topic Re: Just Received Conditional Approval! in Mortgage Loans

Just Received Conditional Approval!

Anonymous — Thu, 17 Jan 2013 21:27:04 GMT

My LO just called and said the UAMC underwriter gave conditional approval today and the UW will be contacting me this afternoon. The conditions to meet are very simple. They need a better copy of my Driver's License as they can't clearly see a copy of my address on the one they have and they also need another LOE documenting the members of my household...who are over 18 and who works and who doesn't and that's it!

The appraisal is due back on Monday and at that time they will submit it to CHFA for their UW's approval and then it is cleared to close! The CHFA UW is going to need my certificate showing completion of the homebuyers online class and also confirmation that I met with a housing counselor over the phone. I got a hold of the housing counselor that is assigned to me and I left her a message because she was in a meeting. Hopefully I can do my housing counseling over the phone tomorrow or Monday.

My LO officer said we can do cleared to close and closing on the same day or the day after since getting out of this rental property by Jan 31st is the highest priority.

I did ask my LO if their was a minimum amount of reserves required for closing and he said no not for me because my credit score is satisfactory.

I faxed off the info to the investors required to take a residential loan out of my 401K yesterday and it takes 3-5 days to review and approve so I will call them tomorrow to check the status.

It looks like everything is falling into place at the right time all! Yay! I truly do appreciate all of the support I am getting from all of you wonderful homeowners and homeowners-to-be!

Re: Just Received Conditional Approval!

Anonymous — Thu, 17 Jan 2013 21:45:28 GMT

Congrats

Re: Just Received Conditional Approval!

cclee — Thu, 17 Jan 2013 21:51:43 GMT

Congrats! Hoping you make it by the 31st!

Re: Just Received Conditional Approval!

Anonymous — Thu, 17 Jan 2013 21:59:24 GMT

Thank you all! I just got a phone call from my housing counselor and she said as long as I pass the quizzes and the final exam at the end, there is nothing she needs to discuss with me and she said one of her assistants will call and ask me which email address to send the certificate too and they will also fax a copy to my loan officer so the loan can keep moving! Wow, I thought I would have to be on the phone for an hour but once I finish the course, I am basically done as so far, I haven't answered a question wrong. So happy!

Re: Just Received Conditional Approval!

Anonymous — Thu, 17 Jan 2013 22:30:04 GMT

Congratulations! I'm sure it will be an unreal feeling when you're in that new house knowing it's yours.. I hope to join you within the coming months .

Re: Just Received Conditional Approval!

Mama-j — Thu, 17 Jan 2013 22:30:56 GMT

Do you pick your own lender or they have list you can use? My broker friend told me govt asst will be good only homes in downturn are. Basically to help revitalized the area. Is this true? I think his just saying that just to have me process the loan through him.

Re: Just Received Conditional Approval!

Anonymous — Thu, 17 Jan 2013 22:41:30 GMT

I'm picking my own lender. It sounds like your broker friend may be pulling a fast one over you but I'm not certain.

Re: Just Received Conditional Approval!

Anonymous — Thu, 17 Jan 2013 23:17:34 GMT

Mama-j, They have CHFA loans that require that you purchase in what is called a targeted area and they have CHFA loans where you can purchase in a nontargeted area, which is what we are doing. Basically what happened was I initially picked out a loan officer from the CHFA website and then began to look at homes on the realtor.com site. I sent in a request for more information on the homes I liked and a realtor got back to me and asked what type of downpayment I had, I told him I was interested in the CHFA Homeopeners Plus Program where the downpayment is rolled into a second mortgage. He said that he knew a broker that did CHFA loans and sent me to him. I ended up not hiring that realtor that referred me because he was doing short sales and we didn't have time to wait on a short sale. So I found another realtor after the broker the first realtor referred me to preapproved me. The first time out looking at homes didn't turn out to be great but at the last house we saw we noticed an available sign across the street and I said I want to see THAT one! He set it up for us to that one a few days later and we fell in love! The house that we saw across the street a couple of days earlier was already sold but it was identical in layout to one that was for sale but was still in the early building process. The one that we saw across from it that will be our new home is fully finished and ready for move in, it has more sq ft and a additional bedroom and bathroom plus a deck out back. We said we wanted to put an offer in and I put my earnest money down and they told me about the incentives if I go through the builder's lender. That is when I asked if the builder's lender did CHFA loans and he said yes! So i came back up to the model home a couple days later and met with my LO and he did Deskstop Underwriting while I ate a cookie that was freshly baked in the kitchen and when I finished my cookie, my LO said preapproved and the rest is history. The home isn't in a targeted area as it is just East of the Denver Tech Center which as you know mama-j is a good way south of downtown.

