cancel
Showing results for 
Search instead for 
Did you mean: 

Conditional approval question

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Valued Member

Conditional approval question

Is it normal to get a initial approval but no word of if conditions are needed?

Approved over the weekend. Now it’s tuesday still no word on if I will have conditions. I’ve been emailing everyday about it. LO’s last response was this morning saying give his team 24 hours to tell me if any conditions. What gives??? I’m pulling my hair out. Closing date is in 7 days.
Message 1 of 6
5 REPLIES 5
Regular Contributor

Re: Conditional approval question

Wait, you received conditional approval and closing is in 7 days? That’s light-speed...
Message 2 of 6
Valued Member

Re: Conditional approval question

No I was told I have a “initial approval” from underwriting and they will let me know if there are conditions. But haven’t let me know anything in the last 48 hours. My contract with the seller is that the closing is suppose to be on the 14th . Doesn’t look like I’m going to make it
Message 3 of 6
Frequent Contributor

Re: Conditional approval question

As the previous poster mentioned that does seem quite fast. And to your point, closing on the 14th may not happen depending on what your conditions are. Generally it kind of goes like this (this is just general and not the same in every case)

 

1. You fill out an application, with income and all your personal information

2. Lender will pull your credit and give you a pre-approval for xx amount

3. You look for home and get under contract

4. Once under contract, lender will take the sales price etc from the contract and put all those into their forms. This is when they'll make sure to have things like paycheck stubs, bank statements.

5. Once they have all the things they require, they'll send that to the underwriter. Underwriter will then approve with conditions, which is when you should get it.

 

I know for me from the time my LO said they sent it to the underwriter, I had conditions within a few hours. So it seems like a situation where they are probably in a back log and the underwriter is working on other files before getting to yours. That would be my guess anyway.

Message 4 of 6
Valued Contributor

Re: Conditional approval question


@Patience_is-key wrote:
Is it normal to get a initial approval but no word of if conditions are needed?

Approved over the weekend. Now it’s tuesday still no word on if I will have conditions. I’ve been emailing everyday about it. LO’s last response was this morning saying give his team 24 hours to tell me if any conditions. What gives??? I’m pulling my hair out. Closing date is in 7 days.

It's possible that the only conditions they have are "internal" so they may not need anything from you.

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 5 of 6
Frequent Contributor

Re: Conditional approval question

Very good point from @VALoanMaster. Another thing I failed to mention is every approval I have ever seen requires conditions such as appraisals and Inspections. Unfortunately those things take time, by the time their scheduled and then get reports back.

Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.