Recommendations needed: lenders who close <21days?

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Submitted by edna_mode on August 11, 2013 - 6:21pm

Hi all, I may be in a situation where I have to close escrow in 21 days due to a long-planned trip that did not coincide well with when a house became available (when it rains it pours).

Does anyone here have experience with a lender who can close in 21-22 days?

Submitted by paramount on August 11, 2013 - 9:00pm.

I just closed (re-fi) in about that time period with Box Home Loans.

Submitted by ljinvestor on August 12, 2013 - 9:44am.

Maybe HLS can chime in? A year ago I got a couple of deals through in 21 days through a broker. One was in house then sold to ING & the other he used Union Bank, but todays volume might make it tough. You will need a complete application and file ready to go on day 1 and a good broker to quarterback it through the process. Good Luck.

Submitted by jimmy1977 on August 12, 2013 - 2:17pm.

We closed recently in around 25 days went with MDC Financial. Call Matt Young very friendly and professional

Submitted by HLS on August 12, 2013 - 7:50pm.

NOBODY on the planet can absolutely 'guarantee' when a funding will occur.
There are a million variables.

(It's like asking when your car is going to run out of gas. Even if you fill your tank today, the answer will be different for everybody)

There might be someone who will offer some compensation if it goes beyond a certain date, but it's just impossible to predict how long it will take.

I recently had a 'flood zone' requirement for a property that never needed flood insurance before.
Turns out that FEMA changed flood zone map in 2012. Lender didn't request it until 3 weeks after submission. Borrower had to get flood ins or there was no loan, this delayed getting docs by a few days.
SO many things can pop up. Labor day weekend is a loss of 3 calendar days at this time.

However,
Loan docs can be signed almost anywhere, domestic or foreign. I have had notaries meet with people while on business trips or vacations out of state, and in a foreign country they can usually be signed at an embassy.

If you wish to discuss, feel free to contact me, and I will try to help,otherwise best of luck and have a safe trip!

Submitted by HLS on August 12, 2013 - 8:06pm.

PS:
3 weeks is not impossible, but there are multiple parties involved that could include agents, escrow, title, insurance, termite company, appraiser, inspector, your employer, IRS, loan underwriter, lender funder, current landlord, etc.
It all needs to come together.

They all may try to accommodate, but they won't be rushed because of your commitments. Underwriters have a tough job to do and it's just another file to them. (Special favors can be requested)

The stark reality is that many, many people do not qualify for loans, regardless of credit score, equity, income, cash, assets etc.

In many cases it is easier for someone with bad credit and 3.5% down to qualify for an FHA loan than someone with
an 800 credit score who makes $200,000 a year and has 50% to put down.
It's ALL about qualifying for the program, and not only based on income/assets/equity.

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