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Applying for a 30 year conventional, full doc. score above 770- papers are already in. So how long till we get the answer?
Thanks for your serious input
If you have all your papers, approval shouldn't take more than a day. Two days if they're swamped. The approval you get initially will probably be highly conditioned, anyway, many items subject to verification.
Pre-approval was very quick for us - same day I believe. However then it goes off to underwriting, etc.. (real approval) and then took a good bit longer.
But the pre-approval is what will be required before you go "shopping" with the builder/developer.
As I wrote my Q. was in regard to the lender approval thought it was obvious; I meant the very underwriting process. The preapproval letter we got earlier to be able to "go shopping" . Does anyone know of what really is the value of that first preapproval letter, did anyone get preapproved and then when it went through the underwriting it did not- even if all the elements did not change (i.e. your score, income, source, taxes etc.)????
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