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So after lots of back and forth we need this info. we need that info. I finally got approved by the underwriter. I am set to close on my condo exactly one week from today. I have asked my lender and agent more than enough questions so now I turn to you.. those that have been through this first hand. Is this the light at the end of the tunnel? Does this typically mean closing is the last hurdle? Should I feel a sense of relief but yet still have my gaurd up? Will they ask for more bank statments? I plan on doing nothing but normal account activity but I am just curious
They will most likely call to re-verify employment the final day before funding. They will also run your credit again (don't buy anything!). Make sure you wire or get a cashiers checks for your funds from the bank you said it would come from or you will have to re-document everything from the new account.
You most likely are good to go......but a piece of advice.....keep your most recent bank statements with you, so they can be faxed at the drop of a dime. If you don't have access to your account info during the day, have someone on hand that can access and fax your information for you.
Why? (Keep in mind I know nothing about your file). If you were approved showing you needed 15K to close, and now the HUD says you need $15,001, they need to show you have the funds. Or? Seller is paying up to 5K closing, and you aren't using it all up. Now, in the 11th hour, you need to show your check for the home inspection cleared so you can get those funds back....and so on. Again, not likely, and these issues are not overly common, but they do happen. Worse result that could happen, you have an envelope in your car.
Good luck and don't panic if you get a call. Call your title company on Tuesday and make sure they have telephone numbers where to reach you when the final number is available. Call your lender on Tuesday and make sure your file has been cleared to close. Ask them specifically if they have reviewd your fire policy and are okay with it.......other than the pre-close employment verif and soft pull, not much more to happen.
They will most likely call to re-verify employment the final day before funding. They will also run your credit again (don't buy anything!). Make sure you wire or get a cashiers checks for your funds from the bank you said it would come from or you will have to re-document everything from the new account.
Why would they run credit twice? We only run it again if it's stale, and that is normally after 90 days.
Because buyers do things like going out and buying a house full of furniture on credit just before closing on their new house. Now their DTI is too high and no longer qualify. Or they buy a new car. Or spend thousands on Christmas presents. Happens all the time. I always tell my buyers not to buy anything on credit after they have an accepted offer.
THis is beomcing the new norm. For many lenders, they've always run the credit again. For some lenders, this is new.
I wouldn't take a deep breath until you've been told you have a "clear to close".
That is actually the words in her email:
Hi!
I just received you clear to close from the Underwriting Department!!!! I have submitted your file to my closer, I will send you your HUD-1 settlement statement as soon as I receive it from the title company. This will have your final amount to bring to closing. Please let me know if you have any questions. Thank you!!!!
As a routine practice, most lenders order a soft pull within 48 hours of purchase, looking for new furniture or appliance purchases (well, any purchase on credit). If there are inquiries, they must be explained and if the balances increase by more than 5%, the underwriter must sign off on the new information.
As a routine practice, most lenders order a soft pull within 48 hours of purchase, looking for new furniture or appliance purchases (well, any purchase on credit). If there are inquiries, they must be explained and if the balances increase by more than 5%, the underwriter must sign off on the new information.
Good to know! Good thing I havent put anything on credit in 6-7 months!
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