it's always SOMETHING

when i met with my financial adviser yesterday evening, he informed me that the listing agent of my new flat made an error. the listing stated that the flat was ready to roll on an FHA loan (the kind i am getting). this is not the case, either because the listing agent overlooked it, just made a mistake, or flat lied thinking it would not be an issue. this may be a problem, in several ways, and i'll try to explain it as best as i understand it.

approvals for FHA loans are different when they concern dwellings that are attached to one another (condos). we are trying to get me a "spot approval" for my unit. there are several things that must be in accordance with the government in order for this to go through (things like at least 90% of the units must be occupied and not for sale, at least 51% must be owner occupied, the building cannot be under construction or in debt, etc.) with which the building where i will live complies. the only stipulation that may cause an issue is that no more than 10% of the units can be FHA loaned mortgages, because the government won't put all of its eggs in one basket if the whole joint burns down or something.

there are 51 units in my building. if there are, today, five that have FHA loans, mine will not go through. if there are 4 or fewer, everything should be fine.

consequently, there will be one of three resultant scenarios-

1. there are fewer than 4 (or 4), my spot approval goes through, and everything goes ahead as planned.

2.there are fewer than 4 (or 4), my spot approval goes through, but the closing is delayed, by as much as two weeks.

3. there are 5. my loan won't go through, and i have to find a conventional loan. this will also delay the closing, by who knows how long.

as of today, the application for the spot approval is in the works. my adviser is pulling every title of every deed of every unit in the building to check and see if they are FHA loans (which, if they are, is stamped on the face page of the deed). he is going to hand count them to give us a head's up.

as of now, we don't know what will happen. my adviser is not concerned, and said he has never had a spot approval not go through that looks this good on the front end. the only issue that may arrive is the 5+, and all we can do is wait. he is aware that my sister is taking my apartment, and it is in everyone's best interest to keep the closing date if at all possible. really, the only reason this could end up being a problem is if the closing gets pushed back by scenario 2 or 3. Anne and i may be bunkin'.

i don't know what to do. please pray for scenario #1.

and don't laugh, but i have this funny feeling like god/the universe is checking me and that it will actually all work out fine if i keep myself a little better. i have been spiteful with Dad about this whole situation, judgmental, and was also snappy to one of Bobby's friends last week. i did my tarot and it said it would be fine, but i think i need to be more grateful all around and get my attitude and karma in check. i think i needed the realization that this, well, everything is fleeting.

it's always something. hope your day is better than this.



anastasia said...

If you're not eligible for the FHA loan, will you still technically be under contract?

blindhope said...

yes, we'll still be under contract. part of the contract is you must allow the buyer to get their financial affairs in order. even with the spot approval, my loan is subject to underwriting (shouldn't be an issue, i have great credit, no legal issues, and the only loan i have is from college.)

really, i just hate not knowing when everything will happen, and having the fact that Anne is coming back 06/15 to my apartment makes things stickier.

i am trying to have faith it will work out. i just have this feeling that it's meant to be my house. i hope i am right.