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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
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?
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"