Thank you so much for tuning in Iturea! You may do your best to find the contact information for your loan processor and assure that they have everything they need to get your file ctc. Do you know if the appraisal has been completed? If you haven't yet I'd like to personally invite you to subscribe and join our community. My dream is to build a community where we can all help each other out through this stressful process. Thank you again for tuning in!
Thank you for tuning in J.N. I appreciate the kind words aswell. My goal is to help alleviate the anxiety and confusion around the process. I hope it helps. If you haven't yet I'd like to personally invite you to subscribe and join our community. My dream is to build a community where we can all help each other out through this stressful process. Thank you again for tuning in.
Hello! We are pending bank review to fund our purchase for our new home. We both have 780+ credit scores, almost 0 DTI, and make over 125k+. I’m nervous as we just got married (wedding expenses) so our liquid bank assets aren’t much higher than our downpayment/closing costs will be. Is this really going to be that big of a factor in the process? I have 3 years work history at current job and stable income. Any advice would be highly appreciated!
Yes this could be an issue due to the lender sometimes being off on closing cost. What you have to understand is that on the LE disclosed your funds to close are typically higher because anything that may happen, could happen, or will happen must be included in the Loan estimate. Then when the uw works the costing cost conditions they will utilize this higher amount. What you may need to do is see if you can get a pre-CD from the title company/attorney office. Then see if you can have the lender prevalence to those figures. A good loan officer will have already done this. I hope this helps and you don't even need to deal with this. Thank you for tuning in.
@@PlanetCheapskate Thank you for your response! By the way great video it helped me further understand the process! So I learned and verified today that I can use my 401k which has $14,800 in it. I don’t think they’d take the full face value i assume that my withdraw will be what they take. Any answer on that would be great!
Hello, thank you for this video. Does the underwriter look at the commute or what is most important for thing for the underwriter to take on consideration on the application?
Thank you for tuning in Julissa. I'd say the most important thing the underwriter is going to look at is your credit, income, and funds you have. They will consider the commute of how far your work is from the home you are buying and if you are able to work remotely. I hope this helps answer your question. Thank you for tuning in!!
My wife and I have 800 credit scores, great dti, and down payment. We are about to buy and move into our third DSLD home in 9 years. The first one became a rental property for us, and we plan on doing the same with our current home. The underwriter basically needs us to convince him/her on why we are buying another house that is similar to the last two houses we bought in order to approve the loan on our hopefully soon to be new house. What the heck is that about?! Any idea's?
Thank you for tuning in Greg. It's always best to work with a broker not sure if you are working with a bank or other lender. A broker will shop around and find a lender and product that won't be an issue to finance. I would need to know a little more to be the most beneficial for you. I would need to know what sort of loan you currently have in the vacating property, what sort of loan you are applying for in the new property, what down payment, and how long you've been at your current home. If you are trying to take advantage of lower down payment options then that could be the issue as those are typically for people just getting started or are limited to single use. If you are using FHA benefits then it must be proven you have a need for more space due to different factors or it could be considered abusing that loan product. If you are using VA benefits then you must prove the home is worth more than your last in value. These are special rules that are required to take advantage of these loans and their special benefits. Sometimes just getting a new primary residence loan you need to explain why. It's just a simple LOX usually not to strict. Just say the home is more updated and fits your needs better with the so and so... I hope this helps answer your question and if you need anything else please reach out. If you haven't yet I'd like to personally invite you to subscribe and join our community. My dream is to build a community where we can all help each other out through this stressful journey. Best of Luck!!
Does this mean CD can be done prior to conditional approval? I'm just freaking out because I'm supposed to close 5/5, but now I'm don't think I'm going to close on time and currently in underwriting. Great info about underwriting btw.
All lenders are a bit different some will allow an early CD. For an early CD to go out all the third party invoices have to be in, including the appraisal. We would also need title/attorney documents and home insurance docs. Once those are in you are definitely able to order the early CD. I hope this helps answer your question. If you haven't yet I'd like to personally invite you to subscribe and join our community. My dream is to build a community where we can all help each other out through this stressful process.
@Planet Cheapskate is the title/attorney doc from the escrow company? So far, I've gotten the appraisal done and received the report as well as home insurance. I'm just not sure how the title/ attorney doc is provided to lender. Thank you for the explanation.
My closing is 5/12 I’m currently in underwriting 2 weeks now but i haven’t heard anything super anxious… thank you
Thank you so much for tuning in Iturea! You may do your best to find the contact information for your loan processor and assure that they have everything they need to get your file ctc. Do you know if the appraisal has been completed?
