Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. 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

Updated 7 months ago on . Most recent reply

User Stats

7
Posts
2
Votes
Bruce Ng
2
Votes |
7
Posts

Assuming an existing FHA loan

Bruce Ng
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? 

  • Bruce Ng
  • Loading replies...