I spoke to a mortgage broker a couple of months ago and really liked the company and want to move forward with them. I feel my scores are finally qualifying (listed below- even though I'm hoping the TU and EX scores will be a little higher from the lender), my DTI is really good and there is nothing negative unpaid on my reports. I want to apply in a couple of weeks. The lender only requires a recent bank statement to pull my credit to provide a pre-approval but can I request a preliminary underwriting review upfront before I start house hunting? I dont want to apply for the county assistance program, go through house hunting, submitting an offer, getting it accepted and then having the underwriter deny the loan. I know there are companies that do this but I don't want to go through another lender. Hopefully it's as simple as asking them to do this.
Thanks for your help!
Starting Score: 529
@ShanetheMortgageMan wrote:Some lenders are willing to pre-underwrite a loan with a "TBD" address, but a majority of them require you be under contract before they'll do the full underwriting review. It's up to each lender's policy. Sometimes it's a good call to have them pre-underwrite your loan ahead of time, although in most situations any concerns that the loan officer (or you) have can be addressed directly with an underwriter ahead of time without the full underwrite.
Thanks Shane, I honestly think everything looks good and will be surprised if I am denied but being a freshly reformed credit junkie I am still very skeptical on being instantly approved for anything. I will float the idea by the broker and go from there. Fingers crossed!