topic FGMC Conditions in Mortgage Loans

FGMC Conditions

Anonymous — Fri, 03 Aug 2012 02:11:59 GMT

I got my loan approval back today with "prior to approval conditions"... I'm hoping someone will help elaborate

1)LOE for all prior issues. Explain all inquires.

?- As far as all prior issues do they mean everything on the CR they gave us? Some of these items are 6 years old.

2) DU findings were not submitted. Loan must be approved as DU approved/eligible.

?- Does this mean that they didnt enter our info into DU? Why wouldn't they have already done that? Does the property purchasing have to be chosen in order to run through DU? Should I be worried about this eligibility?

3)Process all 4506

-I know this is to do with tax returns. I'm assuming they're paying the $57 fee for each one and don't expect us to?

Any insights?

Re: FGMC Conditions

Anonymous — Fri, 03 Aug 2012 03:42:03 GMT

You may start by explaining the abbreviations you used..never heard of any of them

Re: FGMC Conditions

Anonymous — Fri, 03 Aug 2012 21:40:47 GMT

I can only help with the LOEs. I had to write them for any and every baddie on the credit report they pulled themselves. All lates, any collections, etc. If it's not 100% perfect, they want an LOE as to why. It can be because you lost your job, moved, etc, but they want to make sure it'll never happen again. Also, all of mine had to be hand written and on different pieces of paper. The LOEs can even be as short as one sentence. Just a heads up! Good luck!