In underwriting! Update approved with conditions!!!

[Anonymous]

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!

[Anonymous]

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. 

[stinastina]

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.

[kaylord84]

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

[stinastina]

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@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

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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. 

[Anonymous]

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

[Anonymous]

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.

[stinastina]

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

[Anonymous]

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!

[kaylord84]

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