07-03-2014 07:27 AM - edited 07-03-2014 07:28 AM
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.
07-03-2014 03:01 PM
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.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.