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In the Underwriting Process

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Anonymous
Not applicable

In the Underwriting Process

Our file was submitted Tuesday to underwriting. I promised myself I wouldn't email our loan officer until today. It was really hard but I did it. She just emailed me back saying the underwriter needs a verification of rent and they are getting that and resubmitting. Our original close date was October 27th. I just really want this to all work out. We have been fixing our credit for about 2.5 years now. From everything I read, the VOR is one of the first things they do so I feel like this process will drag on forever 😫

Message 1 of 10
9 REPLIES 9
kc0039
Established Contributor

Re: In the Underwriting Process

That will all depend on your landlord or property management company.

Licensed in IL
Message 2 of 10
Anonymous
Not applicable

Re: In the Underwriting Process

Our landlord should get it done pretty quickly. He always tells us we’re some of his best tenants. I’m just more worried that they just started looking at the app if it’s been 3 days and they’re just now doing the VOR. It’s with DHI Mortgage. We just graduated from their home buyers club a couple weeks ago.
Message 3 of 10
Mike2
New Contributor

Re: In the Underwriting Process

Hey Katie:

 

Did I miss anything by not participating in the DHI Home Buyers Program?  I have been working on Me & the Mrs. credit for about 3 years.  The things we cannot fix, DHI could not fix either...only time!  However, I am interested in if they would give your prefrential treatment in qualifying/underwriting???  If so, I need it too!  We have been waiting for our project to start in FL. which has given us more time to pay some things down to improve score & DTI...

 

Please let me know if im missing my favor with DHI???????

Credit Scores: Beginning, March 2011: EX 590,TU 595 EQ 597

Current FICO 8 Scores: EX, TU, EQ

Current Mortgage Scores: EX, TU, EQ,

Vantage3 Scores: EX: (742), TU: (752), EQ: (752)

Goal Scores: EX: (850) TU: (850). EQ: (850)
Message 4 of 10
Anonymous
Not applicable

Re: In the Underwriting Process

What are your current FICO Mortgage scores? Did they want you to sign up for HBC and you chose not to or was it not an option?
Message 5 of 10
VALoanMaster
Valued Contributor

Re: In the Underwriting Process


@Anonymous wrote:

Our file was submitted Tuesday to underwriting. I promised myself I wouldn't email our loan officer until today. It was really hard but I did it. She just emailed me back saying the underwriter needs a verification of rent and they are getting that and resubmitting. Our original close date was October 27th. I just really want this to all work out. We have been fixing our credit for about 2.5 years now. From everything I read, the VOR is one of the first things they do so I feel like this process will drag on forever 😫


Generally when a file is resubmitted, it's already been approved by the underwriter & the VOR is just a condition that has to be cleared. This means you're on the downhill side of the process & should have your clear to close in a couple of days.

Congrats!

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 6 of 10
Mike2
New Contributor

Re: In the Underwriting Process

I'm waiting another month before I pull them from this site!  I preliminarily discussed it with sales person but, we never finalized my efforts to get in the program..

Credit Scores: Beginning, March 2011: EX 590,TU 595 EQ 597

Current FICO 8 Scores: EX, TU, EQ

Current Mortgage Scores: EX, TU, EQ,

Vantage3 Scores: EX: (742), TU: (752), EQ: (752)

Goal Scores: EX: (850) TU: (850). EQ: (850)
Message 7 of 10
Anonymous
Not applicable

Re: In the Underwriting Process

I hope we're close to be done.  My landlord didn't want to send in the letter unless we paid our final two months rent up front so I went to the bank and got copies of the checks and sent those in today. I spoke to our sales lady and she said that's all we needed to do; at least that's what DHI told her. 

Message 8 of 10
Anonymous
Not applicable

Re: In the Underwriting Process

Mike: I would do a pre approval through the DHI site and see what they tell you then. 

Message 9 of 10
Mike2
New Contributor

Re: In the Underwriting Process

Hey Katie!

 

If i do the pre-approval months before they start, it will need to be done again thats why I'm waiting.  Do you feel like the program is assuring their in-house approval, thats what I want to know?  Are they giving you that Vibe?

 

Earlier, It appeared that the sales person did not think that I needed it or most of the stuff I knew already....Which is not to say I did not need it, Its just some things on my credit report cannot be whittedout oly time.....I guess, Im asking did they give or hinting that you will have approval leverage as a result to taking the class????

Credit Scores: Beginning, March 2011: EX 590,TU 595 EQ 597

Current FICO 8 Scores: EX, TU, EQ

Current Mortgage Scores: EX, TU, EQ,

Vantage3 Scores: EX: (742), TU: (752), EQ: (752)

Goal Scores: EX: (850) TU: (850). EQ: (850)
Message 10 of 10
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