What really happens in UW?

[ccubedzx3]

Is it possible to get through underwriting and not have any conditions?

We have worked our butt off the past two years and want the closing process to be painless as possible...

We make $150,000 combined, have a DTI of 5%, leaving us with a balance on our new home of $297,500 for an FHA loan.

My mid score is 675, my wifes is 705

We already gave the builder our 3.5% down in earnest money back in September, and will have appropriate funds for closing costs.  

I just want to re-app, get re-approved, re-submit all documentation needed, then hear those magic words of "Clear to Close!!!'...I want it to be as painless as possible

[MovingForward_2012]

I think getting through without conditions is possible but not realistic. One of the conditions for most people is to provide your insurance agency's name and telephone number. And I had to provide that twice because the loan processor didn't see it the first time. And most want updated bank transactions past the last statement end date that you provided.

I still think with conditions, the process can still be painless as the conditions may be easy to satisfy. Best of luck to you. I know it has been a long journey but loan processors and UWs don't care about that at all...trust me.

[JM-AM]

Yes it is possible to not have any conditions.

But some conditions are really simple and silly. For example lets say you rent and moved to a different rental same area, and you never changed your driver license information, many just forget to change it. You get a condition to update your drivers license to your present address even though you will have to change again after you close on new home.

So like I mentioned some are just silly conditions.

[MovingForward_2012]

That's not an easy condition! You have to go up to the motor vehicle farm and wait torturously for your number to flash as you watch the same two min slideshow 50 times! Ugh...LOL

[JM-AM]

Lol

Most can do a change of address online. You get a print out confirming it. No lines or waiting. You dont need to have address physically on license, just updated in system.

[MovingForward_2012]

Well that sounds better! :-)

[tooleman694]

If your credit is solid, income is solid and everything fits the mold then you wouldnt have any conditions.

When I got my approval, all I needed was to get a dispute comment removed, a letter proving rent history and closing had to be in April. Wasn't bad at all.

[my25reasons]

I did make it through without conditions. I closed last April and my file sat in underwriting for TWO WEEKS. Apparantly my UW went on vacation and no one thought to tell me.  I got the clear to close without hearing from them even once. Good luck!