Heard back from underwriting...

[ccgg24]

And we have our approval! The only contingencies that they had were a few signed papers and where earnest money came from...it was cash on hand so the LO and processor have to get back to us with that. Anyone else use cash on hand for earnest money? How did they want you to deal with it or did you have to explain? I know they want to make sure it wasn't gifted which it wasn't.

I guess now we just wait for the loan papers and the VA to ok the whole thing and wait for the clear to close right? We don't have the greatest credit and our scores were 640ish so even getting this first approval  from underwriting is like a Godsend to us. We have come such a long ways. 12 years of marriage, four kids and a few deployments and our dream of owning a house is that much closer. We were told we should be able to close by April 15th. The house is ready and we did our final walk through yesterday. I can't wait to get the clear to close!

Thanks everyone for helping us get this far...the information on this site is priceless and so helpful. I'm 99% sure we wouldn't have gotten this far if I hadn't found this site and the forums.

[juggalo9er]

HOOAH congrats on being on your way

[DallasLoanGuy]

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@ccgg24 wrote:

And we have our approval! The only contingencies that they had were a few signed papers and where earnest money came from...it was cash on hand so the LO and processor have to get back to us with that. Anyone else use cash on hand for earnest money? How did they want you to deal with it or did you have to explain? I know they want to make sure it wasn't gifted which it wasn't.  i would disallow the funds.... you could just get it back from title co after closing. do you have the funds to pay more closing costs if they dont use the earnest monies?

I guess now we just wait for the loan papers and the VA to ok the whole thing and wait for the clear to close right? We don't have the greatest credit and our scores were 640ish so even getting this first approval  from underwriting is like a Godsend to us. We have come such a long ways. 12 years of marriage, four kids and a few deployments and our dream of owning a house is that much closer. We were told we should be able to close by April 15th. The house is ready and we did our final walk through yesterday. I can't wait to get the clear to close!

Thanks everyone for helping us get this far...the information on this site is priceless and so helpful. I'm 99% sure we wouldn't have gotten this far if I hadn't found this site and the forums.

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[ccgg24]

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@DallasLoanGuy wrote:

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@ccgg24 wrote:

And we have our approval! The only contingencies that they had were a few signed papers and where earnest money came from...it was cash on hand so the LO and processor have to get back to us with that. Anyone else use cash on hand for earnest money? How did they want you to deal with it or did you have to explain? I know they want to make sure it wasn't gifted which it wasn't.  i would disallow the funds.... you could just get it back from title co after closing. do you have the funds to pay more closing costs if they dont use the earnest monies?

I guess now we just wait for the loan papers and the VA to ok the whole thing and wait for the clear to close right? We don't have the greatest credit and our scores were 640ish so even getting this first approval  from underwriting is like a Godsend to us. We have come such a long ways. 12 years of marriage, four kids and a few deployments and our dream of owning a house is that much closer. We were told we should be able to close by April 15th. The house is ready and we did our final walk through yesterday. I can't wait to get the clear to close!

Thanks everyone for helping us get this far...the information on this site is priceless and so helpful. I'm 99% sure we wouldn't have gotten this far if I hadn't found this site and the forums.

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Yes we have the money to pay more. The builder is actually paying all the closing costs so we have the money we were expecting to use for closing still sitting in the bank. So will we probably just end up writing a cashiers check out of our account so it's trackable and getting the other money back from the builder? They told us at the begining we would get our earnest money back at the end since it's a VA loan 0% down. So if we do get it back and we don't have to pay anything towards closing...how does that work? Sorry, I feel like it's an obvious answer just want to make sure I understand! Thanks Dallas!