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Old 04-04-2008, 08:38 PM
 
3 posts, read 13,230 times
Reputation: 10

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First time home buyer here. Have submitted loan application to lender then soon after, sent lender all supporting docs (tax returns for 2 yrs, bank statements, check stubs, etc.). Have been pre-approved for $150K, 30 year fixed at 6.75% FHA loan. I received a good faith estimate from lender and most of it looks good. What should I expect a few days before closing besides the $$ amount to put down? Will I need to supply more supporting documents, or bank account statements again? My hubby & I know not to make any "unneccesary or large" purchases at this moment & we wont. However, concerned with some cash withdrawals that hubby took out of bank account while travelling on business (he's self employed). Will I need to supply receipts for every transaction up to date of closing? If so, I need to be prepared & organized. Just wanted a heads up on what to expect near closing. Thanks-
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Old 04-05-2008, 03:26 AM
 
Location: citrus springs
25 posts, read 93,264 times
Reputation: 15
Not Sure About All The Paperwork But I Am Sure You Can Get A Better Rate Than 6.76. Interest Rates Are Down And If Your Credit Is Fairly Good You Should Be Able To Get A Rate Around 5.75. Good Luck
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Old 04-05-2008, 06:07 AM
 
2,143 posts, read 8,032,562 times
Reputation: 1157
Hire a real estate attorney. It will be the best money you have spent and will make things a lot easier.

You won't need receipt, but you are right in not incurring any debt. They will check your credit again. Do you have a commitment letter from the lender. That is the document you need. A pre-approval is really nothing.
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Old 04-05-2008, 08:55 AM
 
374 posts, read 1,629,343 times
Reputation: 140
Default Good advise Lillybeans!

The interest rate seems a bit high though. I have one going FHA right now with a much lower rate. Pre-quals don't mean much. Pre-approvals have gone into underwriting and the buyers credit has been approved. The home has to get past an FHA appraisel, Termite inspection and has to be in good structural shape. Roof, plumbing, electrical etc... They do pull a credit right before closing to make sure no large purchases have been made and that they haven't messed up their credit waiting to close.
Quote:
Originally Posted by Lilybeans View Post
Hire a real estate attorney. It will be the best money you have spent and will make things a lot easier.

You won't need receipt, but you are right in not incurring any debt. They will check your credit again. Do you have a commitment letter from the lender. That is the document you need. A pre-approval is really nothing.
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