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Confused.....

Valued Member

Confused.....

We made an offer on a house (freddie mac foreclosure-scary) and was accepted right before Thanksgiving. Prior to that I received a preapproval letter. Since then, there has been a home inspection done and we heard back on appraisal yesterday. Today, I recieved an email from mortgage banker saying she needed to know how much my student loan payment would be after deferrment and my employer said they just received today a fax for employment verification. Maybe I just don't understand but shouldn't those things come before the appraisal and inspection? I mean, what if they determine now that I'm not eligible for a loan and I already had to pay for the home inspection out of my pocket?


Starting Score: 674 8/2010
Current Score: Your TransUnion FICO® score:
703
On November 17, 2012

Goal Score: 720+


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Message 1 of 6
5 REPLIES
Valued Contributor

Re: Confused.....

Unfotunately I believe those items have to be paid before hand and if you do not get the loan, you are out of that money...it's part of the home buying process. They can't give you a loan until they know what the house is worth, they need an actual figure to punch into the system and they can't know that without an appraisal. 

Message 2 of 6
Valued Contributor

Re: Confused.....

It sounds like you are about to hit the underwriter, they are gonna ask for all kind of crazy things. Be prepared for a ton of fun.

Message 3 of 6
Valued Member

Re: Confused.....

More like nerve wracking and worried!


Starting Score: 674 8/2010
Current Score: Your TransUnion FICO® score:
703
On November 17, 2012

Goal Score: 720+


Take the FICO Fitness Challenge

Message 4 of 6
New Contributor

Re: Confused.....

That's similar to our timeline too.  Only we had to do two appraisals because we're buying a home from a house flipper who bought the home at auction less than 90 days before our contract date.  If you loan is approved, it will most likely come with a list of conditions that you must satisfy and then send back for another review.  Welcome to mortgage purgatory.

Message 5 of 6
Highlighted
Regular Contributor

Re: Confused.....

our appraisel came AFTER underwriting.  Our home inspection we did before.  Only because we wanted to.  Inspection was at our discretion.

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

Message 6 of 6