Timestamp: 0:00 Intro 0:29 Borrower Conditions 2:02 Third-Party Conditions 3:13 Possible Additional Conditions

Just got the Conditional Approval yesterday and this video helps clarify a lot of things. Thank you!

@chrischoemortgage

Жыл бұрын

Excellent! Glad it was a useful resource and congratulations!

1,000 views! Honored to serve and help answer your questions! Feel free to ask any other questions you have as you go through your home-buying or refinance journey. 😀👍

@kalani1987

Жыл бұрын

How common is it for the lender or their investor to come back to me after closing to request additional information? I am self employed and this just happened to me. Thanks

Hi Chris. If you get a conditional approval and get everything in within a day, did that affect your closing date?

@chrischoemortgage

Ай бұрын

Amanda, good question. If all the requested conditions are provided and cleared by the underwriting team (which typically takes 1 business day) then you most likely have the option to move up your closing date. The closing date is typically an agreement between the buyer and seller on when the closing can occur - if the loan moves quickly, sometimes the seller may not be ready to move out of the home if they are residing there. Another, unfortunate, info to know is if the mortgage loan originator (MLO) you're working with sent the documents/info for the conditions to the underwriting team. Sometimes, you may have sent them to the MLO and it was never sent to underwriting to clear - Yes! I agree this is terrible and incredibly lazy on the MLO, but unfortunately we're dealing with humans and this is an unfortunate byproduct of the process sometimes.

Will you please elaborate a little more on “application date”? My chapt.7 discharge date was 3/2021, when can I apply?

@chrischoemortgage

Жыл бұрын

Shan, good question. It will depend on what type of mortgage you're trying to obtain. If you're obtaining an FHA or VA loan, then the waiting period is 2 years from your discharge date to the mortgage application date - which is typically when the loan team sends your file to underwriting. A simpler way to think of this is when your offer is accepted and the purchase contract is ratified (both parties sign). If you're looking for a conventional loan, then the waiting period is 4 years from the discharge date to the credit report run date (which is sometimes much earlier than the application date). Hope that helps. Let me know if you have any other questions.

So does this mean we can still be denied?

@chrischoemortgage

9 ай бұрын

That's correct. A borrower still has a chance of being denied. Unfortunately, the most common reason for denial after a conditional approval is if the Loan Officer didn't thoroughly pre-underwrite the file and get ahead of the conditions. The 2nd most popular reason is if the borrower was not upfront about their financial situation and lied about something during the loan application process that bubbled up during underwriting. 3rd, which we don't see often but hear of, is when there's an appraisal gap and the borrower cannot satisfy the gap. A good loan officer will interview the borrower thoroughly, in the beginning, to eliminate as many surprises as possible.