PRE-APPROVED FOR 200K LOAN FINALLLLLY!

[Anonymous]

Thats's my fear I have the pre-approval letter and went through underwiriting my file was pretty easy I am medically retired from the military since 2012 and 100% through the VA, no debt except car note and just got refinancing for that from $565 to $359 from 24% to 6.9% no credit cards except for my secure card lol! income $3290 thats all they would count even though I get an extra $2400 a month for school, my credit scores are down below and I have no income tax or paystubs so it was pretty simple but I still fear something is going to happen my realtor has been trying to get me too look since they sent her my letter here in miami and in jacks

I like the pre-approval b4 build I have seen communites like that down here in the homestead area but the builders are different Lenner and DR horton are here and they let anybody in and the communites now look ran down that turned me off, but in Jacks its completly different georgous homes but when were doing thier walk throughs or after being in the home a few months  they had major problems so I put them on hold for now I plan on going up there after I come from hawaii untill then my agent has finally convinced me to meet and take a look since I really would like stay  

[Anonymous]

I know with the VA loans its equired for us do inspections on the home so that might work but those homes are in jacksonville the ones I can afford lol! down here they start at $250k 

[StartingOver10]

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@Anonymous wrote:

Wait, when i had my house built in 2011 they underwrote me with all my documents(pay-stubs,w2's,tax returns etc...) and sent over a conditional approval. Pre-approvals usually don't require the supporting docs because they run your application and get approved that way first. I might be confused here. But essentially they fully qualified me to where all the conditions for full approval were lender,builder and title. Pretty much all the stuff that wasn't in my control

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^^^this is a true pre-approval.  Any lender that would write a pre-approval without supporting documents is suspect in my opinion.  

[StartingOver10]

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@creditstalker wrote:

You can also do a three phase inspection where the inspectors would go out each time the builder begins a new phase in the construction process.....the cost usually averages between 800-1200 (not sure if thats worth the price considering that many builders offer home warranties....or it could be to put the mind at ease)

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^^^This is a good idea. As long as the builder will correct errors during the construction phase. Just because the home is built new doesn't mean it is error free. And the home warranty is only as good as the builder behind it (on new construction). 

[Anonymous]

I so agree at first I was for the new home but when I started to read the reviews they were scary DR horton has numerous complaints on consumeraffairs.org and the BBB it scared the mess out of me and it wasn't for minor issuses either so that was a rude awaking for me.  In jacksonville they were starting at anywhere from $125k and up my agent up there was willing to a depsoit down and I was ready to relocate but after reading multiple reviews not only DR Horton, Lenner reviews were jus as bad and a few other companies as well...so I'm jsut doing my homework I don't look at buying a home as an investment so much since I'm retired and want to be in my home for at least 10 yrs so this is a Really Big Purchase, like should I treat myself to a pair of designer shoes or a designer handbag can't be both lol!

[creditstalker]

I agree... When I submitted my application I also supplied my documentation as well.   After my loan servicer reviewed the documents along with my credit, I was issued a conditional qualification letter.  However, the letter included remarks to remove all of the dispute comments from credit report;  so I'm thinking that is probably why I didn't recieve a pre-approval letter intially...and instead recieved a "conditional qualification" instead.

 This is what the Conditional Qualification letter stated:

CONDITIONAL QUALIFICATION LETTER

Residential mortgage loan originator has recieved a signed application fo the loan from the prospective applicant

Residential mortgage loan originator has reviewed the prospective applicants credit report

Residential mortgage loan originator has reviewed the prospective applicants credit score

Residential mortgage loan originator has reviewed the following additional items(list):

Income- Provided in writing

Available cash for down payment and closing cost  -  Provided in Writing

Debts- Provided in writing

Assets-Provided in wriiting

Based on the information that the prospective applicant has provided to the residential mortgage loan originator as described above, the residential mortgage loan originator has determined that the prospective applicant is eligible and qualified to meet the financial requirements of the loan.  

This is not an approval for the Loan.  Approval of the loan requires:

1.  the residential mortgage loan originator to verify the information that the prospective applicant has provided;

2.  the prospective applicants financial status and credit report to reman substantially the same until the loan closes;

3.  the collateral for the loan (the subject property) to satisfy the lender's requirements (for example, appraisal, title, survey, condition, and insurance);

4.  the loan, as described, to remain available in the market;

5. the prospective applicant to execute loan documents the lender requires, and

6. the following additional items (list):

REMOVAL of DISPUTES(s)

vs. Pre-approval letter

Congratulations on your preapproval for a loan application with (lender).  Please sign and return the following disclosures and preliminary documents.  If there is any incorrect information please make your processor aware and they will make the necessary changes.

*the pre-approval letter didn't include any conditions that needed to be addressed....and as long as my credit remains the same I will be clear to close**YAAAY!!

[Poppa]

Congratulations!