New at this mortgage process

[Anonymous]

Put in offer on new construction and submitted all bank documents to the lender last Tuesday for a VA loan. Lender notified us we are currently 'in processing.' Just curious as to how long the processing takes and is this time that the lender will let us know of any red flags and such? We were pre-qualified about a month ago through the same lender. Never had a mortgage before so we are learning as we go. 

[Anonymous]

I'm not an expert by any means but have you received a GFE or loan commitment letter? Hoping someone else can assist with this

[Anonymous]

Don't have a good faith estimate just a loan estimate? It came in the stack of documents we had to submit back. 

[Anonymous]

---

@Anonymous wrote:

Don't have a good faith estimate just a loan estimate? It came in the stack of documents we had to submit back. 

---

The Loan Estimate (LE) replaced the GFE. Processing is the step right before underwriting, so the lender may be asking for additional documents or letters of explanation (LOEs) before sending your file off to underwriting.

[BrianB_The_Loan_Professor]

You should have or be in the process of ordering an appraisal - while the appraisal is being completed the bank will process all of your paperwork and prepare it to go with the appraisal to the underwriter - This is where the processing team works with the loan officer to gather any documents they feel will be needed to get your loan through the underwriting process. Sounds like you are just getting started - hang in there - it is a slow process but will be over soon

Good Luck

BrianB