Home Buying in Austin>Question Details

cacsil21, Home Buyer in Bourne, MA

We are waiting for approval from our lender. So far we were told that they were not able to credit approve our loan, that additional info was needed.

Asked by cacsil21, Bourne, MA Thu Aug 30, 2012

Are you approved with conditions or are they still unsure?

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2
they are still unsure....
if you would like some assistance you can contact me at 512-785-3561
0 votes Thank Flag Link Thu Aug 30, 2012
Ever since the credit crash and implementation of Dodd/Frank bill rules, this has become more common. It almost seems that the lenders are not sure what they need when they start the process so after initial work, additional conditions are needed to be satisfied. I suppose that there are rankings of various parts of the application, which when not top notch, trigger additional information/data to overcome that deficiency. I just refinanced my home and it was almost continual requests for additional information that could have been provided at the outset, if they had asked for it.

Another common request for "additional information" is something like updated banking statements. If the process has been going on over the end of a month, the underwriter might ask for updated bank statements to ensure the funds are still there.

Talk to your lender and demand that they tell you EVERYTHING they need now, and anything they need in the future so you can get ahead of the info demand curve.

Ron Cullinan
Avalar Austin
512-799-3239
GRI, CRS, CLHMS, ABR e-Pro

http://www.austinonlinehomes.com
0 votes Thank Flag Link Thu Aug 30, 2012
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