Signed contract, loan is now underwritting

[TheZealous]

Hello everyone,

I know this is not new at all to many of you here. I signed a contract on a house last week and submitted all the paper work, bank statements, paystuffs, etc... to the bank. My loan is now sitting on the queue for underwritting. I am very nervous at this point. My credit score are 689, 682, and 659. The lender is using the middle score. The house is sold for 150k. I have enough gift money to put down for 10%. My income is $4530/mo. I have 1 student loan that is now deferred until 2014 for $15k. 1 car note for $13k. Student loan is $152/mo, car note is $350/mo. I wonder what are my chances to get approval for this loan? I only need to borrow $135k for this house. Here is the problem. Over the course of the year, I spent a lot of money on clothes and equipment for the house and car. Spent on misc stuffs like this, and also a lot of cash withdraw make my bank statement shows a balance of under $1000. I don't know if this will prevent me to get approve for the loan? I hope the underwritter understand that a lot of these spending can be cut and pay for the morgage loan. Any advice? My lender is America's Chouse Home Loans LP. They offered 4.75% rate on 135k that I am trying to finance, is this a good deal?

Thanks,

T.

[ShanetheMortgageMan]

Your debt to income ratio looks fine (I assume you are buying in TX?), and as long as you'd have 2 times the proposed payment in reserves available after closing (checking/savings/401k/retirement/stocks/etc. all can count) then you'd have enough reserves to qualify as well.  Assuming no points & no lender credit, then if it's a conforming loan that interest rate is pretty good considering your scores, if it's FHA you could do a bit better.

[TheZealous]

Thanks Shane, for your contribution. My LO called me today and said that my loan just came out of the underwritting and all look fine. I just need to provide the gift letters from my relatives and the bank statement to show I have enough fund to close. I just sent the gift letters today. Waiting on my bank to show a clear balance after I deposit the check in. Should I expect to get a clear approval at this point? I am very nervous !!!

T.

[ShanetheMortgageMan]

Like I said, your situation looks good, what a loan officer tells the consumer and what is really going with the loan are not always the same thing as you've seen from the copious amounts of posters here who are blindsided when their loan has issues.  So I couldn't say if you'll be getting a clear approval... but I can say everything sounds like it's going as planned, and nothing sounds fishy.