Just got an update from LO that my file is in processing for all the verifications required by VA then off to underwriting. What does all this means? what is the difference between processing vs. underwriting?
Just curious .... did you ask your LO that question? It is a simple one for any LO to answer.
Processing is involves collecting all documents and packaging the file for the lender's underwriter's review. Underwriting involves verification that the file meets all of the lender's guidelines and rules. In the case of a USDA loan, the file is first underwritten by the lender and then it is reviewed again by a USDA underwriter when it arrives at the USDA.
Im pretty sure that as long as you provide the statements you are good.
I move money into savings as a staging area for bills and pull it out as needed. So it looks like im moving money out of savings a couple times a month.
But it is ok since it is your money.