Hello,
I've never been through this before. Using my husband's VA eligibilty, we put a house under contract, and got prequalified by one lender and preapproved by another. Both prequal and preapproval came back exactly the same and not contingent on selling our current home. It is on the market, is only in my husband's name, and we plan to rent it if need be. We submitted our loan application on Tuesday and got an updated GFE in the mail today. We are locked in.
This is causing me great anxiety as I do not do well with not being in control in situations! I like things certain. I have a few questions and also want to have some support from others going through the same thing.
Our income is not high, I won't say how much but its average to lower. We only have a 62,500 mortgage on our current house and are applying for a 120,000 mortgage. I am wondering what the chances are of the underwriter turning us down because of the two mortgages? Both lenders said it was fine for us to have both but isn't underwriting more strict? Many people have said they wouldn't have gone with far with us if the LO wasn't pretty sure we'd be approved.
Anyone got any insight to calm me down? Want to close June 21st!
