Fannie Mae- Funds required 4 days BEFORE closing date?
Hi there DG family! I have a question and would like to know if this is standard or not. For my Fannie Mae, they are requiring that all funds be in escrow no later than 4 days before the close of escrow. I have not heard of this, and when I spoke with the auction company they told me I'd have until Dec. 2nd. Just puts a lot of stress with the holidays. Is this standard practice for a FNMA?
The escrow officer tells me once they receive the wire they have to then submit the proof of funds along with hud to seller for final approval because we are dealing with a large corp and they have specific guidelines to follow.
Hi there DG family! I have a question and would like to know if this is standard or not. For my Fannie Mae, they are requiring that all funds be in escrow no later than 4 days before the close of escrow. I have not heard of this, and when I spoke with the auction company they told me I'd have until Dec. 2nd. Just puts a lot of stress with the holidays. Is this standard practice for a FNMA?
The escrow officer tells me once they receive the wire they have to then submit the proof of funds along with hud to seller for final approval because we are dealing with a large corp and they have specific guidelines to follow.
Anyone else experience this?