09-04-2009 09:57 AM
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.
09-04-2009 10:08 AM
09-04-2009 10:37 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO