topic Re: Conditional Approvals in Mortgage Loans

Conditional Approvals

Anonymous — Mon, 18 Mar 2013 19:12:56 GMT

I have come a long way..I've been working on my credit for a good 2yrs now and finally got pre-approved 2 months ago!....long story short, we found a house and are under contract, inspection went well and we got a conditional approval from the lender. I turned in all the condtions they asked for (w-2s, updated bank statements, letter of explantions for negative items on credit reports) last wednesday 3/13 and they still have not reviewed them or cleared them yet. I know it takes a few days for that, but my question is, how likely are they to ask for additional conditions? I can't get excited about moving until I know I'm completely approved. I just hope they don't come back asking for more conditional items. I'm sweating bullets right now. What are your experiences? if you've had a conditional approval, did they clear them and not ask for anything else??

Re: Conditional Approvals

Anonymous — Mon, 18 Mar 2013 19:14:34 GMT

They came back and asked me for very minor things, updated bank statement showing a deposit and a couple signatures on some of the LOEs I had to write. Now I'm just waiting for clear to close and they told me they do not need anything else.

Re: Conditional Approvals

tooleman694 — Mon, 18 Mar 2013 19:29:50 GMT

I am in the same boat right now, waiting for clear to close and iv been told over and over not to worry we got this.

We got some conditions with our approval and they were way easy.

Re: Conditional Approvals

Anonymous — Mon, 18 Mar 2013 19:35:50 GMT

Ok...maybe I am overthinking it...I hope so! I just want this process to be over with.

Re: Conditional Approvals

tooleman694 — Mon, 18 Mar 2013 19:37:49 GMT

Same here, I want my keys in my hand

Re: Conditional Approvals

Anonymous — Mon, 18 Mar 2013 19:51:48 GMT

Its really hard not to over think it!!

Re: Conditional Approvals

Anonymous — Wed, 20 Mar 2013 12:18:34 GMT

I had 22 conditions to satisfy and they were split up in three requests. Every time I thought I was done, they came back with more conditions.

I would say based on what you have provided thus far that you are not done. If you had any non payroll deposits, they may want an LOE for that. Inquiries within the past 120 days will need to be explained, appraisal will need to be reviewed and an acknowledgement form will need to be sent in, any derogatory info may require an LOE, your commitment letter will need to be reviewed and signed. You will need to provide info regarding who is providing your homeowner's insurance. Those are a few of the things that they will and may ask you for.

Re: Conditional Approvals

tooleman694 — Wed, 20 Mar 2013 12:40:23 GMT

If I get a second round of conditions today I will be angry

Re: Conditional Approvals

playboy — Wed, 20 Mar 2013 12:41:46 GMT

Be prepared to get more Toolmam.

Re: Conditional Approvals

tooleman694 — Wed, 20 Mar 2013 12:54:19 GMT

I really shouldn't get anything more, the first round was actually very easy. We are probably going to get our clear to close sometime today.

Re: Conditional Approvals

Anonymous — Wed, 20 Mar 2013 13:04:40 GMT

I am with you tooleman. I got my 1st round of conditions and now I'm waiting for clear to close. The UW had some very minor questions they my LO and the processor have both told me that my file is complete and the UW only has to sign off now. So I don't think I am getting anymore. If I do I will be VERY surprised.

But this post is making my stomach hurt now and just gave me a little more to freak out about.

Re: Conditional Approvals

tooleman694 — Wed, 20 Mar 2013 13:11:37 GMT

Yeah it is my understanding that underwriting will just be clearing conditions.

Re: Conditional Approvals

Anonymous — Wed, 20 Mar 2013 13:32:19 GMT

Oh believe me I got angrier as each day went by until I got approval from UWs and clear to close.

Re: Conditional Approvals

playboy — Wed, 20 Mar 2013 14:38:15 GMT

That'll be good.

Re: Conditional Approvals

Anonymous — Fri, 22 Mar 2013 15:50:05 GMT

@Anonymous wrote:
I have come a long way..I've been working on my credit for a good 2yrs now and finally got pre-approved 2 months ago!....long story short, we found a house and are under contract, inspection went well and we got a conditional approval from the lender. I turned in all the condtions they asked for (w-2s, updated bank statements, letter of explantions for negative items on credit reports) last wednesday 3/13 and they still have not reviewed them or cleared them yet. I know it takes a few days for that, but my question is, how likely are they to ask for additional conditions? I can't get excited about moving until I know I'm completely approved. I just hope they don't come back asking for more conditional items. I'm sweating bullets right now. What are your experiences? if you've had a conditional approval, did they clear them and not ask for anything else??

Ok, here's and update: I got an updated approval today! but they did need a signature on my LOE and that was it! I'm so relieved. Now I'm just waiting on the appraisal to be done...so I'm hoping that goes well!

Re: Conditional Approvals

tooleman694 — Fri, 22 Mar 2013 16:04:34 GMT

I only had one round of conditions, I completed them and got our clear to close.

Re: Conditional Approvals

Anonymous — Fri, 22 Mar 2013 16:09:28 GMT

That's good to hear, Tooleman! I think that would've been my case, if I had signed my LOE initially. Did your appraisal go well?

Re: Conditional Approvals

tooleman694 — Fri, 22 Mar 2013 16:12:16 GMT

It came out 20k over the price of the house

Re: Conditional Approvals

Anonymous — Fri, 22 Mar 2013 16:15:22 GMT

You're winning! thats great!