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FHA loan accepted via automated approval. Whats next??

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FHA loan accepted via automated approval. Whats next??

Hi everyone!

 

Here is my situation.

 

Husband will be on the loan. Mid score is 647. 2 paid charge offs. never late on anything else except for the charge offs. We were automatically approved for 300k. Our DTI is 32/48. The LO is stating that all i need to do is provide support documentation for final approval with the UW. If all of our documentation checks out, does it look like i dont need to worry? Because i am really worrying that something will happen! Any advice would be so great to ease my mind.

3 REPLIES 3

Re: FHA loan accepted via automated approval. Whats next??

anybody?!!?

Message 2 of 4
Frequent Contributor

Re: FHA loan accepted via automated approval. Whats next??


@Jessicadkrieger wrote:

Hi everyone!

 

Here is my situation.

 

Husband will be on the loan. Mid score is 647. 2 paid charge offs. never late on anything else except for the charge offs. We were automatically approved for 300k. Our DTI is 32/48. The LO is stating that all i need to do is provide support documentation for final approval with the UW. If all of our documentation checks out, does it look like i dont need to worry? Because i am really worrying that something will happen! Any advice would be so great to ease my mind.


Provide all of your support documentation to the LO  ASAP...

 

If it all checks out, do what your LO says...Dont worry.

 

 

VA & FHA down to 550...
Licensed Senior Mortgage Loan Officer in the states of Arizona & California
Specializing in VA, FHA, USDA & Conventional loans. My company is also licensed in 12 states, Arizona, Colorado, Nevada, California, Oregon, Washington, Utah,
Alaska, New Mexico, Texas, Illinois and Florida
Message 3 of 4
Established Contributor

Re: FHA loan accepted via automated approval. Whats next??

If you are concerned, speak with your LO. It's okay to have questions, as this is a complicated process today. The only issue you could have is if the LO just can't add. As simple as it seems, there are some newbies out there that aren't experienced enough to make sure their income is calculated correctly. This is why you want to vet your LO well. Anyone can enter incorrect data into the AUS (automated underwriting system) and get an Approve/Eligible. But the making sure all the conditions detailed out as "Findings", are obtainable could be a challenge.

 

I know I am rare, but I always go over the Findings with my clients. So we can put our heads together and make sure collectively we can pony up the conditions in order to satisfy the AUS. If you are a cookie cutter W2 Wage Earner and have consistent income over the past couple of years, then sleep like a baby. If you are self-employed, a commissioned salesperson, or work O/T and need it to qualify, then these are the areas that I have found that some LO’s struggle with. Other than that, follow every instruction your LO gives you. Don't apply for any new credit accounts, don't switch jobs, just fly low and avoid the radar.

 

Best wishes to you!

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AR, AZ, CA, FL, GA, IL, IA, IN, LA, MI, MO, NC, NE, NV, OH, OK, OR, SC, TN, TX, VA and WI.
Message 4 of 4
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