04-30-2012 03:27 PM
So I just signed my loan docs today...now my realtor tells me next move is to wait for the lender to give us "funding conditions" I had never heard of those. I thought at this point all conditions were met and I just needed to signed the loan documents in order for the loan to be funded. Does anyone know anything or have some examples of funding conditions?
04-30-2012 03:33 PM
Just an example, say you had a $100 medical collection, your lender could make funding conditional upon you paying it off. Some are LOE. letters of explanation. Example, you have 6 inquiries in the last 6 months and they want to know why so you write a letter. Thinkgs like that.
04-30-2012 04:07 PM
Our LO/Processor asked for anticipated conditions after we 1st signed our initial docs...........Goal was to try and make it easier in UW, but who knows what or if they will ask for additional info when we get to that stage!
04-30-2012 05:01 PM
Could just be bank statements showing you have the cash on hand to pay the costs due at closing perhaps?
04-30-2012 05:02 PM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.