Just received my commitment letter. Does this mean I am out of underwriting?There are many conditions but I have already done most of them.
The loan officer basically had told me that I was approved early last week but that it was not a final approval. Kinda figured I would be approved since I have to make a very large down payment to get this house. I am on disability so my income is low. I will have to put over 50% down but I am doing a 15 year FHA so no mortgage insurance except for prepaid premium. That also means that I will have considerable equity in the house. The payments for the 15 year were only about $40-$50 more than the 30 year FHA because of the mortgage insurance so it was a no brainer for me.
4/13 Equifax 679 (Scorewatch), TU 695 (myfico), 703 (Walmart)
6/14 Experian 733 (myfico), Equifax 687 (Scorewatch), TU 693 (Walmart)
A commitment letter means you went from preapproval to conditionally approved. After you satisfy all conditions, your file goes back to the UW for final approval. This occurs shortly before you get clear to close.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Last App: 4/5/13 Gardening until July 2014
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! 
Last App: 4/5/13 Gardening until July 2014