income because I have had my job for less than 2 years. So now my income/loan ratio doesn't meet requirements. I have an 805 credit score btw. The whole thing is ridiculous - how does the government expect to get out of this economic mess and revive the housing market when they make it virtually impossible for a large percentage of people to get a mortgage? All because of the crooks and shysters who caused this problem but came out making millions with government bailouts, honest people with the ability to pay their mortgage and being shut out of the housing market.

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My hubby and i just recieved our approval with conditions from wells fargo. we already sent in our paper work, but the seller has to do their part. also, it says that our mortgage specialist will forward the commitment letter once the appraisal comes back. how long should that be? we are scheduled to close on the 4/30

Check on the conditions and make sure each has met so you can close the loan. Sometimes it depends on how busy the appraiser, your loan agent might need to push him for the report. Without the appraisal report you can not draw doc and close the loan. So keep calling if you past the deadline, you might have to pay some $$ to extend the time. I believe there's nothing the seller can do to your loan application.

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We have followed every detail and met it. found a local mortgage broker, a local real estate lawyer, and local lender. we received our commitment letter. we also were approved through the va. our finances are in order and we are easily able to afford this property. the appraisal for the property was even more than what we agreed to purchase for! so, long story short, we were supposed to close this week. all the paperwork was in the hands of the underwriter. suddenly, our mortgage broker (who we have been working with for a month) seems confused and tells us he didn't know that this was a log frame home. then the lender tells us that the investor was going to sell the loan, but now will not finance because this is a log home! a $300,000, built in 1990, in perfect shape, log home. what's the deal? is it legal for the lender to do this after giving us a commitment letter? there is nothing wrong with the property, or our finances. please advise! additional info: the underwriter approved it. when it was presented to the investor, it was rejected.

The commitment letter is not an absolute legal binding agreement, it has many conditions required within the agreement, The majority of loans are not keep in house with the original issuer of the loan, its sold in a secondary market to allow equity to follow into the bank/lender to do other deals if this lender does not believe your note can be sold on the secondary market because its a log home you will have to look toward other lenders, there should be a lender that specializes in these types of homes An resent article pointed out that many people who built home out of used tires, used plastic etc are finding they can not refinance because no lender wants to touch this type of home and there is no re-sale market for them I'm talking about very nice 500K homes whose foundation insulation is used materials, not a health problem just no secondary market for those type of loans after the crash

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How long does it generally take in new jersey for a mortgage company to appraise a house and send out a mortgage commitment letter

About 2 to 4 weeks after you make an appointment.