Apparently I made it through bank underwriting!

[n0smirc]

Now I have a modest list of conditions to satisfy and it's off to USDA for final approval!

My conditions are super easy too, statements and what not, is this normal?

Odd thing is, I had no idea the lender's underwriter was already working on my file. And the appraisal came back at 250k! Our purchase price is 244k, yay!

[ShanetheMortgageMan]

Yup, if a new bank statement has been issued since the last one you provided, usually underwriters will ask for it even though technically bank statements are valid for 60-90 days (depending on the loan program & lender).  It just makes the documents in the file as current as they can be.  Congrats on the conditional loan approval and glad the appraisal came in where it did.  If you need help with closing costs, with USDA financing you can get a loan amount up to the appraised value (not to exceed the purchase price + closing costs)... so if you want to do that ask your loan officer if you would qualify for the $250k base loan amount before the guarantee fee is rolled in, as it has to be done before the file is sent to USDA for the conditional commitment.

[n0smirc]

Actually, closing costs are more than covered as I got the realtor and the builder contributing funds. They're giving me a check at closing of my earnest money deposit and then some. (New build) it's exciting to only have usda approval to go after I update my statements with them. Yay!

[dtjones052209]

congrats!

[n0smirc]

Satisfied my conditions since I just recieved my W-2 yesterday and the processor said she's just waiting for a couple of internal items then submitting to USDA! 

[Vegas247]

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@n0smirc wrote:

Satisfied my conditions since I just recieved my W-2 yesterday and the processor said she's just waiting for a couple of internal items then submitting to USDA! 

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How many years of w2's do they want? 1yr of W2 or do they want 2yrs W2....I want to buy a house now but have only 1yr W2......My fico scores are fine...I have 20% down, but only 1yrs worth of W2s......

[n0smirc]

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@Vegas247 wrote:

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@n0smirc wrote:

Satisfied my conditions since I just recieved my W-2 yesterday and the processor said she's just waiting for a couple of internal items then submitting to USDA! 

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How many years of w2's do they want? 1yr of W2 or do they want 2yrs W2....I want to buy a house now but have only 1yr W2......My fico scores are fine...I have 20% down, but only 1yrs worth of W2s......

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I provided 2011, 2012 & 2013. I graudated in 2012 with my BS so 2011 & 2012 weren't that relevant. For this I also provided a copy of my degree. I can't remember if I ever gave them my offer letter or not when I first got my job. I don't think I did. I have 1.5 years on my job post graduation.