My loan app was submitted on April 17th and the LO said today that is has not even been looked at by the underwriter yet because they are still looking at April 7th loans. The LO said that its harder for most people to qualify for conventional loans, so most people are going with FHA. The underwriters are in Raleigh, NC. The LO also said that if I submitted an app with another local lender it would go to the same underwriters and that would put me even further behind. This is the first loan I've ever applied for and I had no idea it would take SOOOOO LONG! Is anyone else having this problem?
... does the 'so long' only usually apply if you're going through manual underwriting?
We were pre-approved through FHA a couple of weeks ago and have been told we've got through the automatic underwriting - our loan officer seems to think that 'our' part of the whole thing is a done deal, and everything just hinges on the appraisal etc now... I can see on our loan paperwork that we got 'accept or approve' - but there are still a couple of not-quite-standard things in our circumstances - me having less than two years in my current job, for example.
Can any mortgage/FHA expert tell me what it actually means to 'pass' the automatic underwriting? The mid score being used is my husband's, - 676 (Experian) - our DTI (including the new mortgage) comes out at under 29%... the loan officer has said we are 'good to go' pending appraisal report, etc, but I can't help imagining some underwriter examining our entire life histories in fine detail (I moved to the US a year ago, 7 months sans employment pending green card approval... 4 months in new job, albeit same position, etc etc etc)... can anyone shed any light as to what will REALLY happen?
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