[Update] No Longer Waiting on Pre-Approval.....

[Anonymous]

After talking with a LO on Friday and submitting all the required documentation for pre-approval (I went with someone my realtor recommended, I felt good about them after talking with them for a long time).  I'm waiting on pins and needles for the pre-approval.  They already sent a pre-qualification email to the realtor but that's not making me feel any less nervous.  I was honest, told him everything and he doesn't think the black marks on my file will be an issue given my DTI, income and scores.  BUT after reading horror stories on the internet, I realized I probably shouln NOT keep reading on the internet any longer, so now I wait.  I forgot to ask how long a pre-approval usually takes, I've asked so many questions, I'm just trying to be patient at this point.  The only thing I didn't have easy access to was my 2013 W-2 and he said it would be ok for now given he had my tax returns but I've got to eventually track it down. 

A question for those in the business, once I get the pre-approval, how comfortable should I feel that I can actually get a loan? 

[StartingOver10]

Sounds like your LO is running your paperwork through u/w, right?

If that is the case, then you should have confidence in the pre-approval because they have your paperwork. The one's that are worthless are the figures provided without the borrower submitting documentation. 

[mynameainttracy]

Our pre-approval through underwriting took about a week. It was a stressful week, but when we were approved I sure could sleep better at night going through this process.

[Anonymous]

He pulled my credit reports and I had to send in the last two years tax returns, W-2's, recent bank statements, identification, all my bankruptcy paperwork and my divorce decree. So this led me to believe that the pre-approval would be pretty solid. And I'm stressed that they'll want more information that I'll have to dig up.

Part of me feels like this is too good to be true and part of me just needs to relax. The number crunching he did is all good, it's just getting the approval that's nerve wracking.

[mynameainttracy]

Deep breath, it will be strong. We were post ch13, post FC. Such a great feeling to cross that line. You are so close!

[Anonymous]

Getting close is what makes me both excited and nervous. I was going to put off buying for 1-2 more years but when I ran the numbers and realized I could come up with the down payment before my lease expires I figured why not go for it?!?

My goal is to find something and close mid to late February so I still have time to wait for the pre-approval to come through. I'm the type of person that makes up their mind and plows forward to the finish line. Waiting for others just kills me! I have no control over this part!

[Sassy_Taurus]

Good luck to you. My 2 years will be the early part of January. I'm looking forward to getting started.

[Anonymous]

Woo hoo!  The pre-approval letter came today!  I'm so excited, meeting with the realtor tomorrow, the LO has aleady mailed him the letter.  Good to go on the FHA max for my area, I cannot believe that I'm going to be a home owner once I find something.  I never, ever would have thought this was possible with the ch7 still reporting.  

I'm hoping the whole house hunting thing goes relatively fast and easy!  I'm scared to death of the underwriting process and the likely millions of LOE's I'm going to have to write...........

[dt3813]

Congratulations and happy hunting!

[Anonymous]

Thank you! We are going look at 5 properties on Friday. I'm not getting my hopes up finding anything soon. If I find anything in the next two weeks, I have to make sure the offer is written for a 60 day close, they can't start the mortgage process until my ch7 is 2 years old (12/4). That's actually perfect since I don't want to close until then anyway at the earliest. I'm confident it's all going to work out!