How likely is a first time home loan to fall through after you have signed off on the contingencies?

Question

Everything seems fine. House appraised good the inspection went well and the loan company has everything they need and have approved the loan. But sometimes I hear loans fail to be funded at the close of escrow. What can cause this and how likely is it?

Answer 1

Sometimes it happens when internal lending requirements change at the bank.

Sounds like you are a go. Have you seen/signed your loan docs yet?

Should close shortly 1-3 days after you sign.

Make sure you don't make any big purchases on credit or apply until after you close. That could throw a red flag up with the lender if they re-run your credit prior to closing.

Call your loan agent and ask him/her if there are any unmet conditions. Ask your escrow/title officer the same thing.

Good luck and congratulations!