12-03-2012 07:48 PM
Conditions are usually when underwriter send you loan approval (not preapproval) you don't have keys yet hold your emotions for now
^^^^Exactly right. The pre-approval is very, very preliminary. The conditions come after you are under contract, been through processing and underwriting and just before closing. If you submitted all of your documentation (tax returns, pay stubs, W-2's, etc) than you can get a little excited because you would have a strong pre-approval. Good luck in your search for your new home. Remember - have fun!
12-03-2012 08:09 PM
12-03-2012 08:26 PM
your pre-approval is as strong as your loan officer.
did they see bank statements?
pre-approval is a basic approval based on loan application and a few income/asset docs.
anything can happen when EVERYTHING is scrutinized.
example: you are salaried/w-2 employee and bank statements look cool.... BUT!!!! we pull tax returns and you have a side business and write off $20K/yr in expenses.... hmmmm.... LOOK OUT!!!.... Stuff just got crazy
12-03-2012 08:30 PM
12-03-2012 08:49 PM
Your process sounds a lot like ours that we are going through right now.
Though it's a pre-approval, it's technically an approval from what the loan officer told us. It's for a new build, so they basically have to fully approve you now (meaning taxes, paystubs, bank statements, etc) and you are considered "approved" per the loan officer. Then they give the go ahead to build the house, and when it's time to close in 6-7 months, they just need updated docs as some of them (all of them?) expire. But as long as nothing changes between the approval now and the close, it should be good to go.
We submitted all of our docs a little over 2 weeks ago, hoping to know something by this time next week.
12-03-2012 08:51 PM
12-03-2012 08:56 PM
Wow they built before you were approved? Our builder isn't starting any construction until we have full approval.
What would of happened if you didn't get approved? Was the earnest deposit (assuming you put down a deposit) still refundable since they already built the house?
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.