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Auto approval with VA Loan

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redsox31324
New Contributor

Auto approval with VA Loan

Just a quick question. I was sent to processing earlier in the week and asked if we were sent through the auto approval thingy ( I don't even know the correct name for it). The LO said we were and we got the auto approval. My question is: Does this mean, we are in excellent shape and don't have to be so nervous anymore? Or are there still plenty to be worried about?
I had a middle score of 675. I know there is more to than a score, but just would like to get others opinion.
Thanks!
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ShanetheMortgageMan
Super Contributor

Re: Auto approval with VA Loan

The term is automated underwriting approval.  If you did get an automated underwriting approval then that means you are off on the right foot, but it is not a guarantee that your loan will be approved.  Underwriter still has to review all documents to make sure the required paperwork is there.  They also can use a judgment call on credit items.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
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