Preliminary Loan Approval!

Anonymous · ‎01-15-2016

Just got word back from our Loan Processor that we have preliminary loan approval! Our file went to underwriting Wednesday morning and the processor emailed me this morning with the preliminary approval and a list of easy conditions. The only conditions are to show a statement that our earnest money check has cleared our bank, list dates that we lived at two of the addresses on our credit report, sign document showing how we would like our names to vest on the title, and proof that our Scottrade account has been liquidated and that the money was deposited! Super, super easy!

How long now, after sending back the requested conditions, can we expect to wrap this thing up!??

Anonymous · ‎01-15-2016

First and foremost, congratulations. Secondly, there is no simple timeframe for underwriting. Some people have submitted conditions and been underwritten in as few as 2 or 3 days. Some people have horror stories of UW taking over a month. Depends on the lender and application volume and time of month in most cases.

Anonymous · ‎01-15-2016

Congratulations, you're hopefully in the home stretch now.

Ask your loan processor how long it will take to hear back, every lender is so different. My package was submitted on a Tuesday at 3 and I had the c2c back at 10am on Thursday. It went fast! Unfortunately my sellers aren't ready to close early, so I've just been waiting.

Anonymous · ‎01-15-2016

@Anonymous wrote:
Congratulations, you're hopefully in the home stretch now.

Ask your loan processor how long it will take to hear back, every lender is so different. My package was submitted on a Tuesday at 3 and I had the c2c back at 10am on Thursday. It went fast! Unfortunately my sellers aren't ready to close early, so I've just been waiting.

Thank you for your response! I will email my processor and check with her. With our initial underwriting, everything was sent Wednesday morning and we got our conditions back this morning, so.. not too bad at all! I'm hoping the conditions clear quickly. Our sellers do not live at our property and they are eager to close, so hopefully our closing date will get moved up a few days. It's currently scheduled for February 5th! Fingers crossed!