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Please help..fha 30 year

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Visitor

Please help..fha 30 year

  • I am so nervous..sick to my stomache, waiting. Ok my loan is in underwriting, has been for 3 days. My loan officer says all looks great, he sees no issues..Would my loan officer really have an idea as to how this will go? I mean if he says he sees no issues...should I take that like all will be ok? I am so scared.
Message 1 of 8
7 REPLIES 7
Valued Contributor

Re: Please help..fha 30 year

You would hope your LO would know whether or not there are any issues but that’s not always the case, unfortunately.
I’ve found that a lot of LOs would rather tell you what you want to hear, in hopes that they can overcome an issue/issues, rather than telling you upfront what the issues are and how they plan to overcome them.
I think the thought process for LOs that do this is they don’t want you to worry about their competency and look for another lender so they take a throw it against the wall & see it it sticks approach.
This is the worst way to handle the biggest financial transaction that most of us will ever make.
I tell my clients when I see issues, upfront, & how I will handle them so there no surprises.
VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 2 of 8
Established Contributor

Re: Please help..fha 30 year

Most LO's know what they are doing.

 

Most banks don't process and submit to UW a loan file that won't close---those files are denied.

 

Sure, there's a minor chance something is discovered or a condition is placed on the file that can't be cleared, but that's less likely.  Some others might chime in, but I don't think you should be worried.

 

 

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 3 of 8
Community Leader
Senior Contributor

Re: Please help..fha 30 year


@Justme1974 wrote:
  • I am so nervous..sick to my stomache, waiting. Ok my loan is in underwriting, has been for 3 days. My loan officer says all looks great, he sees no issues..Would my loan officer really have an idea as to how this will go? I mean if he says he sees no issues...should I take that like all will be ok? I am so scared.

Hi and welcome to MyFICO

 

My question is why are you tied up in knots? Buying a home is stressful, yes, but it shouldnt be scary unless you know of something that might derail your application. I’m not saying this is the case—not at all—but sometimes applicants either forget or neglect to tell their LO about material facts that can affect the application. Some examples: IRS installment agreement, a collection that hit their report, opened a new CC, financed new furniture for their new home, or godforbid, purchased a vehicle. Yes, these things have happened. I use to be a Realtor. So as long as there are no surprises that your LO will be surprised about, I think your fears are for naught. 

 

Now, of course, there can be things out of your control like the home not appraising or you lost your job, but that’s another story. 

 

My LO was totally upfront with me. When I found the condo I wanted, he told me the HOA fee was higher than planned. However, all I had to do was pay down to $0 2 CCs and we were back in the game.

 

IMO, just keeping your LO abreast of everything is key to a great banking relationship. So believe in your LO and you should be fine. 

 

GL2U

GOALS: Garden til DEC 2020 and 800 Club



Scores
JUN 2019: EX 788, TU 794, EQ 779
APR 2019: EX 787, TU 789, EQ 781
JAN 2019: EX 794, TU 783, EQ 801
DEC 2018: EX 777, TU 783, EQ 799

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Message 4 of 8
Established Contributor

Re: Please help..fha 30 year

As long as you have been honest and upfront with your LO, you have nothing to worry about. Your nervousness and anxiety is completely normal. Remember, you're buying a home not a pair of shoes. This is a big commitment and one of the biggest decision you will make in your life so it expected that you will a little scared. Most LO's are (generally speaking) are pretty straight forward and will give you the straight scoop. Hopefully you vetted your LO well and they have a solid track record to happy and satisfied customers.

 

Best wishes to you!

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI.
Message 5 of 8
New Visitor

Re: Please help..fha 30 year

Hi. Thank you so much for the reply. I am just scared of it all. Just so nervous. My LO did tell me all looks great that they see no worries. Just nervous. 

Message 6 of 8
New Visitor

Re: Please help..fha 30 year

Thank you.

Message 7 of 8
Established Contributor

Re: Please help..fha 30 year

No worries.

 

You put your life all on paper, give them all that they need as far as income, 

banking, tax returns, this purchase, that purchase, save all the money you can,

then they ask for more and more.

 

It is very stressful, but always keep in mind that what comes about is beautiful....

 

Owning your own home.

 

Think positive on what is about to happen.

While some little thing may pop up, it normally is just something simple as sending the

same old document that you already sent 3 times already haha.

 

Good luck and remember think positive and happy thoughts!
Good luck to you!



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Message 8 of 8