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I received automated preapproval, but I'm yet to find a house. Once I find my house I assume I will have to submit my documentation but I'm not sure what happens next. My preapproval says that final approval will be made by the SC Housing Authority (which is providing me downpayment assistance).
Is the final approval the same as manual underwriting? I really don't want a very stressful process, which is why I cleared up everything I could to get automated approval.
Any comments would be appreciated.
I also got the DU automated approval. We are doing a VA loan. We might as well be giving the lender our first born. I think our paperwork exceeds 150 pages that we have provided. They just keep coming back for more and more. Hopefully we will have the all clear on Monday. It has been more than stressful. Hopefully you have a good broker with open communication.
PS...my scores are 691, 681 and 680 and my DH is 815, 805 and 748.
@mlearma wrote:I also got the DU automated approval. We are doing a VA loan. We might as well be giving the lender our first born. I think our paperwork exceeds 150 pages that we have provided. They just keep coming back for more and more. Hopefully we will have the all clear on Monday. It has been more than stressful. Hopefully you have a good broker with open communication.
PS...my scores are 691, 681 and 680 and my DH is 815, 805 and 748.
Good grief! All I had to submit were two months of bank statements, 401K, DL, SS#, and pay stubs. Of course the loan app and assorted docs that are universally required. Is VA typically that bad?
@JGWantsAHouse wrote:I received automated preapproval, but I'm yet to find a house. Once I find my house I assume I will have to submit my documentation but I'm not sure what happens next. My preapproval says that final approval will be made by the SC Housing Authority (which is providing me downpayment assistance).
Is the final approval the same as manual underwriting? I really don't want a very stressful process, which is why I cleared up everything I could to get automated approval.
Any comments would be appreciated.
After you have a signed purchase agreement, then the LO will start gathering docs and getting your file together for the underwriter. In my case, after the appraisal came back, and my file was together, then the file went to the HUMAN underwriter for FINAL approval. I didn't get put through manual underwrite until we had the purchase agreement, and it was stressful to wait for that, but since you already have that, I think that's a good sign. I went FHA so the steps may be different if you are doing a different kind of loan.
@Booner72 wrote:
@JGWantsAHouse wrote:I received automated preapproval, but I'm yet to find a house. Once I find my house I assume I will have to submit my documentation but I'm not sure what happens next. My preapproval says that final approval will be made by the SC Housing Authority (which is providing me downpayment assistance).
Is the final approval the same as manual underwriting? I really don't want a very stressful process, which is why I cleared up everything I could to get automated approval.
Any comments would be appreciated.
After you have a signed purchase agreement, then the LO will start gathering docs and getting your file together for the underwriter. In my case, after the appraisal came back, and my file was together, then the file went to the HUMAN underwriter for FINAL approval. I didn't get put through manual underwrite until we had the purchase agreement, and it was stressful to wait for that, but since you already have that, I think that's a good sign. I went FHA so the steps may be different if you are doing a different kind of loan.
True every file has to be processed by a live person for approval.
Thanks All. I think I found the house. Putting the offer in tomorrow, I am sooo nervous! This is the part I've been dreading because everyone says it was so stressful!