HouseDreamer,
Congrads! I closed over 3 weeks ago and I have been SO busy moving into my new home, I haven't posted in awhile, but I still lurk on the forum.
I decided to reply because I remember how I felt in your shoes...if it weren't for people on the forum, I would have probably gone crazy, so I hope this helps:
AU is way easier than manual underwriting (human). It usually ALWAYS goes through, UNLESS some of the information put in to get the AU (income, DTI, reserves, etc.) cannot be verified with the "acceptable" documentation. I say acceptable, because what I have learned from working with more than one LO (long story) what may be acceptable to one, may not be totally acceptable to others. For example, one LO (or lender, because it is really isn't at the LO discretion) may accept a VOD (verification of deposits) from your bank in lieu of 2 months bank statements. Another LO will say that you cannot submit a VOD for a FHA loan. No need to argue with them, just understand that some will say these sort of things, just comply and be prepared to deal with it or find another LO...
What you will have to supply is all of the documents that support the information you gave for your AU.
Personally, I would recommend you make two copies of everything and have them with you (and your spouse have a copy) at all times. I cannot tell you how many times I was called and asked to submit the same paperwork. 90% of the time I was at work, if I did not have access to the paperwork then I would have held things up for another day or so.... Make it real simple for yourself, organize your documents by either putting them in different color file folders OR putting different color flags on them. I actually made myself a binder and bought sheet protectors. I kept each doc (pay stubs, bank statements, taxes, whatever) in plastic sleeves and in ABC order so that I could find them quickly. Also, make a sheet with important contact/fax numbers and put it in front of your binder or folder for easy/quick access.
People think the hard part is getting the loan and yes, this can be a difficult process. But, the part that makes you insane is all of the waiting and BACK AND FORTH between you and the loan processors and between the LO and the underwriter.
On final note, even if you are approved with conditions and meet those conditions, it may not end there. Keep a separate folder ( or section of the binder) of documents that are required to meet conditions after approved. I found (and read enough post to know that others found) that even after you send the paperwork for the FINAL approval, they can easily call you back the next day and ask for it again
Good luck! Organization is key....
MM--
Updates scores...inching along. Waiting for 7 recent medical collections to fall off!! (seriously working since END of May): EX 519 TU 576 EQ 449
8-02-08 EX 644 TU 647 EQ 575...650s here I come....700club, get ready!!!