Breakdown

[Anonymous]

Ok, I have a meeting with my new LO on Tuesday, and I just want to know a break down of what they are looking for.

When doing my pre-approval, he asked for my numbers (social, biweekly gross, monthly bills including rent, what I have in savings), and he is asking me to bring my pay stubs, W2's, and bank statements as well as ID for copying.

So are they looking for something more than verification of what I told him on the phone?

I read here that they are looking for big deposits (to make sure I didnt borrow any deposit money) but is there anything else?

I am doing a USDA Guaranteed loan, so are there any special requirements?  From what I read, the only difference is the amount you have to bring as downpayment, but as far as approving the loan, has anyone run into something different?

I again thank you guys.  I feel God brought me to this forum to learn from all of you, and you all have helped me more than you know.

Message Edited by MrsQ on 07-03-2009 09:28 AM

[Anonymous]

They're pretty much just verifying information you gave them over the phone. They take most of your debt information right from your credit report (car loans, student loans, credit card, etc).

Good luck!

[Anonymous]

So are they looking at savings amounts.  If you have little, will you be disqualified?  If you had a negative balance on your checking earlier this year, will that hurt?

[marty56]

Just refi'd my mortgage and what they asked you for is normal.  They wanted pay stubs and bank statements for the past 2 months and a copy of the last 2 years W2 forms.

Do know about USDA loan but mine was at a CU.

[marty56]

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@Anonymous wrote:
So are they looking at savings amounts.  If you have little, will you be disqualified?  If you had a negative balance on your checking earlier this year, will that hurt?

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IMHO they dont care about savings other than for down payment purpose.  DTI and credit scores are the most important to them.

[Anonymous]

Ok, it just makes me a little uneasy, please dont ask wh.

I guess its because someone is all up in my personals!  lol

I also want to make sure I havent made any mistakes, unknowingly that will cost me this mortgage.

Thanks

[WannaHouse]

We had about $600-$800 in savings because USDA only requires you to pay the appraisal fees, and the homeowners insurance (first year) upfront. The HOI MAY have been just our broker, but we paid the first year upfront. Everything else was rolled into our loan.

We paid a total of about $1000.00 out of pocket when it was all done.

[Anonymous]

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@WannaHouse wrote:

We had about $600-$800 in savings because USDA only requires you to pay the appraisal fees, and the homeowners insurance (first year) upfront. The HOI MAY have been just our broker, but we paid the first year upfront. Everything else was rolled into our loan.

We paid a total of about $1000.00 out of pocket when it was all done.

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Ok, I just got back.  He said I should look good from what we put in.  I told him I hear horror stories of people getting all the way through to the UW and then getting denied.  He did have the HOA rolled into the loan (for a year) and my closing costs will be a little less than $1000.  I am putting $2000 as a deposit so he said there is a good chance I will get something back.

Anyway, I am praying that everything goes well.

[Anonymous]

That's good info, Wanna. Do you mind sharing the purchase price of the home?

[Anonymous]

Oh, he also said I was at a 20%/33%