Commitment letter?

[Anonymous]

I posted several times before and read alot of posts. I never heard aboout a commitment letter.

I am preapproved

putting down 30%  going FHA 30yr. fixed at 5%

got appraisal, just waiting for insurance qoutes to pan out

Went to underwriters today....

should i look for a commitment letter for final approval, or will i get one of those with a preapproval letter?

could someone clarify please?

Thankyou

[ShanetheMortgageMan]

Commitment letter is usually the same thing as a final approval, but could also be the same thing as the initial approval.  Who is saying you need a "commitment letter"?

With 30% down what is the reason for going FHA?

[Anonymous]

 I read on one of the posts that they were waiting for there commitment letter, I never heard of that so i was just curious.

 Reason for going FHA : Six months ago I applied at a bank and had about 50 grand to put down. I did not even

get all the paperwork faxed (cost me 40 bucks) and I got an email that they were "not able to help me at this time" So, I paid off a few medical collections (my hubby was very sick for a while) and read that FHA does not only go by credit score. So I called a local mortgage office just to ask a few questions about FHA and he told me by what I was telling him he thinks he could get me preapproved. HE did and here I am.

He told me not to put 50 down, just put 40 and gave me a range of price to stay in. Now just waiting for my "final approval" 

[ShanetheMortgageMan]

Well it sounds like you had a loan officer with a good plan, congrats on finding one.  Don't worry about the commitment letter, if your real estate agent or closing attorney isn't asking for one just go with the flow of the loan approval and you'll be fine.