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I'm currently waiting on a pre-approval to come back from underwriting. The LO said we should know by next week. I haven't had a hard time getting a pre-approval, but this LO is working with my rental history to try to prove to the underwriter that we can afford a larger loan. He said he feels pretty optimistic about it; I've been able to get him all of the documentation he's requested and our landlords said they'd give us a good reference...plus we have canceled rent checks to back us up.
Problem is, we went and looked at a house last night (we've seen 3 total now) and it is honestly perfect for my family. It was a foreclosure and the price dropped last week by $10,000. It needs a minimal amount of TLC but has a great deal of potential. My realtor agreed that it will not be on the market long at the price it's at. We know we want to make an offer, but the seller (a bank) requires a pre-approval letter with the earnest money. I'm going to call my LO this morning to see if there's any kind of letter we can get that would work, but I'm not counting on it...I just don't want to lose this house!
Is this a manual underwrite?
Could the loan officer not get you approved thru automated underwriting?
Lenders do not 'underwrite' loans until you are under contract..... but, sometimes, will seek underwriter opinions for special circumstances.