Hey guys, I’m a first-time homebuyer and was supposed to close on my new build home today. Everything seemed to go well—my loan was approved by underwriting, I provided proof of funds, and signed all the closing documents with the title company. I even wired the funds we discussed with the loan officer. I chose the builder’s lender because they were offering a rate buy-down. But just as I was waiting for my keys from the construction manager, I got a call from my loan officer saying there was a problem with the loan. Apparently, the lender accidentally put in a December closing date, and they didn’t realize that FHA requires the interest to be paid for the first month of closing. Now they have to resend the closing disclosures, and I need to go back to the title company to resign documents. On top of that, I have to wire an extra $1,700 for mortgage interest and taxes due to their mistake. My closing date has now been pushed back another 3 days. Has anyone else dealt with something like this?
I haven’t been in your exact situation, but I’ve seen similar things happen. It usually involves an inexperienced employee at the lender who closes wrong. Then, during the final review, the mistake is caught and everything has to be redone. It sounds like they might have tried to set up a short pay, where they close in early January and give you an interest credit back to January 1st, making your first payment due February 1st. If that’s the case, they would need to reclose you and charge you interest from when the loan funds. It really sucks, and I’m sorry you’re going through this. I hope it all works out and the delay isn’t too much of a hassle for you. Wishing you all the best in your new home!
Oh man, that sounds super frustrating. I had a similar thing happen with my lender but it was a paperwork issue that delayed everything by a week. Just keep pushing through, you’ll get there!
Ugh, that’s the worst. I had a similar issue where the lender couldn’t finalize things until they got an updated appraisal. Delays can be such a pain, but hang in there!
This is why I recommend doing a final review with your loan officer a few days before closing. Sometimes things get missed, and it’s better to catch them early. Good luck with everything!