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Our lender is putting our entire file before the underwriters before we make an offer on the house we want, just to be safe due to my husband's new job.
We heard back at the end of last week that our file was sent back for clarification on our two large deposits into our checking account (401k and tax refund) and then it was sent back to the underwriters for approval. In my mind, the fact that they asked for clarification instead of denying it means we are good to go, but I am a big time worrier, so I am still stressing out while we wait.
We are moving from PA to TX, so this is a huge move for us, but one we are very excited for! I am probably stressing out for nothing, but I can't help it.
Does anyone else think the same as me; that they would have denied it instead of asking for clarification? That I am worrying over nothing? Or do you think I should be worried and that clarification means nothing and we could still be denied?
I've emailed our lender twice today, just to see where we are in the process and to make sure he has everything he asked for (and I sent in) on Friday. No response... I've checked his profile on Zillow Advice and he has been active on there today! Would be nice for him to respond to us, even if it's just letting us know he's still waiting. Don't just leave us hanging...
They want everything in writing, sometimes twice or three times. It is much harder to get a loan now, so not a bad idea. At least you will know what you can get. You should be able to get a lot more house down here. Good luck.
Thank you! We are very excited, and anxious, for our upcoming move. It'll mean my husband will be home nearly every weekend, instead of only once a month. :-) That's a big reason we are so nervous about it all. The kids and I really want to get down there so we can all be together more!
I am beyond ticked off right now! Our lender finally got back to us this morning. The underwriters came back; approved with conditions. Well, the conditions apparently (as our lender was not too clear) are that he is paid by mileage with his new job and was hourly at his old one. He is still a w2 employee, though, and our lender knew this from the beginning! He said he spoke with his underwriters and it wouldn't be a problem because he is a w2 employee. But now, it looks as though it is a problem... He's a truck driver. He had a job working local up until January when he was let go, so in order to support our family, he decided to go back over the road with a really good company. So we decided to move to TX where the main terminal is because all trips begin and end there, so he'd be able to come home every week while waiting for his next load. By staying here in PA, he has to take time off to come home, and will only be home once a month! This really ticks me off that this lender knew EVERYTHING, said it was no problem and that he was positive it would all work out, and then tell us that it probably won't work... Ughhh!
Sorry, I'm just livid right now. I guess we have to start the process all over again, which is difficult to do with my husband being on the road...
Exactly! He told us he checked with his underwriters and that everything was okay. If he was paid by 1099, then it would have been an issue, but since he's w2, we were fine.
ETA: I emailed him to ask when we would hear a definitive answer or if we should start looking at other options. He responded to give him 24 hours and he promises to have a solid answer for us. He said that it was approved but with conditions and he wants to try to get the conditions off before telling us to go ahead and make an offer on the house we want.
Last edited by Carrscandles; 03-12-2014 at 01:39 PM..
Hopefully they are including accurate tax numbers and HOA, etc.
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