Documents to Underwriter

[ReBuildingAgn]

How soon after going under contract do you have to turn in your documents (bank statements, assets, etc) for underwriting? The house I'm looking into purchasing is new construction and they are "estimating" it to be completed in April 2011. I can't close until the house is complete and I'm wondering if it will buy me some time in saving more money and getting my credit score up another 11 points for a lower interest rate.

[ReBuildingAgn]

Somebody? Anybody? Bump!

[jrandrew1]

I think it does allow you to time to save more money and increase your score. I am in a similar situation and this was what my lender advised me.

[Booner72]

I didn't have to turn in all that jazz until there was a signed purchase agreement from the seller (which was a bank as it was a foreclosure).....Not sure how that would work w/ a new build....maybe a signed purchase agreement from the builder?  I know others here have used the waiting time to save and build scores.

Why don't you ask your loan officer the timeline process?

[ReBuildingAgn]

Thanks for the infO! @jandrew do you have a purchase agreement in place? I could potentially go under contract this weekend. So I need about 2 weeks to get my score up 11 more pts to qualify for a lower rate.

[ReBuildingAgn]

And booner I emailed her asking and haven't gotten a reply yet. Doesn't help that I emailed her at 10pm lol.

[ReBuildingAgn]

So looks like I was obsessing for nothing (as usual). My LO got back to me and said my reserves are across all my liquid assets (401K, savings, mutual funds, etc) so I'm actually all set! Whew! Now I have time to obsess over my student loan company lowering my payment in a timely manner. Then I can also obsess over possibly having to remove my dispute comments from my CR's. Yay me!

[PixieQueen80]

To maintain my pre-approval on my new construction I turned in all documents initially and every 30 days sent in new bank statements and paystubs.  Also since I received quarterly 401k statements I turned that in once after the initial submission.  There was no prefered lender for my builder so this was done through a BOA loan.

[PixieQueen80]

Also my credit was ran every 120 days and the current one was the one used not the previous.

[ReBuildingAgn]

Thanks Pixie! That's helpful information. I think I will do the same. She didn't require it, but I couldn't hurt to show that I am still continuously saving. If I can bump my middle score up 11 pts to 700, then I could get a reduced interest rate, but it's not much of a difference in payment. Over the long term it'll be significant.