How is everyone getting these pre-approval with conditions. My LO won't even give me a pre-approval letter till my issue with my forbearance is off, and hopefully I get my letter tomorrow. LO is strict like a mugg.
Starting Score: 565
Im just saying, that is half the threads on here about, pre-approval with conditions. My LO is a stickler.
I did not get conditions with preapproval. I conditions with approval. Big difference. It is usually the latter.
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
Jade, I think it's the wording that may be throwing you off. I think that pre-approval is just when the LO asks you basic info, i.e. salary, credit score, etc. to see if you meet their minimums. I don't think that you get conditions until you get conditional approval. The uw is the one that will state what the conditions are and he or she is the one that issues the conditional approval. Once your conditions are met you move from conditional approval to approved.
I never received a pre-approval letter so all this talk about them is somewhat foreign to me even though I've heard of people getting them. Basically, I walked into the sales office and told the sales guy which floor plan I was interested in. He then asked me what my credit score was and what my income was. I also had the two most recent pay stubs and tax returns on me. He called the loan officer; told her my credit score; I got on the phone with her; gave her my social and she ran my credit. I met with her two hours later and she asked for the tax returns, 401k statement (had on me), bank statements (which I had on me) and pay stubs. I filled out the application, went to Walmart and got a money order for the earnest deposit and came back to the office. By the time that I came back to the office the LO informed me that my DTI, salary and bank statements (two months worth of PITI) indicated that I was ok to move forward. All of this took place in one day on a Sat afternoon. No pre-approval letter.
The next day I went back to the office to meet with the LO and she ran me through USDA's GUS and I passed that. She informed me that I couldn't go through their automated desktop underwriting with disputes so she contacted the company they use for credit reports so that they could contact the creditors to remove the disputes. By Tuesday the disputes were removed. Wednesday I went to manual underwriting; Friday I had conditional approval with conditions. The following Monday I submitted my conditions; had more conditions and resubmitted. A week later I had final approval from the UW.
Again no pre-approval letter.
Starting Score: EX 575/TU 534/EQ 570
My LO told me what to expect as conditions when I received my pre-approval. He wanted certain things fixed or needed correct documents BEFORE going to underwriting. But I think he also knew that getting approval would not be difficult for me because what I had could easily be fixed.
I did not recieve my actual "conditions" until I received my approval letter.
Right. If you don't have major credit issues, you usually just get a preapproval letter to go shop homes without conditions. That is probably what your LO wants as it is less hassle.