Mortgage Loan in processing.....

[Mike2]

Me12345,

Of course you know what's being said sounds foreign.  I guess I am hoping for the lowest cost to me regarding Down payment, closing cost and fees, mortgage insurance and home owners insurance & PMI!  How would I know if developer is giving me the best deal without me going to every place taking credit hits?  Please elaborate.

[dragonfly66]

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@me12345 wrote:

Not necessarily..... The 97% LTV Conventional loans are HomeReady or HomePossible programs.  they have lower rates, and better LLPS's and discounted MI fees then the 95% LTV loan programs, and easier qualifying guidelines, so the 97% loan could have a lower payment.

They do have income restrictions, so consult your lender to see if you qualify, for these great programs.

Thanks,

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I found out that the HomeReady program, which I am using does have income restrictions, for the most part, but there are zip codes where they don't have income requirements.  That's how I'm able to use it.  On Fannie Mae's web page about the HomeReady program, they have an income eligibility look up tool that can tell you if your address falls within that area.  Their income eligibility map actually splits my new neighborhood in two.  On one side of the tracks (near the private school) there is an income limit.  On the other side of the tracks (where my house is being built), there is no income limit, but it's all one neighborhood.  So it's definitely worth checking out.

[StartingOver10]

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@Anonymous wrote:

So I talked to the LO yesterday for an update as we are still sitting in underwriting as of yesterday.  The appraisal was just completed and he said should be back by end of this week.  The underwriters havent asked for anything more at this point but we havent recieved an approved or approved with conditions yet either.  Is this because the appraisal and title search havent came back as of yet?

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Probably. Are you sure it's in underwriting?  Sounds like it is still in processing until the rest of the paperwork (appraisal and title search) is completed. Really underwriting is 1 to 3 days normally. 

[StartingOver10]

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@Anonymous wrote:

I was told it was sent from processing to underwriting on 6/23/17 as they had all required documentation. Unless they meant it was sent to underwriting just hasnt been looked over.  I'm not sure.  This entire process confuses me.

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Normal process (there are exceptons):

Submit docs for Pre-approval>

find property to buy>

make official mortgage app>

provide additional docs to LO or processor>

processor orders appraisal and title and a bunch of verification type items>

when file is completed, it is submitted to underwriting>

1-3 days later you have approval subject to normal conditions>

when conditions cleared file is ready for closing department>

closing dept prepares closing package and sends to title co or closing attorney>

close

[StartingOver10]

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@Anonymous wrote:

Thank you! Okay so yes it sounds like they prepared everything for underwriting and sent it from our end but are awaiting the appraisal and title report from there end then.  Okay I guess in this sense at this point no news is good news since at this time theyre not waiting on something from us or they would have asked for it.  I keep sending the LO officer updated copies of paystubs and bank statements as things come in. So maybe that is why they havent contacted me for these things.  Back to the waiting game.....

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^^^Yes, this is smart. Their docs need to have your updated info so it is great that you have anticipated it and sent in before they asked for paystubs and bank statements. 

For other items wait until they ask. Sometimes the underwriter comes up with additional small things but not always. Sounds like you are on top of it. 

[me12345]

That looks like a normal "Conditional Approval" ...

Your LO & Processor will "Clear" all of the conditions, and then re-submit the file to Underwriting for a "Final Approval"  once you get that they can order the docs and you can sign and then it will Fund & once it's recorded with the County and you get your Keys.....