Mortgage Loans

[aman31]

When is approval 100%? I'm applying for a Non-owner occupied refi loan with cash out for repairs (We already have an FHA on our current residence that we don't wish to put up for sell for several months)

I got conditionally approved based on two items, #1 the appraisal, #2 an old collection being paid at closing.

But Today, I got a call from the loan processor asking two questions for the underwriter. The first question was how much rent do we expect to collect the property... Which the answer is zero, as we plan on moving into the property once repairs are completed. The second question was to explain all the inquires that had which was 6 other mortgage applications. He said I would need to sign a statement at closing.

Should I be worried about the approval again? Is it not 100% until we are the closing table? I'm so tired of the back forth with loan process. Thanks in advance.

[ShanetheMortgageMan]

Kind of odd question about the income on the property if no income for the property was listed on the loan application - I'd ask more questions about that, such as why they were asking about the income, and if they were assuming there was income and it was needed to help you qualify.  The inquiry explanation letter is very standard, they want to know if there has been any new credit obtained from those inquiries that wasn't disclosed to them.

[aman31]

My Debt to current ratio is fine even with two mortgages payments. I was upfront about my plans to move in the property. I'm ok paying the higher rate for investment becuase it is still fairly low at 6.5% and this is a great opportunity for me. I inhertied a house than just needs some TLC. We might rent in down the road, but that would be 5 or 10 years from now. We plan to live in the house and save, save, save until we can afford our dream house.