Uw said the lender is performing initial review-how far along am I?

Home Forums Purchase Program Uw said the lender is performing initial review-how far along am I?

Viewing 8 posts - 1 through 8 (of 8 total)
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  • #65144
    JR0312
    Member

    I heard this is where the biggest delay may happen. I currently have no conditions.

    #65145
    Nelsont
    Member

    This is where the lender determines what conditions if any to hand out. You are in the beginning stages of loan approval process.

    #65146
    JR0312
    Member

    @nelson i know it can wildy vary, but any idea for how long this may take? Whats the shortest and longest you’ve heard?

    #65148
    Nelsont
    Member

    It took me 52 days from contract to close and about 3 weeks from bank app to close. I’ve seen some people close in 30 days from contract and some people in the bank app stage for 2 months. If you have no questionable paperwork your employer verifies quickly your leasing office verifies quickly you get an appraiser on top of their game a seller who has it together a house with no questions a builder who is experienced with naca then then everything is set up to flow smoothly.

    #65150
    JR0312
    Member

    @nelson does work and rental have to be verified again while going through credit access? I had these verified a second time about a month-ish ago. As far as lender conditions,I had 3 easy conditions: verify previous addresses, provide proof of emd, and provide proof of hazard insurance. Hopefully I can get through fast! The anticipation is killing me.

    #65152
    Nelsont
    Member

    No. But the bank will do their own check.

    #65187
    Thomasina729
    Participant

    Nelsont ? My rental company is the worse with verifications I hope they don’t have to do that again I’m in the Lender initial review stage.

    #65190
    Peapod0609
    Member

    At this point the thing that gets verified again is your employment, not your rent. A 3rd party will call your employer and verbally verify that you still work there and that you should continue to work there.

    And that takes place right before your final clear to close.

    • This reply was modified 2 years, 5 months ago by Peapod0609.
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