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Originally Posted by BPRICE1234
I heard a rumor that you can't use a FHA loan to purchase a new home? Can anyone confirm this?
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Four homes we have used Citizens First (developer) twice. Closed with zero issues on time in the 30 days. One FBIC broker closed 30 days with no issues.(broker worked for Citizens First for years).
Our first home we used our BOA bank. BOA was on top of everything but, more pressure than the other 3 closing. Day before closing the villages had an upgrade to their system. We were closing by mail, sitting at our BOA branch waiting for documents. It didn’t process from TV to BOA. We sat at BOA from 2 pm until 8pm waiting for final documents. TV finally said it showed sent, but not received. Next day ONE DAY after closing the documents came through to BOA, we signed and we Thought everything was done.
We were charged $438.00 late fee for closing one day late. Even though documents would not send until glitch was fixed we had late fee.
Our banker had BOA pay the fee, even though it was not their fault. TV closing person was actually upset, (not sure why she cared who paid the fee, but made us think it was a “you didn’t stay with Citizens) the penalty didn’t get paid by us, but BOA.
So from experience I will definitely caution you to make wise decision on who you use for your closing bank. $438. Daily fine was in 2010, can’t imagine how much Daily Fee would be imposed today, if you close One Day Late.