We put an offer on a house in TN, we were pre-approved with an out of state lender but after doing research, decided to use the local lender, The mortgage investment group he works for does their own processing, underwriting and they have their own appraisal department. We found a house that was $60K under what the original lender pre approved us for and when our current LO ran the application through the underwriting program he actually used our net income as opposed to gross income, we have no debt and our mortgage will be 22% on the front end of our DTI with net income. The LO told us our file was easy and boring since we had nothing negative, the funds are available for both closing and reserves if necessary, but he didn't ask for as much information as I thought he would, will we run into issues with underwriting? He has worked for this company for 12 years and seems to know his business very well and is not only our realtors preferred lender but also the preferred lender of numerous other agents in town. We heard from his processor this week asking for two pieces of information, said that was all she needed. Any reassurance would be great!!!! We are supposed to get an update tomorrow from the lender but that doesn't reassure me today. I could potentially drive myself nuts before this whole process is over.
