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Guest

I applied for a home loan and got a letter signed by my loan officer saying "Congratulations! Your real estate loan has been approved based on the following terms:" My question is, is this a defenite loan approval or can my loan still be denied for some reason?

jenkin7 · Posted: Sat Apr 25, 2009 3:04 am Post subject:

Hi cchristine,

This, I believe, is a pre-approval letter from the loan officer. The underwriter is the one who decides whether a loan can be issued and finally approves a loan. So, this letter suggests that the loan officer has approved your loan, but the underwriter's decision for a pre-qualification is pending.

gmakerley · Posted: Sat Apr 25, 2009 5:20 am Post subject:

"based on the following terms" pretty much spells it out. if there are conditions to the approval, you must meet those conditions in order for your approval to be valid. if you fail to meet any or all of the conditions, your approval will evaporate.

eric1 · Posted: Sat Apr 25, 2009 8:04 pm Post subject:

Christine, let us know what those terms are.

JKennedySLG · Posted: Mon Apr 27, 2009 9:56 am Post subject:

This approval is simply based on the information you have given the loan officer up until this point. Keep in mind, if there are any discrepancies between what you told the loan officer and what you submit to the loan officer you may lose that "approval". I hope this helps...

Guest

My loan officer says my loan has been underwritten, he is working on the conditions. I'm a first-time buyer buying a new construction condo that is scheduled to be completed in 3-4weeks. What conditions would he be working on?

gmakerley · Posted: Wed Sep 23, 2009 11:57 am Post subject:

for a new construction condominium to be approved, there's plenty of things to gather from the condo people. that could be it.

but of course, we don't know what you've provided him for documentation that needs to be re-verified, for example, either.

and, he could simply be saying that "these things take time" and using a catch-phrase to say so.

Guest

Thank you George. That's what I was thinking. He actually did say to me in his email that "things were moving along". I'm just having those first-time buyer nervous feeling I guess.

gmakerley · Posted: Wed Sep 23, 2009 12:54 pm Post subject:

even though it might be a benign situation, don't let too much time go by without contact between the two of you. things get delayed, things get forgotten, and loan officers get distracted by the new deals they hope are coming in, so he may not call you as often as you'd think. don't hesitate to pick up your phone to call him for updates.

yes, he'll get frustrated if you call too often, but it pretty much goes with the territory.

Guest

What steps must one go through to have a co-signer removed from a FHA backed mortgage assuming the buyer now qualify's on their own now. How much would it costs? Thanks.

jameshogg · Posted: Thu Nov 12, 2009 8:57 pm Post subject:

Hi ed,

You will have to refinance the loan in your name in order to remove the co-signer from the mortgage. While you refinance, you will pay the closing costs and other fees associated with it.

Thanks

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