Queenofsolano, Home Buyer in Vallejo, CA

Does having a DU approval letter on a particular piece of property mean that my loan will absolutely be funded?

Asked by Queenofsolano, Vallejo, CA Thu Jan 10, 2013

Help the community by answering this question:


I am a Broker in Chicago , what is DU ? is it like Clear to close ?
0 votes Thank Flag Link Sun Jul 14, 2013
In order for you to be absolutely funded, the DU approval must be validated by an underwriter. That means that all the information that was in put by the loan originator must be backed up with the documentation thA the DU approval requested ie; paycheck stubs, W2s, overtime verified, etc.
In addition, the appraisal must be reviewed and cleared
The funds to closed must be verified.
AND finally... Right before funding your employment will be reverified to ascertain that you are still employed. Also a final credit report will be pulled to verify that you have not ran up a credit card or bought a new car or furniture, etc.
The DU is only good for the 90 days the credit report is good.
0 votes Thank Flag Link Thu Jan 10, 2013
Thank you so much.
Flag Thu Jan 10, 2013
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