This has to mean I'm almost done, right?!

[jamiii]

Just got this email from my broker:

"Congrats, your loan has been approved by the underwriter.  Easy conditions.  I will call you in a bit."

Other than the conditions, is that the last big hurdle?  Does this mean I might actually get my house?

Sorry, just a little paranoid and too impatient to wait for his phone call.

[foofighter74]

Yes, assuming the "easy conditions" actually turn out to be easy after all, you're in the clear.  You'll get your house as long as you don't go buy thousands of dollars worth of stuff on credit cards or spend money you need for closing. lol

[jamiii]

Got the conditions today and they don't seem too bad.  (Granted this is my first house, so I don't know what bad/good is)

1. Proof title company received wired earnest money.

2. Proof that gift giver had the money to gift us.

3. A copy of the cancelled earnest money check (Which we don't have because it was wired directly to the title company......)

4. Source of funds for a deposit back in August (401k loan)

5. He's saying we "might have to pay the $567 collection but (he) might be able to get (us) out of that"

Am I right in thinking these conditions aren't bad?  Seems easy enough to me, although I would like to get away with not paying that collection........

[themizlyne]

Pretty easy conditions. :-)

[Nan425]

Why did you have to provide source for a deposit in August? I thought that any funds sitting in your bank account for 2 months or more is considered seasoned funds. Also, I thought most lenders only ask for last 2 months of bank statements?

[jamiii]

---

@nsisaat wrote:

Why did you have to provide source for a deposit in August? I thought that any funds sitting in your bank account for 2 months or more is considered seasoned funds. Also, I thought most lenders only ask for last 2 months of bank statements?

---

When I started the process (mid Oct) 2 months of statements included some of August.  As far as why, I'm not sure.  Since I knew it was from a 401k loan, I didn't stress about it when he asked.....esp since he had all my 401k docs already.

[MorToProducer]

Those are easy conditions, as long as you can provide what they are asking for.  Once an underwriter has a bank statement, even if several months old, unless they decide to discard it (unlikely), they will ask about every "large" deposit as Fannie Mae requires all large deposits to be verified as to their source to make sure it's not a loan you took out that is not showing up on your credit yet, that could effect DTI ratio, etc... Congrats on the new house

[jamiii]

Had a small hang up on removing a dispute comment but Dorothy helped me out.  Let my broker know yesterday afternoon that it has been removed and now just waiting to hear that we're done as my broker said that was the last step before being able to close.

[DallasLoanGuy]

very clean deal.......

those are easy

[jamiii]

I hope so....I sent my broker the Equifax reports this morning to confirm that the disputes were removed and got the response, "Awesome." so I'm hoping I hear good news soon..........