Mortgage Loan Approval?
We are in the underwriting stage of our FHA loan. We received a copy of the approved appraisal along with a letter from the Mortgage Services company stating that our loan was approved upon some contingencies. They stated items such as home owners insurance, current pay stubs at closing, and ID. The letter mentions the loan amount and loan terms. Does this mean that we are actually approved for our loan? What happens now?
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Terms of the approval is that your stated income upon application matches wirh pay stub, you also need house insurance on the property you are going to purchase.
If there is a income shortfall the loan amount may be lowered to meet the affordability issues thus more downpayment may be needed. At this stage you need to get a solicitor to act on your behalf to help you close the property.
I can't see your documents but it sounds as if you are approved but with conditions that must be met before the lender will fund the loan. As you proceed with getting the insurance, etc., the conditions will be removed. Be certain to provide every thing that the lender has asked for as promptly as possible. Keep your eye on the close of escrow date and talk with the lender daily to see what they are waiting for.
you will possibly be authorized for one hundred fifty ok, yet that doesn't recommend they provide you that plenty for any homestead in any respect. meaning that if the homestead you desire is appraised at say 180K the economic enterprise provide you the 150K and you provide a downpayment of 30K. The economic enterprise is in no way going to loan greater advantageous than a definite proportion of the value of the homestead. The economic enterprise isn't loaning you funds to furnish or paint.
If your appraisal came through ok and you can produce the documents that your approval is contigent upon...you can do the high five...........
Wait till you have the keys to break out the Dom.