No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I've closed 3 homes, and 2 of the 3 just the normal docs was required.
One was a bit more picky and required some LOE's for misc items, but it was no big deal really. Overall, the UW's seemed to process things fast but this has been several years ago. I haven't bought since 2007 or thereabouts.
Hopefully I will be going through the process again. I dread it each time. No matter how great or bad your credit, they sure have a way of scrutinizing everything to nth degree.
UW's are going to request additional items on anything that is outside their "ordinary" set of rules. For example, if you have a paid judgment from 5 years ago. You will probably need to write a letter and/or provide documentation the judgment is paid. If you are self-employed, tax documents and a slew of other info may be required. The last loan I did, I ended up doing by myself because at the time my spouse was self-employed and it was a PITA and I didn't really need her to qualify.
If you have a good credit score, fairly clean credit (no massive lates or spotty issues from a life event, etc), and no special conditions this will be pretty easy and straight forward.
I have read all the horror stories about UW's but mine went right through. I only had 2 conditions, sign 2 LOE's. My problem was with the appraisal and the VA signing off on the value of the home since it was close to RR tracks. That was a 14 day fiasco that almost pushed me over the edge! Play the game with them. Nothing happens quick in today's market.
We closed yesterday,looking back I guess it wasn't so bad.It was certainly worth all of the trouble.
We were fully approved without needing to meet any conditions but we have excellent credit, a low DTI ratio, and 20% down.
We had just a few minor ones.
When we applied I took everything I thought they would need - W2's, income tax, paycheck stubs. I probably had a folder 1/2 inch thick with everything.
They came back with two rounds of conditions.
1. Copies of rent receipts and proof of them coming out of our bank account.
2. LOE as to why we paid on the 5th of every month but in November we paid on the 9th - we had a 15 day grace period so we were ok but they wanted to know why (we were stuck in NYC with super storm Sandy). Copies of most recent paycheck stubs, copies of current quarter 401k statement. We origianlly tookk them a copy but it was the previous quarter. Finally, the day before we closed they had to verify the funds for closing were in our account but since we banked with the CU who was doing the loan we didn't have to do anything for that one.
I was sweating bullets through the whole process. Looking back now it was very simple and smooth.
Since I switched brokers in mid-stream, I was ask to document deposits over 100 dollars. A bit difficult since one was from the sale of a trailer. They wouldnt accept that and I have to keep an extra 500 in my account. Not a big deal but right now that money would come in handy. I had to explain why I am renting a home from my ex. Seems I am constantly having to update my checking docs, again not a big deal. Just be careful about your deposits!
Because of switching brokers, I got a double dose of experience! I had already been approved when I made the switch but soooo happy I did. The first broker put my student loans in my DTI and shouldnt have. In turn, the lender required a Midland collection paid off. The collection is bogus and 6 years old....no way I'm paying that off now if I dont have to. The current lender accepted the paperwork from the class action suit and did not require it paid off.
We are now back in underwriting for the final approval and ctc. Broker says the 21st is a very doable closing date.