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Final approval?!!!!

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Anonymous
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Final approval?!!!!

I've did both appraisal and inspection. Everything was fine. Recieved a call from LO today saying that he recieved my approval today and asked me if I wanted to lock in my rate now or later. Locked in at 5% 30 year fixed FHA and LO told me to start looking for homeowner's insurance. Does this seem like a done deal? Please chime in!
Message 1 of 7
6 REPLIES 6
medicgrrl
Valued Contributor

Re: Final approval?!!!!

Yup, sounds like a done deal.  There may be a few minor things your LO is working on like verbally verifying your employment and working on getting docs together from the attorney/escrow company, but other than that sounds like you are good to go!


EQ 778 EXP 782 TU 729
Message 2 of 7
Anonymous
Not applicable

Re: Final approval?!!!!

Not sure. I had my full approval (supposedly) done in advance. My inspection has been done, appraisal has been ordered, homeowners insurance already paid for and sent in last week. Yet my file is back with the underwriters again.

 

I am told that anytime something changes the files goes back to uw. I cancelled contract on one house and last week went under contract on another...maybe that's why for me, but since they already ordered the appraisal, I have paid the homeowners, etc. I would have thought they would have done the uw part already. It's leaving a very unsettling feeling in my stomach.

Message 3 of 7
medicgrrl
Valued Contributor

Re: Final approval?!!!!

It sounds like you were credit approved first.  Once you have a property the file goes back to the underwriter so she can underwrite the appraisal.  If you changed properties then the file definitely had to go back to the UW.  Not because you need to be credit approved again.  Basically files are submitted the underwriting and they give a list of conditions.  Once those conditions are received it goes back to the UW to sign off on the conditions.  If a sales contract and appraisal are a condition then it will go back.  If you submit a document that opens a can of worms then they may ask for additional things.  If the underwriter has already approved the appraisal and property then you should be good to go.


EQ 778 EXP 782 TU 729
Message 4 of 7
Anonymous
Not applicable

Re: Final approval?!!!!

Oooooooh, thank you, thank you. You have put my mind at ease. I was worried they'd find something wrong with me credit wise even though between the start of this and the other property and then now, I've been told 3 times...Good news you were approved...again....whatever that means. LOL.

 

So...it's good to know it's normal that it has to go back to them if the property changed. I don't think appraisal has been done yet. They ordered on Monday so I was hoping it would be this week. We shall see.  I am much more at ease thinking they are having to approve the property as opposed to me. Thanks for that!!

Message 5 of 7
medicgrrl
Valued Contributor

Re: Final approval?!!!!

Assuming the sales price is still within the same range as previously, the underwriter shouldn't even look at your information again.  Typically all they will do if you are just waiting on property documents is review the sales contract, appraisal and redo the numbers based on the new property.  As long as all your documents are still current then when the loan is submitted thru AU it should continue to use the same credit report.  You may want to just call your LO and ask when your credit docs expire (bank statements, paystubs, credit report etc)  The expiration date is the date you need to close by.


EQ 778 EXP 782 TU 729
Message 6 of 7
Anonymous
Not applicable

Re: Final approval?!!!!

Expiration date on mortgage commitment letter is May 25th closing is scheduled for mid April. It specifically stated credit would need to rerun after that date, etc. so I guess that's ok.

 

Price of this house is higher than the last, but I'm still not using my whole loan amount that I was approved for. Taxes are exactly what they had estimated on GFE and homeowners is less. I'm putting 20% down anyway and have about 1 1/2 - 2 years left in bank as reserves. So I hope this house being a little more than the last won't be cause for concern. 

 

Apologies to OP for beginning to threadjack. 

Message 7 of 7
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