If you haven't yet I'd like to personally invite you to subscribe and join our community. My dream is to build a community where we can all help each other out through this stressful process. Thank you again for tuning in!
@@PlanetCheapskate hey so yes it appraised for more just got word back
Great explanation, thank you
Very welcome! Thank you for tuning in.
Thank u for the pace of your video.
Thank you for tuning in J.N. I appreciate the kind words aswell. My goal is to help alleviate the anxiety and confusion around the process. I hope it helps. If you haven't yet I'd like to personally invite you to subscribe and join our community. My dream is to build a community where we can all help each other out through this stressful process. Thank you again for tuning in.
Hello! We are pending bank review to fund our purchase for our new home. We both have 780+ credit scores, almost 0 DTI, and make over 125k+.
I’m nervous as we just got married (wedding expenses) so our liquid bank assets aren’t much higher than our downpayment/closing costs will be. Is this really going to be that big of a factor in the process? I have 3 years work history at current job and stable income. Any advice would be highly appreciated!
Yes this could be an issue due to the lender sometimes being off on closing cost. What you have to understand is that on the LE disclosed your funds to close are typically higher because anything that may happen, could happen, or will happen must be included in the Loan estimate.
Then when the uw works the costing cost conditions they will utilize this higher amount.
What you may need to do is see if you can get a pre-CD from the title company/attorney office.
Then see if you can have the lender prevalence to those figures.
A good loan officer will have already done this.
I hope this helps and you don't even need to deal with this. Thank you for tuning in.
@@PlanetCheapskate Thank you for your response! By the way great video it helped me further understand the process!
So I learned and verified today that I can use my 401k which has $14,800 in it. I don’t think they’d take the full face value i assume that my withdraw will be what they take. Any answer on that would be great!
Hello, thank you for this video. Does the underwriter look at the commute or what is most important for thing for the underwriter to take on consideration on the application?
Thank you for tuning in Julissa. I'd say the most important thing the underwriter is going to look at is your credit, income, and funds you have. They will consider the commute of how far your work is from the home you are buying and if you are able to work remotely. I hope this helps answer your question. Thank you for tuning in!!
Thanks
My wife and I have 800 credit scores, great dti, and down payment. We are about to buy and move into our third DSLD home in 9 years. The first one became a rental property for us, and we plan on doing the same with our current home. The underwriter basically needs us to convince him/her on why we are buying another house that is similar to the last two houses we bought in order to approve the loan on our hopefully soon to be new house. What the heck is that about?! Any idea's?
Thank you for tuning in Greg. It's always best to work with a broker not sure if you are working with a bank or other lender. A broker will shop around and find a lender and product that won't be an issue to finance. I would need to know a little more to be the most beneficial for you. I would need to know what sort of loan you currently have in the vacating property, what sort of loan you are applying for in the new property, what down payment, and how long you've been at your current home. If you are trying to take advantage of lower down payment options then that could be the issue as those are typically for people just getting started or are limited to single use. If you are using FHA benefits then it must be proven you have a need for more space due to different factors or it could be considered abusing that loan product. If you are using VA benefits then you must prove the home is worth more than your last in value. These are special rules that are required to take advantage of these loans and their special benefits. Sometimes just getting a new primary residence loan you need to explain why. It's just a simple LOX usually not to strict. Just say the home is more updated and fits your needs better with the so and so...
I hope this helps answer your question and if you need anything else please reach out. If you haven't yet I'd like to personally invite you to subscribe and join our community. My dream is to build a community where we can all help each other out through this stressful journey. Best of Luck!!
Does this mean CD can be done prior to conditional approval? I'm just freaking out because I'm supposed to close 5/5, but now I'm don't think I'm going to close on time and currently in underwriting. Great info about underwriting btw.
All lenders are a bit different some will allow an early CD. For an early CD to go out all the third party invoices have to be in, including the appraisal. We would also need title/attorney documents and home insurance docs. Once those are in you are definitely able to order the early CD. I hope this helps answer your question. If you haven't yet I'd like to personally invite you to subscribe and join our community. My dream is to build a community where we can all help each other out through this stressful process.
@Planet Cheapskate is the title/attorney doc from the escrow company? So far, I've gotten the appraisal done and received the report as well as home insurance. I'm just not sure how the title/ attorney doc is provided to lender. Thank you for the explanation.
Yes it is the escrow company. You'd want to follow up with your loan processor to stay on them to get that sent over.
@@PlanetCheapskate I sure will now that I know this I know what to ask lol. Tysm!
You're very welcome!! Also ask them about sending a early cd
What's the goat picture behind you? looool