Home loan underwriting question……?
We are just about to have our home loan go to the underwriter…. And it is killing us….. We were prequalified and pre approved…the broker showed me a printout from his computer stating that we have been “accepted” under the FHA guidelines, for a loan…. We have given factual info. And have submitted all documentation that has been requested (W2’s, employer info, etc.) The broker told me that he would not waste his time on the loan if there were some glaring issues….But, it still has to go to the underwriter… My question is this…. If all documentation checks out and is accurate, we have filled out all paperwork correctly; the house appraisal / inspections are good. What are the chances of the underwriter rejecting the loan? Is the fact that the loan is FHA approved increasing our chances of getting approved…. There are no credit issues in the last two years. One of us has a bankruptcy from 5 years ago. That was disclosed and our credit scores are in the 610 – 640 range……Thanks … The sleepiness nights are killing us…We just want an answer….
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February 27th, 2011 at 1:54 pm
It sounds like they ran the loan on FHA system which should be fine as long as they don’t change the requirements (which has been done quite a bit recently.) My company requires 620 scores to do FHA loan but we base it on the middle score out of 3. As long as you fit the qualifications you will not be denied. FHA is a great loan program.