For weeks I have been posting that we're still waiting on our loan approval, and guess what? We're still waiting. I guess the difference with the wait has a lot to do if you're doing an FHA or conventional loan. Sorry for us, we're going the FHA route because I still own my home in Virginia and well, the debt ratio thing prevented us from going conventional. Our loan associate from NVR sent an email yesterday asking for guess what? Man, you guessed right again, more paperwork! I know for certain we cross checked all the items we needed but nope, they needed more.
Having brought a home in 2002, I'm really amazed about how difficult the process is now. They want everything--I'm surprised they did not ask for our first born. As my father stated it has everything to do with the crisis our country went through and is still in. I have very good credit, but I was last on paying a bill twice, and I had to write a letter explaining why. Sheesh!
Speaking of letters, I managed to write a total of 4 and we still need to get proof of something my husband paid off two years ago to show that the debt is settled. I hope to have these items to them by Monday and finally then, our loan will be sent to the underwriter. From your experience was it smooth sailing once it went to the underwriter. Time is getting close, we have to be out of our current apartment by November, so we need to break ground by mid-July and that is just about 3 weeks away. So, let's take some bets--when do you think we will hear back for loan approval? Well, guess I need to get back to work and then off to see the new movie, Brave with my favorite nephew.
They do want everything plus more. I think it really depends on your loan processor and how well they understand, and anticipate what docs will be needed. We also went FHA and our processor was great. He had me get everything he could think of up front. Had me write my letter of explanation up front for everything he thought would need it. Our process went like this: Met with the underwriter. Provided him with all requested dos the next day. He sent to underwriting the next day(it was a monday) and told us it could take 3 weeks or so for a response. We were approved 8 days later. Very quick, and I have to imagine it was because the processor had us dot all our t's and cross all our I's from the get go. We are now at the point were i just last week had to gather and fax all the "additional" condition docs over for "final" approval, as we settle in 13 days. Sorry its been a pain for you. Again, in my opinion, its all to do with the processor.
ReplyDeleteThanks JR! I imagine it is all about who you are working with. The folks have not been that bad, but I am impatient. Here is wishing you a great settlement!
ReplyDeleteI have to be out of my apt by November as well, but I just sent everything to my loan processor this week, she said she hoped to have my file completed by today so she could forward to the underwriter (I guess). Hopefully you'll hear something soon!
ReplyDeleteI will bet on next week! I hope this gets taken care of soon! I'm sorry you have to go through this!
ReplyDeleteI am staying on the positive too and saying next week or the week after at the latest! We just saw Brave tonight too. I thought it was very good and the CGI is just amazing.
ReplyDeleteIsn't it crazy how much stuff they ask for!? We had to write a bunch of "letters" like that too. Ours took about a month. I'm sure you'll be ok!! Good luck! PS I visited your community the other day... the model home is sooooo nice! I couldn't figure out how to actually drive through the community though to see the lots though. lol. I just saw the end of the cul-de-sac from the main road.
ReplyDeleteThanks for the encouragement! I hope things will come through soon. Glad you got a chance to walk through the model. I was there yesterday and will be meeting guardian on Friday there too. It is tricky to get to the cul-de-sac. You have to drive pass the model, make a right on to Parry Road and then a left on to Green Briar. Did you get some decorating ideas? I love the layout of the Courtland Gate.
ReplyDeleteAh, ok... we tried turning down the street to the right of the model, but it didn't go through. I'm sure I will be back there again! I LOVED how it was decorated! Totally my style. I wish I could somehow get the paint colors they used... I love those grays. I took like 1,000 pictures so I'll be posting them shortly!
ReplyDeleteI can certainly get you the paint colors--I will ask my SR
ReplyDeleteThat would be fantastic! Thanks so much! I especially like the kitchen/morning room/family room combos.
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