topic Re: In underwriting! in Mortgage Loans

In underwriting! Update approved with conditions!!!

kaylord84 — Tue, 26 Mar 2019 04:39:53 GMT

Loan officer said I should hear from the Loan Coordinator in about 72 hours with conditions ! Hopefully everything goes smooth!

Re: In underwriting!

Anonymous — Tue, 19 Mar 2019 16:03:07 GMT

Congratulations! We're probably a few days apart from each other -- so sending you positive vibes!! My first set of initial conditions were collected last week by the loan processor -- we're now waiting for an appraisal to be completed some time this week, then its off to the underwriter!

Please keep us updated on your progress, hoping you clear all conditions this round with flying colors!

Re: In underwriting!

kaylord84 — Tue, 19 Mar 2019 16:10:34 GMT

Yeah I had my appraisal completed last weekend. Was waiting on my employer to separate my base income from my overtime pay Today they sent the employment verification form back refusing to do so. My loan processor requested I send my last check stubs from 2018&2017 via email. About an hour later I received a email saying my file has been sent to underwriting

Re: In underwriting!

Anonymous — Tue, 19 Mar 2019 16:41:52 GMT

Awesome! Would you care to include your conditions? Mine are below -- we're doing a bank statement program since we're self employed, for a new construction build.

Please provide Wells Fargo Statements for Act# xxxx for October 2018 thru Feb 2019.
Estimated cash to close is $85,000 – an updated LE will be provided next week when the loan gets locked
Please provide copies of the deposit checks to the builder – front and back – along with the corresponding bank statement to show it clearing the account
Please provide an updated P&L that goes from Feb 2017 – Feb 2019 which must cover the time period for the 24 months bank statements that is being used to qualify.
Please shop around for Homeowner’s Insurance Coverage for a minimum of $410000. Please provide myself or your loan officer with a copy of your quote along with your agent’s name and contact info.

Mine are pretty straight forward, and seems too easy IMO lol I'm sure once it gets to underwriting, the list will continue

Re: In underwriting!

kaylord84 — Tue, 19 Mar 2019 17:35:58 GMT

When I get them I will come back here and update

Re: In underwriting!

Anonymous — Tue, 19 Mar 2019 21:27:02 GMT

Congrats everything goes smoothly hopefully I'm near the end of this journey after this is done I may never buy another house again the stress nearly killed me lol

Re: In underwriting!

kaylord84 — Wed, 20 Mar 2019 00:55:22 GMT

Im stressed out already and only been in underwriting for a few hours

Re: In underwriting!

sid33 — Wed, 20 Mar 2019 15:09:12 GMT

The waiting sucks! We are currently in underwriting for the final time. We are suppose to close on 3/28. We are nervously excited if that make sense. Good luck!

Re: In underwriting!

Anonymous — Wed, 20 Mar 2019 15:55:45 GMT

I'm only in processing (collecting my files) and I'm already stressed out so I feel you! LOL homebuying is definitely not for the faint-hearted lol

Re: In underwriting!

kaylord84 — Wed, 20 Mar 2019 18:59:27 GMT

Update: appraisal report came back today $800 over asking price

Re: In underwriting!

Anonymous — Wed, 20 Mar 2019 21:49:15 GMT

We are supposed to close next Wednesday the 27th.

Here were my conditions from the lender.

Good news! My underwriter has reviewed your file and has approved your loan. At this point she is requesting the following items in order to issue the final approval:

· Borrowers to sign the VA Federal Collection Policy disclosure and Notice to Veteran disclosure (attached)

· Borrower to obtain a satisfactory termite inspection report. This is required on all VA loans. This had not been requested previously because I wanted to make sure we had your loan approval and a satisfactory appraisal.

· Borrower to provide a letter of explanation for additional credit inquiries: Credit Plus 2-25, partners CRE 2-25, Advantage Cred 2-25. (see attached)

· Borrower to provide proof that student loans that were previously in collection status have been paid on. Payments per the letter provided are $101.68 and $16.62 monthly.

· Borrower to provide a letter of explanation regarding education comp epayment for $100 on 1-23 and then a refund from Trellis Company on 2-7 from the Wells Fargo account. This also shows on your Chase statement on 1-23 and the refund on 2-7. Is this another student loan in repayment that is not showing on the credit report.

· Borrower to provide receipt of 401k funds. To be provided when this becomes available.

