Underwriting..........N E R V O U S

[cracksmeup]

So I am finally under contract for a house after being on this site for about 2 or 3 years. Started out rebuilding, and it was one of the best moves I could have made for myself and my family. I wish it hadn't taken me so long to come to that realization but at least the realization came at all! We are currently in underwriting with a settlement date of July 11th. Yesterday, my boss told me that he got a request to verify my employment from the mortgage company. How far along in the underwriting process does that put me? Honestly, I just can't wait until this is all over. I've been waiting for the ball to drop ever since our offer was excepted. I think the one thing about having had bad credit in the past is that you always expect rejection when it comes to financial matters. I wish I didn't feel this way, it really is getting in the way of my excitement about the house, but I'm so afraid to have my heart broken over this. Any guesses on a time-frame?

[bbb925]

You need to be more positive! The home is yours, just know it! We are closing tomorrow, June 20th and they sent the employment verification form on Thursday, June 12th. The form was lost in the FAX world so the employer resent it via email on Monday, June 16th. Ours had to be done within 10 days of closing being that we are a corporate relocation and didn't have paystubs yet. But the fact that they are doing that should be a positive as they are plugging along! Our builder was so pessimistic and has been hounding our LO thinking we wouldn't close this fast and we did! Have faith and know you will close on your requested date! It's all good!

[ladyvwj]

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@cracksmeup wrote:

So I am finally under contract for a house after being on this site for about 2 or 3 years. Started out rebuilding, and it was one of the best moves I could have made for myself and my family. I wish it hadn't taken me so long to come to that realization but at least the realization came at all! We are currently in underwriting with a settlement date of July 11th. Yesterday, my boss told me that he got a request to verify my employment from the mortgage company. How far along in the underwriting process does that put me? Honestly, I just can't wait until this is all over. I've been waiting for the ball to drop ever since our offer was excepted. I think the one thing about having had bad credit in the past is that you always expect rejection when it comes to financial matters. I wish I didn't feel this way, it really is getting in the way of my excitement about the house, but I'm so afraid to have my heart broken over this. Any guesses on a time-frame?

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I'm in the same boat. To make me feel better, I asked my LO... she said they have in-house underwriting and their turn-around time is 2-3 days not including day of submission. We are on day 1 after submission... waiting on pins and needles here too. In my pasts experiences it can take a couple days to a couple of weeks, depending on if my file is complete our not. They usually verify employment towards the closer to the end of escrow and maybe a couple days right before closing just to make sure.

[Legal_Girl]

Congrats!!! I know how exciting it is.  I am also newly under contract as of this past Monday and locked in my 4% on Tuesday.  Enjoy your new home.  I know you will.

[ChicAndFabulous]

I too am in the exact same boat. Past credit problems, under contract, just started underwriting process today, using lender with in house UW and "should" be a fast turnaround but I'm just waiting for something to drop. Ahhhh! Anxiety! I am a nervous WRECK! My LO keeps assuring me that we are going to be good, but you just never know! I wish I could be more excited too! Supposed to close on July 18. I know they have called current and past employer (been w current company for 1 yr 3 mons but in same industry for 8 years) to verify employment too. Going to be a longgggg couple of days!!! Best of luck to every single one of you!!!!

[jackandjillie]

I understand the nervousness / high anxiety feeling. I felt both the last 2 weeks & finally received a commitment letter this past Tuesday with super easy conditions. My scenario: On the same job for the past 9.5 yrs, same industry for the last 15; 90k income / 252k purchase price for new town home; and here's where the nervousness came from - divorce that led me to file BK in & lose my condo to foreclosure in 2011 (and 40k down payment along with it) . I worked on my credit since and so glad that I never lost hope. Stayed determined to be a homeowner again someday. I applied within the same month of my recorded deed date (allowed time after foreclosure for FHA) and here we are... Best of luck to all of you! May your good news come real soon!!!

[ezdriver]

I received an email from my loan officer last night stating that he had just received a conditional approval from the underwriter ... 30 days since application was submitted. It involved a manually-underwritten FHA loan.

[ChicAndFabulous]

Congrats guys! What wonderful news to get! I am hoping to be able to say the same soon!

[cracksmeup]

Our loan officer called on Friday afternoon to say our conditional approval was in. One step closer! Our settlement date is July 11th, really hoping we can move it up so I have less time to worry. I feel bad about being so un-emotional throughout the whole thing. My wife is ecstatic and I don't want to ruin that for her, I just can't get myself to stop worrying or thinking about what could go wrong. We were given a list of conditions which seem simple enough, about 3 more weeks to go!

[cracksmeup]

Just got our clear to close. We close tomorrow morning. I'm so excited and have been waiting for this day for a long time!