Updated over 1 year ago on . Most recent reply
Assuming an existing FHA loan
Working on an opportunity to acquire a property with an existing FHA loan.
Seller was saying that escrow is supposed to end up being 6 months before we can acquire the loan. Supposedly that's what their lender told them the last time they went into escrow. When we asked why, we were basically told that's just the way it is...
Anyone have any idea why this would be the case? We tried to get info on the lender to ask directly but they wouldn't give it to us.
I would have thought this would be a relatively quick process to do a credit check, check debt to income, employer verification, etc.
current loan's interest rate is very low so they definitely haven't refinanced anytime recently.
Additionally, having never assumed a loan before, anything I should keep an eye out for that might cause a hiccup?