We are in the process of purchasing a home with an FHA loan. We made an offer on a home for 277,000 and it was accepted. We have already transferred our down payment money to escrow via wire transfer. Although an FHA loan is only 3.5% down payment, we are putting down 20,000 and put in an extra 10,000 to cover closing costs. Every time I ask my loan officer how things are going he tells me that they are going "great". Like today I asked him how things look and he said "We are in fantastic shape". We have not hit any major snags so far and things have been going smoothly, but I worry and always expect the worst to happen. I was worried about my 2013 tax transcripts because I went through a job change and can not remember what I filed in my 2013 tax return. My loan officer received the tax transcripts already and he told me they look "good". Will loan officers also review tax transcripts before underwriting does? I know my 2014 ones are fine. My loan went into underwriting one time and it came back with conditions, such as home insurance (done), LOE stating I have no ownership in my parents home (done), and bank statement showing where down payment was wired from (done). The only thing that was difficult to get was a confirmation of the wire transfer from the bank. The bank manager told me he was not sure what else they wanted, since it shows on the bank statement that the money came from the bank account. The escrow agent already sent my LO a confirmation of the wire transfer also. The bank manager printed out the transaction history showing the wire transfer, stamped it and signed it. I sent that to my LO and he said it looked "good". My LO told me that everything was submitted to underwriting again today for final approval. So once again, how much should I trust what my LO tells me? I know that he makes money off of closing loans, so I am sure he would have told me if something was not right, hopefully. Do loan officers review everything before they go to underwriting, to make sure everything looks good? Any feedback will help.
