Consumption and Real Estate
WIll mortgage underwriter give final approval?
Question : WIll mortgage underwriter give final approval?
I was pre-approved for FHA home loan. Found house, accepted offer, had professional home inspection done, and national city loan officer stated that I was approved for the loan. She stated that the appraisal and title work was ordered, and she was waiting on final ok from underwriter. What things can keep me from getting final approval.
professional home inspection
Best answer:
Answer by alexrmyers
A lot of different factors come into play when getting an approval. Credit rating and history, income verification, assets/retirement, debt to income rations, loan amount and payment, etc. You should always have an approval, not a pre-approval before looking into a home purchase. That way you know that you’re loan is going to fund and not going to fall out or get declined. Hold tight, underwriters can take up to 72 hours in some cases.
If you’re already approved, ask to see the approval. That way you know everything’s good.
A pre-approval isn’t really worth much, an approval would have been better. Assuming everything about you personally checks out and is good, then the house still must be approved and the titlework. An FHA appraisal is more strict than a regular appraisal and not all houses qualify for FHA financing. If the house passes and you pass, then only the titlework could hold up the process, but generally that doesn’t happen. National City is a good company and if you have a loan officer working at National City then I expect you will be fine, as long as the house meets FHA requirements