what are some of the conditions a home loan underwriter will issue?

Answer 1

The underwriter doesn't "issue conditions" they only ensure that all requirements for the loan have been met. Common items that they find are missing documentation such as proof of income, copies of tax returns, missing inspection reports, or even the simple fact that you don't have enough income or funds for the down payment and closing costs.

Answer 2

bostonian isn't wrong, its just a matter of semantics here.

An underwriter is making sure that investor guidelines are met and that the loan makes sense. There has to be a comfort level that the borrower has the capacity and willingness to repay the loan.

Stips(stipulations) or conditions can include all that have been previously mentioned or anything else that is not discriminatory and answers to fulfilling the guidelines or adding to the comfort level of the underwriter that the client fits the program

Answer 3

Bostonian, you stand corrected. An underwriter "underwrites" reviews the loan for approval. They review the entire package making sure all the requirements that their investors will require from them is in place...so that they can sell it back to their investor. Lender's borrow money as well, just like borrowers borrow money from Lenders! Lender's have to pay off the money they borrowed, just like you...but they pay in a much much faster pace! But that's a different story....called secondary marketing!


So it would be hard to say what those conditions might be without knowing what type of loan program you have applied for.
Every loan has its guidelines that a borrower must meet those guidelines in order to be approved for that particular loan.

Whether it pertains to your loan or not, here are some things they may ask for: Income documentation, copies of bank statement, credit history, appraisal report, etc... but they all serve a purpose in determining your ability to pay for the loan and the collateral, which is obviuosly, your home!