Reply
New Visitor
Wannago
Posts: 2
Registered: ‎07-01-2013

Approval with Conditions!!!!

Okay!  Long story story short..My husband and I put a contract on a house in April (April 8th to be exact).  We had originally applied for a USDA loan, but because of my student loans (A high debt to income), we were denied.  We were "quickly" switched over to an FHA loan the last week in May.  Fast forward 2 weeks, we were approved with conditions.  The conditions were "easy" (check stubs, bank statements, VOE etc).  But it seems the bank KEEPS coming back with conditions.  The last few conditions were a new VOE for me (because the last one had expired) and they wanted verification that work on the house had been completed (even though they had an appraisal telling them it already was).

 

I'm just irritated because this is the 4th extension we've had to ask for and we really just want to move.  So I guess my question to everyone is:  How often do they typically come back with conditions?  Is this something common?  I really feel like they're just dragging us along and waiting for rates to go up!  We've signed our GFE and TIL (from which I hear isn't anything that's set in stone), but I just wonder how much longer this is going to be!  Grrr!  Any advice would be greatly appreciated! :smileyhappy:

Contributor
Davidngo
Posts: 85
Registered: ‎11-30-2011

Re: Approval with Conditions!!!!

Just work with your lender.  I was in a short sale that just closed on June 28th that was under contract since February. 

 

After recieving the SS approval, the lender requested multiple bank statements in one week.  The quicker you respond and get the PTD and PTF conditions clearing, the quicker and smooth the process will go.  The lender was impressed by my committement to getting them what they needed within 30 minutes of the request.

MyFICO Pulled: (11/28/2012) EQ 635, TU 650, EX 661
Lender Pulled: (12/05/2012) EQ 635, TU 677, EX 641
Lender Pulled: (02/20/2013) EQ 667, TU 661, EX 648
MyFICO Pulled: (05/30/2013) EQ 712, TU 685, EX 686

Finally Hit the 700's as of 06/05/2013!!!
New Visitor
Wannago
Posts: 2
Registered: ‎07-01-2013

Re: Approval with Conditions!!!!

Thanks for the reply!  I definitely get them the conditions as soon as possible.  It's just so frustruating when you think you'll be getting a clear to close and then then they're like,"nope...we need a few more things!"

Contributor
Davidngo
Posts: 85
Registered: ‎11-30-2011

Re: Approval with Conditions!!!!

I think I ran to the bank probably everyother day for 1.5 weeks.  The quicker you get this the conditions and the quicker your broker uploads to the lender, the quicker you can get your conditions reviewed and released.  Average turn around time for conditions is 24-48 hours.

MyFICO Pulled: (11/28/2012) EQ 635, TU 650, EX 661
Lender Pulled: (12/05/2012) EQ 635, TU 677, EX 641
Lender Pulled: (02/20/2013) EQ 667, TU 661, EX 648
MyFICO Pulled: (05/30/2013) EQ 712, TU 685, EX 686

Finally Hit the 700's as of 06/05/2013!!!

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
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+