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So we are in the process of building a home, got our preapproval and are now going through the underwriter. They needed some additional stuff so I sent it BUT my question is our house is not going to be ready until maybe June and we will have to pull credit, bank statements all over again so why do I have to explain all the little things on my "statements and Credit Report" now if we have to do it all over again??? Is this going to give us a hard approval while our house is being built?
They need to make sure you qualify for the loan before a builder will start construction for obvious reasons. They don't want to build a house that's just going to sit there because you weren't able to qualify upon its completion. So they need to verify everything now, and then make sure you have the funds to close and that you haven't gone out and added a ton of new debt when the home is ready.
That is correct, you have to go thru the whole underwriting process 2 times.
So get ready to explain more stuff and everything all over again when it gets to closing time.
I had an NSF fee I had some explaining to do during my second underwriting.