· Wells Fargo account shows IRS tax payments on 2-20 & 2-22 for $250 each. Is there an IRS tax payment plan in place? If so please provide the terms of the repayment.

· There are also numerous payments to Sears from the Wells Fargo and Chase accounts but the credit report does not reflect any debt from Sears. Do you have a Sears credit card as well? If so, please provide a statement from them reflecting the terms of that debt.

Please provide these items promptly. Thank you for your business!

Re: In underwriting!

Anonymous — Wed, 20 Mar 2019 22:51:43 GMT

Hi @Sal214OC,

What type of document did you provide for your IRS payments? I'm also currently on a IRS Installment Payment Plan for $500/monthly, but I don't know what's an acceptable document or if a LOE would suffice.

Re: In underwriting!

stinastina — Thu, 21 Mar 2019 03:40:11 GMT

Congrats on your progress ! I am also becoming stressed out and USDA has my app but there has been little to no progress after a month.

Re: In underwriting!

kaylord84 — Thu, 21 Mar 2019 03:49:59 GMT

Yeah I understand I applied February 9th got a refer back from DU because my BK wasn't 2 years post discharge! LO ran again on March 7th and it changed to approve/eligible hang in there it's coming

Re: In underwriting!

stinastina — Thu, 21 Mar 2019 04:58:48 GMT

@kaylord84 wrote:
Yeah I understand I applied February 9th got a refer back from DU because my BK wasn't 2 years post discharge! LO ran again on March 7th and it changed to approve/eligible hang in there it's coming

OK !! I started my app last year and had to do a letter of explanation for my bk not quite 3 years. I literally had to pay my doctor for the letter. And as fate would have it, by the time USDA got my app, the 3 years had passed.

Re: In underwriting!

Anonymous — Thu, 21 Mar 2019 17:25:56 GMT

I sent them a copy of the bill the IRS sent that shows the payment amount and due date.

Re: In underwriting!

Anonymous — Thu, 21 Mar 2019 17:32:18 GMT

Here is the latest email received about an hour ago......

I wanted to write and follow up on our conversation to let you know that we have a clear to close on your home loan. Congratulations!

At this point I did confirm that your scores did improve but not to the point that 2 of your 3 scores improved to over 700 which was the breaking point to get you to the next credit tier.

I will be in touch with you once the final numbers are compiled with the title company. Thank you both for your business!

I want to know what scores they are talking about because my FICO mortgage score are as follows....

Equifax 698 Transunion 774 and Experian 780 all pulled from the FICO website today. My wif'es FICO mortgage middle score is 728.

Re: In underwriting!

stinastina — Thu, 21 Mar 2019 22:00:32 GMT

That's great news ! Can you email him a copy of your scores ?

Re: In underwriting!

Anonymous — Fri, 22 Mar 2019 15:34:49 GMT

Oh my! I’m in underwriting right now as well. We’re supposed to get a response sometime today with conditions I suppose. This waiting game is so nerve wrecking. My closing is supposed to be on or before April 12 but hoping for before April 12. Good luck to you. Keep up updated!

Re: In underwriting!

kaylord84 — Tue, 26 Mar 2019 04:54:32 GMT

Update :Congratulations, your loan has been approved with conditions from underwriting!

1.Please sign, date and place in an “X” in one of the options on the Valuation Waiver – form sent via DocuSign
2.Provide complete copy of the bankruptcy documents and schedules along with a copy of the recorded bankruptcy discharge document

3.Provide six months most rent recent checks to verify you have been occupying the property

4.Provide current lease for subject - lease provided expired 11/2017

5.Provide fully executed gift letter in the amount of $2,500 and copy of check from donor

6.FHA Requirement – Provide donor’s Bank Statement and/or 30 day account activity to verify withdrawal of $2,500 gift funds and verify ability to donate
Note: Any large deposits/ transfers over $1,000 that are not direct employer deposits will require documentation to source and written explanation

7.Provide copy of earnest money check in the amount of $1,000

8.We will require updated bank statements and/or online account activity from DCU #XXX to verify the following:
1- Deposit of Gift funds in the amount of $2,500
2-Withdrawal of $1,000 earnest money check
3- Sufficient funds for closing
The updated information must be from the last date on most recent bank statement (2/28/2019) to today’s date. Screen shots are not acceptable.
Note: Any large deposits/ transfers over $1,000 that are not direct employer deposits will require documentation to source and written explanation