Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$39.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Mortgage Brokers & Lenders
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

User Stats

7
Posts
2
Votes
Bruce Ng
Pro Member
2
Votes |
7
Posts

Assuming an existing FHA loan

Bruce Ng
Pro Member
Posted

Working on an opportunity to acquire a property with an existing FHA loan.
Seller was saying that escrow is supposed to end up being 6 months before we can acquire the loan. Supposedly that's what their lender told them the last time they went into escrow. When we asked why, we were basically told that's just the way it is...

Anyone have any idea why this would be the case? We tried to get info on the lender to ask directly but they wouldn't give it to us.
I would have thought this would be a relatively quick process to do a credit check, check debt to income, employer verification, etc.

current loan's interest rate is very low so they definitely haven't refinanced anytime recently.

Additionally, having never assumed a loan before, anything I should keep an eye out for that might cause a hiccup? 

Loading replies...