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Conditional Approvals

New Member

Conditional Approvals

I have come a long way..I've been working on my credit for a good 2yrs now and finally got pre-approved 2 months ago!....long story short, we found a house and are under contract, inspection went well and we got a conditional approval from the lender. I turned in all the condtions they asked for (w-2s, updated bank statements, letter of explantions for negative items on credit reports) last wednesday 3/13 and they still have not reviewed them or cleared them yet. I know it takes a few days for that, but my question is, how likely are they to ask for additional conditions? I can't get excited about moving until I know I'm completely approved. I just hope they don't come back asking for more conditional items. I'm sweating bullets right now. What are your experiences? if you've had a conditional approval, did they clear them and not ask for anything else??

Starting Score: 518
Current Score: 667
Goal Score: 650

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Message 1 of 19
18 REPLIES
Regular Contributor

Re: Conditional Approvals

They came back and asked me for very minor things, updated bank statement showing a deposit and a couple signatures on some of the LOEs I had to write.  Now I'm just waiting for clear to close and they told me they do not need anything else. 


Starting Score: 553
Current Score: 710
Goal Score: 659


Take the FICO Fitness Challenge

8/18/2012 Lender Pull:
EX:659
EQ: 553
TU: 520
Goal: 659
Message 2 of 19
Valued Contributor

Re: Conditional Approvals

I am in the same boat right now, waiting for clear to close and iv been told over and over not to worry we got this.

 

We got some conditions with our approval and they were way easy.

Message 3 of 19
New Member

Re: Conditional Approvals

Ok...maybe I am overthinking it...I hope so! I just want this process to be over with. Smiley Happy

Starting Score: 518
Current Score: 667
Goal Score: 650

Take the FICO Fitness Challenge
Message 4 of 19
Valued Contributor

Re: Conditional Approvals

Same here, I want my keys in my hand

Message 5 of 19
Regular Contributor

Re: Conditional Approvals

Its really hard not to over think it!!


Starting Score: 553
Current Score: 710
Goal Score: 659


Take the FICO Fitness Challenge

8/18/2012 Lender Pull:
EX:659
EQ: 553
TU: 520
Goal: 659
Message 6 of 19
Valued Contributor

Re: Conditional Approvals

I had 22 conditions to satisfy and they were split up in three requests. Every time I thought I was done, they came back with more conditions.

I would say based on what you have provided thus far that you are not done. If you had any non payroll deposits, they may want an LOE for that. Inquiries within the past 120 days will need to be explained, appraisal will need to be reviewed and an acknowledgement form will need to be sent in, any derogatory info may require an LOE, your commitment letter will need to be reviewed and signed. You will need to provide info regarding who is providing your homeowner's insurance. Those are a few of the things that they will and may ask you for.
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! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 7 of 19
Valued Contributor

Re: Conditional Approvals

If I get a second round of conditions today I will be angry

Message 8 of 19
Regular Contributor

Re: Conditional Approvals

Be prepared to get more Toolmam.

Starting Score: EX 575/TU 534/EQ 570
Current Scores per Myfico: (As of 12-14-13) EX 690/EQ 685/TU 679
Goal Score: 720


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Message 9 of 19
Valued Contributor

Re: Conditional Approvals

I really shouldn't get anything more, the first round was actually very easy. We are probably going to get our clear to close sometime today.

Message 10 of 19