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Hi everyone. i am frustrated with the mortgage process. This is a new build. We are doing FHA. We were Approved/Eligible when we were preapproved. Mid score 647 I think. Our projected closing date (according to the lender)is in less than 2 weeks. We have not received any conditions from underwriting yet. Is this normal? Our LO is not my favorite person as he is slooooow returning emails or voicemails. I would not ever recommend this lender based off the poor service I have received thus far. Anyway, is it normal not to have conditions yet? I am sure we'll need LOE or proof of payment for paid charge offs or SOMETHING. Seems like my LO would have prepped me for exactly what I may need but he has been pretty useless
@scmami wrote:Hi everyone. i am frustrated with the mortgage process. This is a new build. We are doing FHA. We were Approved/Eligible when we were preapproved. Mid score 647 I think. Our projected closing date (according to the lender)is in less than 2 weeks. We have not received any conditions from underwriting yet. Is this normal? Our LO is not my favorite person as he is slooooow returning emails or voicemails. I would not ever recommend this lender based off the poor service I have received thus far. Anyway, is it normal not to have conditions yet? I am sure we'll need LOE or proof of payment for paid charge offs or SOMETHING. Seems like my LO would have prepped me for exactly what I may need but he has been pretty useless
If you came back as Approved/Eligible, the underwriting criteria gets a whole lot easier...
Has he asked for bank statements, paystubs, w-2s, rent history, and all of that stuff yet?
Have you sent them paystubs, bank statements, taxes, ect? If not I would be worried. If so, I wouldn't be. My loan just went to UW yesterday and we're scheduled to close on 10/30. They should have plently of time in that two weeks to finish it up for you.
Yes, about two weeks ago. I am sure they'll need new ones, right? Also, a loan processor said "our loan is in line to be reviewed to be submitted to underwriting...." I guess that means an underwriter has not touched it/seen it yet. I am glad aproove/elig. means maybe limited issues in UW, I am just concerned they'll need something I may not have readily available...like a statement from a creditor or something. DTI is great, I'm just nervous about the UW seeing something in the credit file.
@kpresley...thank you. and congrats on your upcoming purchase! That makes me feel better. I have LOEs prepared if they need them, I just want some communication. I knew my MyFico fam would help me understand.
@scmami wrote:Yes, about two weeks ago. I am sure they'll need new ones, right? Also, a loan processor said "our loan is in line to be reviewed to be submitted to underwriting...." I guess that means an underwriter has not touched it/seen it yet. I am glad aproove/elig. means maybe limited issues in UW, I am just concerned they'll need something I may not have readily available...like a statement from a creditor or something. DTI is great, I'm just nervous about the UW seeing something in the credit file.
If you end up with an Refer / Eligible... that's when you have to jump through all the hoops...
With an Approve / Eligible:
The DE underwriter is not required to: personally review the credit and/or qualifying ratios; or to certify that the borrower’s credit and capacity meets standard FHA requirements. The DE underwriter is required to underwrite the appraisal according to standard FHA requirements |
here is the link to the explanation for the FHA Total Scorecard, which is what is used to approve you for an FHA loan : http://portal.hud.gov/hudportal/documents/huddoc?id=total_userguide.pdf