Underwriting Conditions

Anonymous · ‎02-13-2013

Got word today that underwriting approved with conditions...
1. LOX for car loan that went to collection back in 08 which I settled thru collection agency back in June of 2012.
2. LOX for why we no longer have child care expense that we had on 2011 tax return for my the kindergartener. Wife and/or son now home after school.
3. Wife's mortgage statement showing she is current. (I am not on that mortgage)
4. Letter of intent for the properties stating new home will be primary and other to be fixed up and rented.

I have complied with all conditions, and would like to know if anyone has ever heard of a case when one is declined after complying with conditions.

Thanks all!!!

JM-AM · ‎02-13-2013

You can be denied it is possible.

You can get additional conditions.

You may have to resubmit a LOE because the UW didnt accept it for whatever reason.

I dont see any issues from what you stated you should be fine.

Good Luck
May all your dreams and wishes become a reality!

Anonymous · ‎02-13-2013

Thanks JM. Yeah there is definitely always the chance of declined so I just wanted to see if it has happened to anyone out there. Loan officer said I just rounded third and am heading for home, to which I replied that I hope the third base coach doesn't decide to throw up the stop sign lol...

ChangiBear · ‎02-13-2013

What state are you in? Just wondering if it is common to prove that the current mortgage is not in default or if that is only in community property states or lender specific.

Cleared to Close on 9/9/13!
Closing on 9/17/13

8/31/12 FICO 733 (lender pulled)
1/7/13 Transunion 718, Equifax 710 (MyFico)
2/20/13 Equifax 729
8/13/13 Ex 751, Eq 766, TU 741 (all lender pulls)

DallasLoanGuy · ‎02-13-2013

those look like easy conditions.....

shouldn't be a problem

Retired Lender

JM-AM · ‎02-13-2013

@Anonymous wrote:
Thanks JM. Yeah there is definitely always the chance of declined so I just wanted to see if it has happened to anyone out there. Loan officer said I just rounded third and am heading for home, to which I replied that I hope the third base coach doesn't decide to throw up the stop sign lol...

Thats okay Im giving you the sign to steal home!

You should be fine dont stress it.

Good Luck
May all your dreams and wishes become a reality!

Anonymous · ‎02-13-2013

Lol JM I will go on the next pitch! Thanks for the replies all and for peace of mind from dallas ;-).
Chang, we are in NH.

MovingForward_2012 · ‎02-13-2013

Those conditions are pretty straight forward so you should be fine. For the bad stuff, be sure to state at the bottom of the letter, with a couple of sentences, what you have done to correct it so it doesn't happen again. UWs want to know what you have done for it not to repeat itself.

You may get more conditions...I had 3 rounds of conditions, 22 in total! Some were very easy and some required some digging.

Last App: 4/5/13 Gardening until July 2014

Anonymous · ‎02-13-2013

Thanks moving wow 22.. yikes!

JM-AM · ‎02-13-2013

If you all new some of the conditions that come back and how many. I have seen files come back with 75-80 conditions and then come back with additional conditions. Sometimes it really is pathetic....

But the bright side there are several that come back with no conditions....

Good Luck
May all your dreams and wishes become a reality!