Posted on: 17th Jul, 2008 11:41 am
My husband and I just applied for a VA home loan last week. We filled out all of the loan documents and sent in his LES (military pay stub), copy of his ss card, driver's license, and w-2's. We got a call from our mortgage broker saying that we were approved. After reading about the VA loan I am not sure how we could have been approved with out having an appraisal done yet. This is new construction so the appraisal can't be completed till the house is done, and from what I have read it can not got o the underwriter till the appraisal is finished….so how could our loan be approved? I am so confused! Are we really approved?
Hi CMN,
Yes it is possible to get an approval without an appraisal, but it will not close without an appraisal. In other words, your lender has gotten an approval based on the info and docs you have provided, and the approval is based on conditions. One of those conditions will be the appraisal.
So, yes, based on what your broker is saying, you are approved, he/she just forgot to say "with conditions".
Yes it is possible to get an approval without an appraisal, but it will not close without an appraisal. In other words, your lender has gotten an approval based on the info and docs you have provided, and the approval is based on conditions. One of those conditions will be the appraisal.
So, yes, based on what your broker is saying, you are approved, he/she just forgot to say "with conditions".
Wow kpatrick. So you are saying that even after getting approved for a loan, the lender can deny giving the loan at closing. So until the closing is not done, a borrower may be approve but with conditions?
That would be correct the initial approval is always conditional. Most will be conditional to verifying the information provided in the loan application, satisfactory appraisal, and clean title. If any of these not satisfied the loan will not go through.
Its an approval based on assumption.
Its an approval based on assumption.
Think of it as a credit only approval. Based on your credit you are approved but the appraisal still has to be approved as well. Just like your title work has to be approved. Feel free to find more answers to your mortgage related questions
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The Office of Personnel Management's "Guide to Submitting Performance Appraisal Systems for OPM Review and Approval" provides specific guidance about the procedures, documents, and material that agencies submit to obtain the Office of Personnel Management's review and approval of performance appraisal systems under the regulations that became effective September 22, 1995.
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I would also check and make sure your certificate of eligibility has been issued and taken care of.