After 14 days, our preapproval finally came back today. Unfortunately, I don't know what it means & our processor is gone for the day, so I'm hoping someone here can tell me how much the preapproval is for. At the top it says 'you have been pre-approved for a mortgage loan subject to the following terms & conditions:
Sales price: 128,000. Loan amount: 128,000
Type of loan: va fixed rate
1. Final underwriting approval
2. ....appraisal & sales contract ....
3. Standard settlement conditions
4. Seller concessions up to 4%
5. Loan is subject to ratified sales contract, with all addendums/attachments, in the amount of$175,000 (home to be purchased).
6. ... Subject to re-approval if changes in price, assests, income etc ....
7. Your rate is not locked in blah blah blah
8. .. Income & assests subject to verification ..
Condition #5 is what confuses me. Are qe pre-approved for $128,000 or $175,000?
Thanks in advance
Starting FICO 667 (5/2012) EQ
672 (7/2012) EQ. 681 (8/1/12) EQ
Current FICO 682 (10/13/12) EQ; 718 (10/13/12) TU
Goal: 760+ but 700-720 by jan 2013
No new apps tll jul 2013
