Surprise Reqeusts

Guest 0.10 Dollars($)

I think I'm almost to closing at this point. I received the pre-approval. I had the inspection. The appraisal is being ordered tomorrow. Contract ratified....all that "good" stuff. My question is - - what will they ask me for next? I've submitted all bank statements, they did employment verification, credit report - and the lender said that underwriting approved all of that. But I am so nervous - am I almost to closing for real?

brian1 · Posted: Tue Jul 08, 2008 5:56 pm Post subject:

I would anticipate the underwriter needing more it usually happens that way...
You are through the first round.... expect one more round

Good Luck
B

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Guest.

You employment verification and credit verification is done. So hope every thing will be alright.

gmakerley · Posted: Mon Jul 14, 2008 9:35 am Post subject:

an underwriter can always request additional documentation. commonly found items would be, for example, a more current pay stub than what they have on file now, or additional bank statements - these are pretty benign requirements and nothing to get anxious about.

an appraisal can also trigger new and interesting developments in the processing of your loan. though you'd not be required to do anything vis a vis the appraisal, it still affects you and can lead to delays in getting to closing.

be sure your loan officer and/or processor is in communication with you so that you won't be surprised at what might be requested.

hopefully, all will continue to flow smoothly and no additional requests will be made of you.

stephenie1 · Posted: Tue Jul 15, 2008 10:48 am Post subject:

It is very scary when you are close to closing. They are all correct in that an underwriter can and may request additional documentation. Other documents that the underwriter may request are letters of explanations for any gaps in employment, unusual large deposits in your bank account, letter of explanation regarding credit pulls in the last 90 days to ensure that you have not taken out new credit that can affect your debt ratio and proof of reserves to be updated. When your file has final underwriting approval, you will be notified of your closing date and time. Make sure that when you close you understand all the documents that you are signing. Do not be afraid to ask questions. Your loan officer and the title company are prepared for questions and will probably be happy to answer them. If things feel a little stressful, that is normal, you are making a wonderful purchase of a home! I wish you the best!

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