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Old 09-11-2008, 08:01 AM
 
27 posts, read 103,245 times
Reputation: 23

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This is a copy of an email I received last Wednesday, with a heading of LOAN APPROVAL. Which to me is a conditional approval, NOT a loan approval but anyhow...

The loan has been reviewed by underwriting and issued a conditional loan approval.

1. Pay stub showing employer name
sent with no problems
2. We need to verify binder checks have cleared your account. Also we will need to document any large deposit.
sent this as well. my grandparents did give us money towards the down payment as a gift, and made a copy of the check and the memo on the check states mortgage down payment. They never asked to do a gift letter, kind of wondering why not.
3. Legible copy of driver license
sent
4. Retirement account they asked terms and conditions in which the borrower may draw against your 401k.
provided the terms and conditions. there was 6200K in there & had to withdrawl $3600 to pay a judgement in order for this to even happen. I made copies of the check and documented everything with my bank statements as well. they knew i had to do this, i mean where else was i getting the money? the judgement was $4000K. when i told the loan processor this she said ok i just have to look at it and see. she never called back askign more info or any more documentation once i sent her everything.
5. Homeowners insurance
sent her the quote through the company i want to go with
We called her on Monday and she said that she has everything and sent it upstairs. I am assuming upstairs meant back to the underwriter for a final approval. I am just nervous that the 401K withdrawl (it was a hardship withdrawl not a loan) will kill the deal. But at the same time the condition just read terms and conditions not stating to have at least XXXX amount in for the deal to go through. With them just askign for terms and conditions it sounds like they approved the loan not even knowing if I can withdrawl money form our 401K plan. At them same time we got the papers from the builder to do a walk through tommorrow and then a follow up 48 hours before closing and has a tentative closing of 9/29. My loan processor states she has the closing date of 9/29 right now as well. My husband syas everything will be fine and not worry, but we all know that is easier said then done.
Anyone with???????????
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Old 09-11-2008, 08:07 AM
 
Location: Plano, Texas
1,676 posts, read 6,332,679 times
Reputation: 684
I think the only thing you will have to worry about is your new debt ratio. Do you have to pay back the withdrawal of the 401k money, is it a loan? If it is a loan against your 401k, they will have to count the monthly payment against your income. If it is just a withdrawal, then you shouldnt have anything to worry about. I would also advise that you get your grandparents to write a gift letter. They will more then likely need this and you might as well get it done now. Better to have it now and not need it, then to need it and scramble to get it at the last moment. Your loan officer should be able to help you with the gift letter.
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Old 09-11-2008, 08:24 AM
 
27 posts, read 103,245 times
Reputation: 23
it is defiantly a withdrawl NOT a loan. I knew better in that sense. I am really surprised they have not asked for a gift letter yet, I even asked before I received it if I should and they said to just make a copy of the check. Then the processor jsut said she would need to look at it all to determine if we need to get any gift letters. Well she submitted it all without the letter. I personally think she should have had me done one, but I guess I will wait to see if they send it back again asking for it. More or less that is no problem. I am jsut concerened about the 401K money withdrawn. I really don't think it will be an issue, but what do I know. Thanks for all your help.
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Old 09-11-2008, 03:38 PM
 
Location: Plano, Texas
1,676 posts, read 6,332,679 times
Reputation: 684
Your welcome, but go ahead and call your loan officer and get the gift letter going now just in case.
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Old 09-11-2008, 04:11 PM
 
4,304 posts, read 11,122,584 times
Reputation: 2456
If it's just a withdrawl your good. I did the exact same thing and did not have any problems.
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Old 09-13-2008, 05:27 AM
 
27 posts, read 103,245 times
Reputation: 23
Thank you to everyone for your help! I got the gift letter and we are set to close on the 29th! Thanks again to everyone!
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Old 09-13-2008, 10:15 AM
 
Location: Plano, Texas
1,676 posts, read 6,332,679 times
Reputation: 684
Congratulations on your new home, you must be excited.
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