FHA loan taking a very long time to close? why?
I'm a first time home buyer. The process began for me last month when everything was accepted by the seller, I put a check into escrow and gave the mortgage broker every scrap of paper he asked for.
Since then, I've sent him paycheck stubs and bank statements religiously. I had to tell him that he needs my final divorce documents. I faxed them to him the day he agreed that he did, indeed, need those. I've responded to every question within hours of requests. He tells me I've done all I need to.
But I am supposed to close this Friday. It will be 45 days since we began this process and I understand the seller is eager to close. So am I. He and I have both done every thing asked of us and I can imagine that he must be starting to get a bit testy considering what an excellent deal I'm getting on this house and all of the(FHA required) repairs he agreed to do.
But now my mortage broker says escrow may not close until as late as next month. Isn't 60 days a bit long? This is a standard sale,
with very little negotiating. Appraisals and removal of contingencys (except the finance contingency) were all taken care of last month. The broker seems to think this is all perfectly normal. My real estate agent, on the other hand, seems to be panicking a bit. He wants me to pay the 3.5 percent down and close faster, rather than hold out for the additional 'grant' of a partial downpayment that I've applied for. He says if I miss the closing date the seller can back out.
What the heck is going on? I've never encountered anything like this. It all seems so very slipshod and I feel I'm being cornered into a deal I do not want to do.
Any thoughts? I considered waiting until the closing date and if the seller strongly wants to close, should I offer to move in and pay rent until the loan funds? (I'd already made arrangements to move out at the end of the month anyway.) I have been told that the loan is pretty solid and that I'm in good shape as far as that goes, but that "this mortgage company is swamped and this sort of thing happens all the time these days".
Does it? Any thoughts would be appreciated.