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06-03-2011 09:46 PM
I haven't even gone through underwriting yet, but we are close on getting a house. (Should know by Tuesday if our offer is accepted). But I am so nervous for some reason about the Underwriting process. How bad is it going through underwriting? I think one of the reason I am nervous about it is because, I didn't have the 3 to 4 trade lines needed to get pre approved, but my LO used my rent history as a way to prove that I am good at paying on time. Should I be worried if our offer is accepted that I will not make it through underwriting and the house of our dreams just flies by and we can't do about it?
Just a little about my credit. 691 middle score. 1 credit card that has reported to the credit agencies(had the card since March 2011), but I have 3 more credit cards that are 1 month old and haven't been reported yet. All new credit card have $0 balance with a combine credit limit of $1000. No late payments, no collections. 2 satisfied judgements from 2006 and 2007. I have a short credit history. Do you think I will make it pass underwriting? Got the pre approval though US Bank.
06-04-2011 12:21 AM
Underwriting could be a scary process or an easy process. I am going through Underwriting right now. I been in underwriting since the beginning of May. My loan was pre approved right away. Though underwriter saw that I have school loans. They have asked for deferrments for my school loans. They wanted to see a year of my deferment prior to closing the loan. So I spent the whole week( last week) postponing my graduation date so I can change the deferment. They also asked me for proof that the $6000.00 was in fact my Tax Return. They didnt beleive that it was my Tax return. So I had to go to the bank and ask for a copy of the check. I got all of this done this passed wednesday and they sent it back to underwriting. These were the conditions they asked for and now im waiting for the underwriter to give me a clear to close. But I am scared that they will ask for another condition. But once you go into underwriting, you going to have to let time tell you whats going to happen next. Hopefully I can hear something back on Monday to see if my loan is clear to close. Good luck with your Mortgage process!
06-04-2011 08:30 AM
You should be ok as long as you can explain anything the underwriter has questions about. The new accounts you'll have to explain for sure. It's just paperwork and no biggie. The other issues that underwriters address are with the property itself. Condition, type of build, permitted modifications, etc. This is where I'm potentially beginning to have a problem. Depending on the type of loan you're getting, certain criteria have to be met for the underwriter to sign off on your loan. Your LO and your RE agent should keep you in the loop regarding any potential problems. Remember, they work for you and are being paid to do so. Good luck and wish you the best in getting into your new home.
06-04-2011 10:48 AM
US Bank's pre-appovals are very solid if they have sent it to an underwriter for review, ask if that is what they did, if so then you should be fine.
06-06-2011 06:18 PM
Thanks for all the answers. Should know tomorrow if we got the house or not. Crossing our fingers.
I had to explain a few things already about my new accounts and things like that. My LO said everything looks good and shouldn't be a problem getting through underwriting, but what I have read about underwriting just makes me scared. I guess time will only tell.