committment letter

[jbee]

Last week I received a mortgage committment letter to put a contract on new construction.  I spoke with the lo and he told me that he has someone that's doing the USDA guaranteed loans but it has to go through manual underwriting (not automated).

My questions are:

1.  How can I get a committment letter if it hasn't been approved in underwriting?

2.  Why would it have to be manually underwritten and not automated, if my scores aren't terrible?

3.  How long is this credit report good for (90 or 120 days)?

Thanks!

[BrianB_The_Loan_Professor]

1) you cant you can get a prequalification letter

2) There is no automated for USDA they all go manual and then are run through a different system by the UW

3) depends on the bank some say 90 others will wait 120

Good Luck

Brian

[jbee]

Thanks so much Brian!