So we were contacted by our mortgage broker the other day--she wanted to let us know that the condo that we're in the process of purchasing is not yet FHA approved.
We were a little dumbstruck by that.
We looked into the complex because it was an FHA approved complex. The seller was aware we'd be using an FHA loan to make the purchase. But apparently, that particular unit has not been fully approved yet.
Oi.
So she wanted to let us know that this could cause some delays--depending on where the seller is in the approval process, it could take anywhere from an additional 30 to 60 days to close on the condo. Mr. Cap promptly began panicking as soon as he heard the news--particularly because the mortgage we'd planned on was based off of a 30-day forecast, and if the rates go up (and it takes us 60 days to close)...we could be looking at spending more on our mortgage than we want to.
I guess things can't stay interesting in life without a few curve balls! I've been keeping an eye on the housing market's interest rates the week, and it looks like we're still in good shape. If the rates keep dropping (or even if they stay the same), we could actually end up with a lower mortgage than we were counting on (which would be a million different types of awesome). But of course there's always the possibility that the rates will go back up...but we'll just have to sit with our fingers crossed for the time being and see where things lead us.
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