Nervous FTHB.. (insurance, loan, loan, bank)

[mattyv]

The wife and I are scheduled to close on our first home this coming Monday, Nov. 8th. We've already gone through the whole Conditions needed mess. Provided everything they've asked for, and as far as we know everything checked out properly. Our appraisal was completed yesterday, and came back $25k over what we are contracted at. LP has stated that the underwriter has it for final approval, and we should here something today.

I may be just a big time worry wart, but what kind of last minute problems do UW find at FP? Do they do a complete back track over the paperwork, or do they just look it over to see if everything needed is included? To get this far and get declined over something we probably could have taken care of weeks ago is my biggest fear.

Thanks
MattyV

[dad2jules]

You have nothing to worry about.
There is a checklist of needed documents that is alot longer than you would think and one by one items get checked off. The "conditions mess" was just missing douments from the list and may not have been known or available at the time of initial submission. The client only supplies( paystubs, bank statements etc.) about 1/3 of the needed documents to close a loan. The loan package is about 1/3, and title, appraisal, insurance documentation that the processor gets directly from these providers is about 1/3.
Underwriters do not go back over these documents once they sign off on them, they will only look at the appraisal. Now to be fair all documents have an expiration date(income/assets only good for 60 days etc) so depending on when you started this process something may expire and they ask for updated but they are not asking for any other reason.

[mattyv]

Thanks a lot for the response. We started the proces less than 30 days ago. From everything I've read we've been very lucky in regards to the quick turnaround.