UW not requesting a lot.

[light_in_Spanish]

Started my Mortgage process over a week ago and so far I am being asked for bank statements, insurance quote, pay stubs and tax returns. I was expecting a ton of requests and even wrote LOE just in case. Should I be concerned that I might not get approved?
Mortgage mid score is 636 for FHA loan.

[adavis425]

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@light_in_Spanish wrote:
Started my Mortgage process over a week ago and so far I am being asked for bank statements, insurance quote, pay stubs and tax returns. I was expecting a ton of requests and even wrote LOE just in case. Should I be concerned that I might not get approved?
Mortgage mid score is 636 for FHA loan.

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I wouldn't be concerned. That's about all they need upfront. I only supplied pay stubs and W2s with the app. Later on they requested PERMISSION to access tax returns. They'll definitely ask for whatever they need. Just remember, no news is good news, but be ready to fulfill requests. Good luck to you! 

[CreditInspired]

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@adavis425 wrote:

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@light_in_Spanish wrote:
Started my Mortgage process over a week ago and so far I am being asked for bank statements, insurance quote, pay stubs and tax returns. I was expecting a ton of requests and even wrote LOE just in case. Should I be concerned that I might not get approved?
Mortgage mid score is 636 for FHA loan.

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I wouldn't be concerned. That's about all they need upfront. I only supplied pay stubs and W2s with the app. Later on they requested PERMISSION to access tax returns. They'll definitely ask for whatever they need. Just remember, no news is good news, but be ready to fulfill requests. Good luck to you! 

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You will be asked for proof of funds for closing and down payment, if any. You will be asked to sign forms that will be submitted to Social Security for proof of SSN and Form 4506T for IRS tax transcripts for years 2016-2018. You may be asked to provide landlord contact information and definitely employer information.

Oh believe me, the request for information will be coming. 

[light_in_Spanish]

They've requested all that paperwork and I paid for the appraisal. They also asked for proof of escrow money ( copy of cashed check) and a home insurance quote. Today is quiet and haven't been asked for more stuff. Closing in five weeks so hopefully it all goes smoothly.

[pgtackle2003]

Paying for the appraisal is part of the application process and nothing to do with the UW. That whole process is generally done before the UW ever gets the file. Based on what you've described the automated system has probably generated an 'Accept/Eligible' which likely means you have nothing to worry about. As others have mentioned the conditions is a very specific documented form and will be obvious once you get it. I know the waiting game sucks but have patience.

Good Luck!

[light_in_Spanish]

I got conditional approval, waiting on the conditions and hoping they're not too harsh.
I need to inform my landlord ASAP because my lease is due in August 1st.