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FHA - can I get excited yet?

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pritchardhallhokie
Frequent Contributor

FHA - can I get excited yet?

So we're buying a house and set our closing date for the 31st.  My question is, based on all of this, what do you think (if anything else) has to be done at this point?

 

Roughly 20 days ago, we were prequalified for the loan we gave them our bank statements, etc.  They pulled our credit and looked over everything.  Gave us some advice on what to do to get our scores as high as possible?  (We're well over the required amount, 690s and 760s.  We found the house we wanted a few days later and gave an earnest check for $1000.  The next day, we did the approval, giving where we signed all the paperwork agreeing to the terms of the loan, etc.  The approval letter was sent to the sellers in order to continue.

 

We negotiated the house repairs and they were done immediately and negotiated the price.

 

We got a conditional approval from the underwriter and we were asked to provide our bank statements once again (updated) as well as last year's tax return. 

What else do we have left to do?  I think we're done... can I get excited?  When will we hear from the LO or our realtor again?  We should close in about two weeks and a couple of days...

 

Thanks!


Starting Score: 584TU / 580EQ
Current Score: 670 TU / 680EQ
Goal Score: 720 TU / 720 EQ


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my25reasons
Regular Contributor

Re: FHA - can I get excited yet?

You now have to go through manual underwriting and should also be receiving a good faith estimate from your lender, which will go over your closing costs.

 

You should have had an inspection done, and they will be doing an appraisal, if they haven't already.

 

You can get excited when you hear "clear to close"!

 

Good luck!

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pritchardhallhokie
Frequent Contributor

Re: FHA - can I get excited yet?

Hey Sorry, forgot to mention.

 

We did the inspeciton and after that got the items fixed by the seller.  THEN we got the appraisal done and it was valued 28k higher than the loan....

 

Are we good now?  Smiley Happy


Starting Score: 584TU / 580EQ
Current Score: 670 TU / 680EQ
Goal Score: 720 TU / 720 EQ


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my25reasons
Regular Contributor

Re: FHA - can I get excited yet?

Sounds like you are close! Has your file been sent off to underwriting? Once they give the go ahead, you can take that sigh of relief Smiley Happy

In my wallet:
Discover More / Chase Amazon / Chase Freedom /Chase Business Ink / Chase Slate / Capital One Cash Rewards / Walmart Discover / Kohls / JCPenny / Home Depot / Art Van

Experian Direct PLUS scores: Experian 744/ Equifax 763/ TU 744
Message 4 of 5
pritchardhallhokie
Frequent Contributor

Re: FHA - can I get excited yet?

Yes, I spoke with my realtor today.  He said they sent the file off last week to the under writer and we're waiting to hear back... I'm nervous but just wanna get the good word back.


Starting Score: 584TU / 580EQ
Current Score: 670 TU / 680EQ
Goal Score: 720 TU / 720 EQ


Take the FICO Fitness Challenge
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