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.
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