topic Re: Pre-qualified- What to expect with final approval? in Mortgage Loans

Pre-qualified- What to expect with final approval?

Anonymous — Sun, 20 Jul 2008 02:56:57 GMT

I've been pre-qualified with FHA. I've had my offer accepted for a house. Now I'm worried about final approval. What can I expect now for final approval? What could mess this up for me? I've been renting. Most of my rent payments the last year were paid within the first 5 days of the month, but I might have had a couple payments almost a year ago that were paid around the 10th day or so.

I also have gotten a letter recently from a long forgotten creditor that says it sees that I have applied for a mortgage loan, and that I would want to settle this account now. A few months ago I paid off all creditors I had a collection with on the credit bureaus. I also have had a score watch. This creditor has not reported to the credit bureaus. The amount is 556.00. What do you think?

EQU. 627- EXP. 657- TRA. 658

Re: Pre-qualified- What to expect with final approval?

DallasLoanGuy — Sun, 20 Jul 2008 04:33:54 GMT

Regarding the collection, my advice is always the same. Do NOT touch it until after the loan is done.

Regarding the approval.... if your loan officer did a good job, it will be pretty easy. Do you know if you were approved thru automated underwriting?

Re: Pre-qualified- What to expect with final approval?

Anonymous — Sun, 20 Jul 2008 23:26:35 GMT

Thanks for the info. I'm not sure whether I was approved automated or not. I'll find out.