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When applying for an FHA home loan, there are issues that can slow down the progress of your mortgage, whether you are applying for a mobile home loan or an FHA One-Time Close Construction Loan. Some may be preventable in the planning stages of your loan.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

Problems That Can Delay Your FHA Home Loan (Part One)

December 3, 2019

Problems That Can Delay Your FHA Home Loan (Part One)
When applying for an FHA home loan, there are issues that can slow down the progress of your mortgage, whether you are applying for a mobile home loan or an FHA One-Time Close Construction Loan.

Do you know what these potential problems are? Some may be preventable in the planning stages of your loan, others may be things that happen in the course of getting your loan approved or closing the deal.

FHA Loan Problems: Applying Too Soon

Giving yourself plenty of time to financially prepare for a home loan is not only good advice, in some cases it can save you from being rejected for the mortgage.

After Bankruptcy or Foreclosure

Borrowers who apply for FHA home loans too soon after a bankruptcy, foreclosure, or a deed-in-lieu of foreclosure must wait out mandatory “seasoning periods” or waiting times may be required before they are permitted to apply for a new mortgage.

Delinquency On A Home Loan

Any borrower delinquent on an FHA loan will be required to wait a minimum amount of time from one to three years (or more depending on circumstances) before being allowed to apply for a new mortgage.

The seasoning period for a delinquent FHA mortgage does not apply in cases where a refinance or loan modification is made to help the borrower avoid foreclosure on a home currently secured by an FHA mortgage. But it’s crucial to know that skipped payments are not allowed. 

A lender may be willing to forgive or write off a certain amount on the mortgage, but one way or another the FHA loan will be brought current as a condition of such transaction.

Appraisal Issues Can Delay Your Home Loan

FHA home loans for new purchases require an appraisal regardless of whether the home is a suburban home, mobile home, condo unit, etc.

That appraisal may result in one or more corrections or repairs required as a condition of loan approval. In many cases these corrections are assigned with a caveat that they must be completed as a condition of loan approval.

If those corrections require more time than you have before a projected or estimated closing date, you may find that the closing date must be changed to accommodate the required fixes. It is never safe to assume that your closing date is also a good move-in date because of issues like these.


Construction Loans at OneTimeClose.com FHA, VA, and USDA: One-Time Close Loans


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