The LO says "UR DONE"

[Anonymous]

Got the clear to close on Monday, but the investor is running behind so closing won't be until next week (hopefully the 30th he says, but maybe the 1st).  Last week he told me closing "for sure" Wednesday (today).

Is it okay to get excited now?  I don't expect a problem with my credit scores.

But it's possible my pay will be cut July 1 (and we won't know until July 1 because it's the state government and it seems to be filled with idiots who are primarily concerned with being re-elected).  I would expect my ratios to increase less than 1% to 31.74/40.42 or 30.61/38.98, depending on whether they are using my pay rate or my gross pay (which includes an additional $60 that is used to offset insurance costs).

Oh, it's an FHA loan.  And it seems like everything that could go wrong has, so I'm not counting on my luck.

[Anonymous]

If it has been already through underwriting and has been approved.  You should have nothing to worry about.  They would have already done a VOE (Verification of Employment).  Your job is not going to call your lender and tell them you have a pay cut.  Good luck and congratulations.

[Anonymous]

Thank you!  That puts my mind at ease a bit.  I'm just worried that when they pull my credit before settlement they'll see I work for the state and since the whole budget fiasco has been in the news...  But then, they have copies of my paychecks so I guess they already know that and they aren't in this state, so it's probably not in their news so much.

[Anonymous]

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@Anonymous wrote:

Got the clear to close on Monday, but the investor is running behind so closing won't be until next week (hopefully the 30th he says, but maybe the 1st).  Last week he told me closing "for sure" Wednesday (today).

Is it okay to get excited now?  I don't expect a problem with my credit scores.

But it's possible my pay will be cut July 1 (and we won't know until July 1 because it's the state government and it seems to be filled with idiots who are primarily concerned with being re-elected).  I would expect my ratios to increase less than 1% to 31.74/40.42 or 30.61/38.98, depending on whether they are using my pay rate or my gross pay (which includes an additional $60 that is used to offset insurance costs).

Oh, it's an FHA loan.  And it seems like everything that could go wrong has, so I'm not counting on my luck.

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The only thing left for them to do is get you a official closing date and to tell you exactly how much $ your gonna need for closing costs.  Everything else is done so they wont be going back and checking credit, job verification, etc. It was already done which is why you were told your clear to close

[Anonymous]

I don't think this will matter anyways, but it is quite common to do a last minute VOE a day or two before close.  It looks like even if they do, and it is after the pay change, you still can get under the guidelines.  You should be OK.

[DallasLoanGuy]

many banks just do a verbal VOE.... no income info required