Mama-j, what is your household income and credit score? How many people are in your household? With the CHFA Homeopeners Plus Program, you don't have to buy in a targeted area.

It is going to be so surreal once we are in our new home! We have the code to the door and can visit whenever we like and everytime when I walk in, I don't want to leave! We are so very close, I can feel it. My LO said once UAMC fully approves the loan after I satisfy the conditions, it goes to CHFA and he said with all the CHFA loans he has done, CHFA has always approved and never denied a loan! So the biggest hurdle was UAMC approval. We are so so very close now...I can truly feel it is really going to happen!

Re: Just Received Conditional Approval!

Anonymous — Thu, 17 Jan 2013 23:21:44 GMT

Mama-j, your broker/loan officer is lying to you! He just wants your business. Go find a Broker that does CHFA loans by picking one from www.chfainfo.com

Re: Just Received Conditional Approval!

Anonymous — Thu, 17 Jan 2013 23:41:25 GMT

Congratulations! Told you things would work out.

Re: Just Received Conditional Approval!

Anonymous — Fri, 18 Jan 2013 00:14:09 GMT

Congratulations!

if you have not done so already, I believe that you have earned a happy dance. Please proceed. Lol

Re: Just Received Conditional Approval!

tooleman694 — Fri, 18 Jan 2013 00:51:13 GMT

Heck ya congrats dude.

Re: Just Received Conditional Approval!

Anonymous — Fri, 18 Jan 2013 01:52:46 GMT

Awesome! Congrats!

Re: Just Received Conditional Approval!

Anonymous — Fri, 18 Jan 2013 03:32:32 GMT

That is so great!

Re: Just Received Conditional Approval!

Anonymous — Fri, 18 Jan 2013 05:00:22 GMT

Thanks again all! Still trying to finish my homebuyers class...starting to get tough! It was fun in the beginning but after you get to the 7th hour of coursework...blah! Need a break!

Re: Just Received Conditional Approval!

ccubedzx3 — Fri, 18 Jan 2013 13:14:30 GMT

Excellent news!! Sounds like securing the "clear to close" has been a fairly easy process for you!! Hope mine is the same!! Congrats!

Re: Just Received Conditional Approval!

Anonymous — Fri, 18 Jan 2013 16:34:31 GMT

Thanks! I hope the same goes for you as well. I also did get my commitment letter as well yesterday and I should add that when I received the email from the underwriter yesterday, there were a few more items that I need to satisfy that my loan officer didn't mention like last two bank statements (I already sent those in) and a screen print showing the earnest money cleared but the other conditions are fairly simple to satisfy and the underwriter wants the docs sent via email which makes it easier on me as I just have to print it as .pdf and attach it to the email. I plan to have everything sent out by Monday and then I wait and bite my nails. LOL!

Re: Just Received Conditional Approval!

Anonymous — Fri, 18 Jan 2013 17:42:06 GMT

Congrats. Good luck and enjoy your new home.

Re: Just Received Conditional Approval!

Anonymous — Fri, 18 Jan 2013 18:29:37 GMT

Thanks JM-AM! So very excited! I have to schedule an appointment for an inspector to look at the house next week. Since it is brand new, I have no worries...I just want it completed as a warm fuzzy. :-)

Re: Just Received Conditional Approval!

Anonymous — Fri, 18 Jan 2013 18:33:11 GMT

Still should have home inspected so excellent idea. Some times we just dont see the little code violations and builder contractor also just missed it. Mostly minor things if they even find anything. You will be having a back yard get together shortly. Dont forget our invite. Lol