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My LO told me we had an approval from the underwriters however there were so many conditions that he doesn't want to notify my lawyer about the approval until we have a more firm commitment. He put together a couple of letters of explanation and sent some additional info to the underwriters and now he feels that a strong commitment with very few conditions should come in around wednesday, at which point he'll notify my attorney.
Does this make sense? Or does it sound like he's just feeding me lines to make me more comfortable.
I'm a little concerned because I posted a while ago how my husband earns a lot of his income under a second company name (his company's attempt at avoiding overtime pay.) To avoid any problems, the LO didn't even submit the paystubs from this "second" job as he said our income was high enough without it. However, without this additional income, our DTI ratios are 36/38. Seems like our front end ratio is way too high.
I'm just so nervous about this whole process after a failed mortgage last year!
How well-recommended is/was this loan officer? If he's a professional that you trust -- well, trust him! It sounds, at least, like he has a plan. It's kinda late in the game to doubt him now.
why would the loan officer submit conditions while EXPECTING to get more conditions?
His words were that he want a more firm commitment with less conditions before he tells our lawyer, since the seller is pushing to close.
I'm assuming that we're gonna get standard conditions like proof of funds to close (NYC- high closing costs, already put over $20K down and need at least another 20K to close,) updated bank statements and paystubs and the like.
of course i've never been to a closing before so i have no clue what kinds of conditions usually pop up and maybe the LO wanted to take care of the biggies in the mean time? (we had to explain credit inquiries and a 4 month gap in my work history and they wanted an extra signature on the gift letter.)