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Valued Contributor
Mike_B03
Posts: 1,146
Registered: ‎11-30-2012
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APPROVED!!! *Update 01/25/13*

[ Edited ]

Just logged into my online loan aplication to see if there were any status updates (I usually check at least a couple times per day) and noticed it changed from "Loan Approval Status: In Process" to "Loan Approval Status: Conditional Approval"! :smileyvery-happy:

 

We had 12 conditions that were previously "Under Review" that now show as "Completed". There are still a few conditions that show "Required" but they are related to thinks like "Provide 2013 Tax Return" and stuff that needs to be done prior to Closing.

 

They do also want to know about an unsufficient funds fee on a bank statement but that's an easy explination letter, so I think we should be good to go! Still very cautiously happy though until they send over the Conidtional Loan Approval (Loan Commitment Letter) for us to sign.

Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
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Re: Finally got Conditional Approval!? Could it be?

Congrats dude. Im counting the days till we close too.

Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
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Re: Finally got Conditional Approval!? Could it be?

I agree with tooleman694 congrats...

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
Mike_B03
Posts: 1,146
Registered: ‎11-30-2012
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Re: Finally got Conditional Approval!? Could it be?

Anyone know if once we sign the "Conditional Loan Approval" document (which is one of the required conditions still needed to be met), can they still continue to add conditions or is it a done deal (assuming nothing changes on our end credit wise between now and closing)?

Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
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Re: Finally got Conditional Approval!? Could it be?

Yes there is always the possibility of additional conditions.

 

Your on the home stretch now, just keep satisfying conditions and you should be closing shortly after they are satisfied.

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
Mike_B03
Posts: 1,146
Registered: ‎11-30-2012
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Re: Finally got Conditional Approval!? Could it be?


JM-AM wrote:

Yes there is always the possibility of additional conditions.

 

Your on the home stretch now, just keep satisfying conditions and you should be closing shortly after they are satisfied.


Ah man it's going to be a long stressful journey then since this is a new build not scheduled to close until June. I was hoping that once we satisfy the current conditons and they give send us the "Conditional Loan Approval" to sign off on, that it was locked in and a done deal (again, pending that nothing changes on our end in a negative way, like credit score going down or income decreasing).

Contributor
leppy2
Posts: 127
Registered: ‎12-11-2012
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Re: Finally got Conditional Approval!? Could it be?

Congrats Mike!
Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
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Re: Finally got Conditional Approval!? Could it be?

Mike you are good to go. Additional conditions will not be difficult an example may be updated appraisal on new home. 

 

The only issue I see is the house not being completed in time cause of weather delays or something to that nature. But thats a small delay and then you always have the chance it can be completed earlier and close sooner.

 

Nothing to stress over unless you have changes in your income and non complying scores as you mentioned.

 

Few more months and you will telling us you are in your new home!!!

 

 

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
Mike_B03
Posts: 1,146
Registered: ‎11-30-2012
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Re: Finally got Conditional Approval!? Could it be?

Thanks JM-AM, I hope you are right.

 

Now I'm stressing about the LOE to explain the NSF fee. Basically, due to a judgment, there was a hold placed on my bank account which made an online payment that was already scheduled go negative and I was charged an insufficient funds fee. I have since setup a payment plan for the judgment so it's being handled, and I told the loan officer about it and even sent them the payment agreement so they should be aware of it, but what if the underwriter doesn't know about it? The payment is included already on the loan application and in the monthly debt-to-income ratio. It doesn't however appear on my credit report.

 

Guess I'll see tomorrow when I talk to the loan processor what they say, it's the last thing I'm worried about, unless they ask for some other condition that I'm not anticipating. 

Valued Contributor
Mike_B03
Posts: 1,146
Registered: ‎11-30-2012
0

Re: Finally got Conditional Approval!? Could it be?

I knew I shouldn't get excited too early...it's nothing bad yet, but that "Conditional Approval" status change is just something that it says when it comes back out of Underwriring with additional conditions. Once you provide the new conditions, the status will change back to "In Process". From what I understood, if they need more stuff, it'll change back to "Conditional Approval" again. Once they don't need any other conditions, it will change to some other status I guess.


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