I got approved for mortgage loan but with conditions. I just submitted all the conditions they ask me for? is possible, I can get denied anyway? just a little bit nervous
2007-07-12 12:15:47 · 6 answers · asked by karen a 2 in Business & Finance ➔ Renting & Real Estate
Yes it could be, but I would not worry about it too much. Conditions are very common for a loan. What you got probably was not an actual approval but a pre-approval. Basically telling you that yes, you qualify as long as you can give us this paperwork.
As long as you complied with the conditions you should be good to go. Remember banks really don't care who you are, they are following a procedure in making loans, and you have to meet their requirements.
If for some reason you don't get the final approval, don't worry too much then either. There are a lot of reputable mortgage lenders out there. I'd almost bet my life you can get funded as long as you meet some basic requirements, (income, credit score, history of income).
2007-07-12 12:40:34 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes it is possible to get denied, but most likely if there is an issue with the conditions then the lender or loan officer will ask you for additional items. It really depends on what conditions you submitted. If you indicated you make X amount per month and your paycheck stubs confirm that then you shouldn't have a problem. If the loan application that you submitted that the loan was approved on was accurate and complete and you have good credit then you should still be ok.
2007-07-12 12:45:30 · answer #2 · answered by mateomortgage.com 2 · 1⤊ 0⤋
Most buyer's don't understand the lending process so let me try and shed a little light on it for you.
The conditions are required to meet the investors demands.
Your home loan will most likely be sold to an investor soon after it is made.
Many of my buyer's in complete frustration call and ask me "Why do they keep asking for all these documents"?
The simple answer is so they can sell the loan and get their money back to lend out again.
The underwriter is the one who finally approves or dis-approves of your loan.
Without their approval, the loan will not be funded.
If there is no funny business on your part you should have no problems.
Be ready to meet any and all last minute requests however.
Remember this cardinal rule "What the Underwriter wants, the underwriter gets"
Got it? Good!
Terry S.
2007-07-12 15:46:22 · answer #3 · answered by Terry S 5 · 1⤊ 1⤋
It's possible, but unlikely.
Approved with conditions means they have everything except X, Y, Z. Give them those and you're generally good. The reason that's really likely is because no one gets paid until it closes, including the mortgage company. Everyone wants it to go through.
2007-07-12 12:31:46 · answer #4 · answered by open4one 7 · 0⤊ 0⤋
Yes it is very possible. That is why there are conditions attached, because they need more documents to give a final answer.
2007-07-12 12:25:31 · answer #5 · answered by bpl 5 · 1⤊ 1⤋
Yes. If the house is ready to fall apart or there are weird restricions that run with the property that make it less valuable. i.e. flood zone etc.
2007-07-12 12:23:33 · answer #6 · answered by Eisbär 7 · 0⤊ 0⤋