Preapproved! (Maybe?)

[futurepoppa]

So last week I put in an application with fgmc after searching a few posts here. The next day, I got an email that they may be able to pre approve me based on my credit (not the best score, but history isn't so bad on paper) and that I needed to submit additional info.  I sent all requested docs and LOE's later that evening. Yesterday, I got an email with a preapproval letter attached. I was excited until I spoke to my realtor.

After forwarding her the pre approval letter, she stated she was unfamiliar with fgmc and that the preapproval letter was vague (no loan type, or interest rate listed) would check them out and call the LO and get back to me.(We were just burned by another company that basically wasted our time.) The LO had also asked for my realtors info in the preapproval email so they should be talking soon.

My question is should I be worried about fgmc? I see several people have had success with them so on one hand I think it'll be fine, but for those who closed thru fgmc, how specific was your pre approval letter? Mine has a few condition (appraisal, insurance, signed purchase aggreement, no change in employment), the loan amount and term of 360 months 

[fot1]

I used a different lender but my pre-approval letter for the realator was very basic. had my name, lenders name and ammount approved for. That was that.. I don't see why a realator would need to know lenght of loan or interest rates in a pre-approval.

[futurepoppa]

Thanks for the repy. This is my first go round with all this. I guess she may be a little skeptical because the previous lender gave us the run around. Thanks again

[lesse]

IM in Underwriting with them- not feeling to confident.. but hopeful.. what are your scores if you dont mind me asking and did you get any conditions?

[futurepoppa]

My scrores at the time of pull were 612 614 623.  I had to write a LOE for every derog on my report. This was requested after the credit pull along with paystubs bank statements, tax returns etc. After that I got a call from the LO with a few more questions and then he told me he'd send it over to underwriting and get back to me. Took almost a week after that to get the pre approval letter. The conditions listed on the letter are

Satisfactory appraisal supporting homes vaule

Evidence of hazard and flood insurance

Satisfactory title policy

No variationsin income or emploment

Required asset and funds verification

Final underwriting review

Im sure more will come once we fine a home and make an offer. Best of luck with your underwriting

[lesse]

Thank you for responding

MY LO said that he was hoping to hear something by end of this week- i submitted on monday and he kept asking for more and more paperwork and i think he submitted Tuesday or wednesday ... i have heard good things so i think with the pre approval you are in good to go )
Do you have any derogs on there? if so are they paid or unpaid? Dont mean to pry im usually in the credit repair section and everyone is pretty open if you dont want to disclose thats fine

[futurepoppa]

Im down to my last 5 derogs. 4 of them are four year old student loan lates. Those loans were paid off about 3 yrs ago. Then theres the big daddy charge off from first premier. It happened in 12 and the updated it every month until this Jan. Outside of fp and student loans, I have not other lates, but my average account age is only 3 yrs.

Hope you get some awesome news at the end of the week

[lesse]

YUCK first premier got everyone and of course they dont do any PFD, any goodwills.. they suck and i had 2 accounts with them... i have sent plenty of emails and keep getting the same response from the contact and another contact- they dont delete ((((( wahhhh

[lesse]

Any update on your progress?

[futurepoppa]

I got an email about two weeks ago with the real conditions. I had about a list of 8 or 9, mostly having to do with signing paperwork (tax returns, letters of explinations, tax transcript relase authorization etc). I also had to write a letter for several recent inquiries, but they were all relating to mortgage shopping.

The biggie was they wanted to see the estimated cash needed to close, which is about 5k plus 5 months reserves of 7k. However, my LO came back with only needing to see 3 months reserves. Of course we just found out that the seller on a house we really really wanted went with another offer so we're bummed about that.

How's your deal coming along?