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Officially in underwriting!!! So nervous but happy!

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Officially in underwriting!!! So nervous but happy!

I woke to an email from our loan processor that we are in underwriting and have completed the request for documents so far, they are in the verification stage and hopefully will have a conditional approval soon after the conditions they want them met within 3 days to get a "gold cert" on the approval, That means they have everything for the file and the next thing to do is to sit back and wait for our build to finish. Then about 30-45  days before closing they will contact me for updated documents and they will work on getting a clear to close, this will also be when we lock in our rate,finalize numbers as far as programs, down payment and closing costs. The faster we get things to the LP the faster the process goes soooooo I guess we are rolling. I was getting kind of nervous that no one was communicating with us on anything so i called and had a "come to jesus metting with them and things have started to move a lot better, Wish us luck!!

Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
8 REPLIES 8
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Frequent Contributor

Re: Officially in underwriting!!! So nervous but happy!

Good luck!
Message 2 of 9
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Re: Officially in underwriting!!! So nervous but happy!

Thanks
Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
Message 3 of 9
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Re: Officially in underwriting!!! So nervous but happy!

good luck op

7/12/2019 FICO TU-815|EX - 787|EQ -809
Total Credit - $300K+
Starting Score: 640
Current Score: 785
Goal Score: 810


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Message 4 of 9
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Re: Officially in underwriting!!! So nervous but happy!

Thanks!!

Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
Message 5 of 9
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Re: Officially in underwriting!!! So nervous but happy!

How exciting! I'm pretty much right where you are, well, kind of: received my conditional approval, all docs are in, appraisal good, just waiting for final word from title company. Best of luck to you!

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Started 3 years ago in mid 500s - Goal to hit 800s by Fall 2017 (Left that goal there even though I hit it!!)
Message 6 of 9
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Re: Officially in underwriting!!! So nervous but happy!

Awesome and same to you. Cant wait to finish this all up,

Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
Message 7 of 9
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Re: Officially in underwriting!!! So nervous but happy!

this may be a dumb question.

 

1)after loan approval, how much time is given to finalize the home? what happens if we couldnt find home within the given loan approval time window?

 

2)at what point of time, we do the rate shopping? does the mortgage shopping also happends like car loan shopping?i apped atleast 5-6 banks for car loan shopping on same time to get the best rates to finalize.

7/12/2019 FICO TU-815|EX - 787|EQ -809
Total Credit - $300K+
Starting Score: 640
Current Score: 785
Goal Score: 810


Take the myFICO Fitness Challenge
Gardening since June/2019
Message 8 of 9
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Re: Officially in underwriting!!! So nervous but happy!

GetMeSlick, the lenders work with the builders and they communicate throughout the process  at all of the building  stages to know how to pace the loan process, and some do everything upfront and wait on the build to finish but then 30-45days out from finish the LO gets with you to lock in your rate.

Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
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