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More FHA questions.

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StartingOver10
Moderator Emerita

Re: More FHA questions.


@clintj57 wrote:
Okay. Thanks guys for the help this whole process has me on pins and needles. I don't think I've ever been so stressed in my life. The LO is telling me not to worry, everything will go through just fine, but easier said than done. I've passed the auto underwriting, the house appraised for about $4,000 than the loan amount, and I'm set to close July 14th. Just hoping to get through this underwriting process with my sanity.

I hope you mean that the house appraised for $4000 more than the contract purchase price (not the loan amount). The lender loans on the purchase price or the appraised value, whichever is lower.

Message 11 of 17
clintj57
Member

Re: More FHA questions.

More yes sorry lol. I told you this stuff was making me crazy
Message 12 of 17
clintj57
Member

Re: More FHA questions.

More than the purchase prise
Message 13 of 17
StartingOver10
Moderator Emerita

Re: More FHA questions.


@clintj57 wrote:
More than the purchase prise

That is good news! Smiley Happy

Message 14 of 17
clintj57
Member

Re: More FHA questions.

 
Message 15 of 17
clintj57
Member

Re: More FHA questions.

Do loans often get denied I underwriting after passing auto underwriting?
Message 16 of 17
ezdriver
Senior Contributor

Re: More FHA questions.

Yes ... but you would have some sense, with the help of your loan officer, how likely an approval or denial will be issued. Remember that autounderwriting is a computer system that issues results based on data input. If any of that data turns out to be incorrect/inadequate [eg: income], then it is going to be caught by the human underwriter. No denial should be a 100% surprise. If it is, then the LO has not done a good job.

Message 17 of 17
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