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I'm using the builder's lender to purchase a new construction and got my "conditional loan approval" letter yesterday with a list of conditions. This was from the loan processor. The conditions weren't too bad and I've got them together now. I'm just wondering if there will probably be more from the underwriters too?
My LO told me the underwriters had already looked at the file at some point so maybe there won't be too much new stuff??
Also, my file will then go to USDA - how likely will they be to come back with conditions related to my bank statements and stuff or will it only be bigger items they might want to see.
Thanks for any help!
Anytime an underwriter reviews a file, there is always a chance that new conditions can be added. That's just the way it is.
@ezdriver wrote:Anytime an underwriter reviews a file, there is always a chance that new conditions can be added. That's just the way it is.
^^^True. Usually conditions come from the u/w and are just communicated to you through the loan processor.
The exception might be that for a given condition the loan processor knows in advance that the u/w will want to see X documentation so your file is complete. But you said it had gone through underwriting already so I am relatively certain that these conditions are from the u/w and not the processor.