Hi, I've been lurking on this board for a long time but this is my first time posting anything. You guys are great help so I thought you could give me your opinion.
I am currently in the process of building a new home. House should be done by the end of this month. Estimated close date is mid-march.
My file went to underwriting about 2 weeks ago. Loan processor said I should receive an update within 5-7 days. So I patiently waited and on Friday when I hadn't heard anything, I sent an email to ask the progress. She said she received conditional approval and that everything looked good and she would put together the committement letter with the additional documents I need by next week (this week). I still have not heard anything. We are using the builder's lender, which I have been pretty skeptical about but with the incentives they were offereing my husband and I decided to give them a go. But I'm concerned about their lack of response. I don't know if I am being incredibly impatient. I am sure there are other houses that will be closing before ours and I know they would take precedence. But I want to know what my stinkin conditions are so I can somewhat sleep better at night! Is this normal? Should I just take a deep breath and keep on holding?
Thanks for your help!!!
Starting Score: 553
Thanks for the response. That's what I figured. I just want to know so I can move forward! Waiting is so hard!!! I figured I would give her until tomorrow and follow up again.
And we do have a realtor helping us and she just says its normal but it doesn't ease my mind. LOL.
I also went through the builder's lender as well and I found myself in your situation numerous of times when they said they would follow up by a certain date but didn't and I was always calling to check for status. They were pretty good about providing my conditions and giving me my commitment letter but continuously kept me hopeful that we would close by the end of the month, and we didn't. We closed a little after that on Feb 6th due to getting 2 more rounds of conditions after the first set that came with the commitment letter. There was one condition that was a duplicate and made me feel like they were not thoroughly looking through my files. But when it finally all came together, it came together nicely. Just keep being persistent. And remember that the end of the month is their busiest time so don't be surprised if they jump off the face of the earth in two weeks. Also I encourage you to express your concerns to the realtor. My realtor really worked hard to keep the process moving for us. Sometimes my realtor relayed false positives just to provide an answer so be weary of that possibility. Always confirm what your realtor relays to you from the LO with the LO...doing this will ease possible future frustrations.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! 
Funny thing, right after i posted this, my email dinged and there was my list of conditions. Thankfully they are very easy...so far at least 
The estimated closing date is actually scheduled the 1st week of March which is sooner than I thought, but I know these things can change!
So far the conditions were only to provide updated pay stubs until closing, updated bank statements until closing and if we are taking a loan from my retirement account we need to show that paper trail, which we are not. They were really good at getting a lot of stuff up front, like letters explaining some of the stuff still on my credit report. I removed most of the bad stuff (my credit scores below are very old), my mid score is now 700 with my lowest being 653.
So hopefully it will stay this simple...although the little devil on my shoulder keeps telling me not to count on it.
I will say though, without this board...I would definately not be here today! You guys are awesome!
It's possible that they will come back with more conditions but sometimes one go round is all they need. Your conditions are really easy.
I am hoping for the best. You are about 50% done with the process. Once you satisfy those conditions, you will be about 75% complete.
I am hoping for the best. You are about 50% done with the process. Once you satisfy those conditions, you will be about 75% complete.