Approved, then denied, then approved, then denied, then approved again!

[jjmtmj126]

WOW what a roller coaster!  We had an approval with conditions, but then the employemtn verification came back and some how someone had their dates mixed up.  They had my husbands unemployment calculated wrong, so when the actual dates came back the denied the loan AFTER an approved with conditions.  

Now we are back to our original Loan Officer who gave us a pre-approval on a much lower amount than the guy we were just working with, BUT she ran it through the automatic underwriting and it came back approve elegible.  We are due to close May 14, LO says our file is in the pile for the underwriter but she wants to order the apprasial now, before underwriting looks at it due to time constraints.  

My question is, how sure is an automatic underwriting approval?  Is the rest just "verification" from the manual underwriter?  is it safe to order the apprasial with just an automatic underwriting approval?  I'm so stressed and have about had it with this whole process, but I know it'll all be worth it if it all works out, I'm just so unsure.  One LO says yes to A but no to B, and another LO says yes to B but no to A.  This is just nutz!

[my25reasons]

Hello,

As far as I know, the appraisal must be done before manual underwriting. The underwriter takes the appraisal and the loan and looks at them both to make sure the loan and home value are in par. Manual underwriting is to make sure all the i's are dotted and t's are crossed and that nothing as far as your income/debt has been missed or hidden. As long as your LO has done a good job in checking your finances, manual underwriting should be no sweat.

[Booner72]

As the other poster said, there is no way to know unless you do order the appraisal.  My LO repeatedly told me (After automated approval)  'You are already approved' every time i would stress about thinking I wouldn't make it to the end.  I think you should be very hopeful.

[boomhower]

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@Booner72 wrote:

As the other poster said, there is no way to know unless you do order the appraisal.  My LO repeatedly told me (After automated approval)  'You are already approved' every time i would stress about thinking I wouldn't make it to the end.  I think you should be very hopeful.

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I was the exact same way.  Evidently as long as the LO has done the job correctly UW shouldn't be a problem.

[webhopper]

IMHO I would go ahead and order the appraisal.. They can't underwrite your file without it. Also, you do need to make sure that the house is worth what you offered... This is an important step in the mortgage process...

[jjmtmj126]

Thanks for the replies.  I do feel much better.  Still waiting, but hopefully we'll hear something by the end of this week.  Our LO keeps saying "this is the first hurdle, but things are going in the right direction."  I think she doesn't want to give me false hope, which I understand.  I just wish, like most of us do, that this was an easier process.....