@Anonymous wrote:We are in the final stretch! Scheduled to close on our first home on 3/6/2020 !
Our Stats:
Income: $70K (only husband is on the loan because his scores were better than mine)
Purchase Price: $217,900
Loan Type: Conventional
Closing Costs: New construction, builder covering all closing costs
Down Payment: 3% using DPA grant program
Rate: 4.5% (yes a bit high, due to the DPA, we've weighed pros and cons).Middle Score: 721
Debts:
$238/month, 13,000 balance on car note
$250/month in student loans
$138/month on Chase CC, about $3000 balance/$9,000 limit.
Derogs: None. No charge offs, collections, lates, etc.
We recieved an automated e-mail on Saturday saying the UW had issued "conditional approval" but didnt get any further information about what the conditions were. I emailed LO this morning and she said all of the conditions were internal and nothing else was needed from us. Is this normal? Should I be alarmed?
We have had several bumps in the road in this process since putting in our offer on 1/5/2020, but are so close now, we are on pins and needles over here! I've been reading this forum night and day trying to understand everything and the topics have been so helpful. I guess just looking for some re-assurance that the end is near!
Absolutely not.
One thing I have noticed compared to going through this back in 2015 is there's a lot more transparency from both lenders I'm working with about the internal steps and requirements.
To use my own example with BOFA this time (and actually I'd used Sebonic twice so I can see a marked difference with them) vs. Chase last time... and I suspect both of those two lenders are basically the same in their web UI now, there's a bunch of things marked BOFA vis a vis:
- Employment Verification
- Property Survey
- Appraisal
Basically the "internal conditions" statement means things are good on your end for your submissions but they need to verify things on the backend. That's on them, not on you, and part of the process. Don't sweat it, and remember everyone wants you to be successful here... it's annoying AF while in it (I was seriously screencapping my Chase brokerage account UI last night because of course they need proof my earnest money was mine and I won't get a new brokerage statement for weeks... at 9:30 pm last night =/) but sounds like you're past this point.
