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Established Member
dloza
Posts: 23
Registered: ‎03-06-2012
0

funding conditions

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?

Established Contributor
kjm79
Posts: 1,008
Registered: ‎01-22-2008
0

Re: funding conditions

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. 


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Established Member
dloza
Posts: 23
Registered: ‎03-06-2012
0

Re: funding conditions

Those are the type of conditions that were all met before the loan was approved though. Thats why I thought these conditions might be something different.

Established Contributor
kjm79
Posts: 1,008
Registered: ‎01-22-2008
0

Re: funding conditions

Hmmm, I don't know then.  Unless it's maybe just veryifying all the conditions were met?  Maybe you can ask you LO what other conditions there are???


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bbb3601
Posts: 328
Registered: ‎01-26-2012
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Re: funding conditions

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!

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cassembler
Posts: 470
Registered: ‎02-07-2011
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Re: funding conditions

Could just be bank statements showing you have the cash on hand to pay the costs due at closing perhaps?

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webhopper
Posts: 7,225
Registered: ‎09-16-2011
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Re: funding conditions

I had to sign like 4 loes at the funding table even though some of them were identical to ones I had already signed. I didn't care I was just happy to be finally closing.

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