Unfortunately it does not mean that you will get the loan. It is quite a process to get the loan done. Once you find a home, not only do you have to qualify but so does the loan. You must maintain your credit throughout the process. Lenders are getting tighter on their regulations. You also should inspect any home your purchasing before even sending out an appraiser. If the home inspection comes back bad then you can save yourself an appraisal fee.... more
If it is a request for a mortgage, federal rules state the bank has 3 days to respond once it has all information necessary to respond. If you provided all information they have asked for and not gotten a response, I suggest you go to a different bank and start fresh.
If you are getting a mortgage that requires an appraisal, it has to be paid for either up front or is built into the mortgage in most cases. Your best bet is to meet with a lical and trusted loan officer who can assist you and answer your questions. the type of loan and closing costs are base don loan to vaklue as well as your credit.... more
The guideline that is in question is payment shock, whereby the lender is testing your earning capacity to be able to pay your mortgage when you go from living rent free to having a mortgage. I would suggest you have your purchase scenario run through by Wells or BofA through Fannie Mae's Desktop Underwriter. The findings will specifically spell out whether Fannie considers it an issue or not. There are lenders that will strictly adhere to such findings without layering their own restrictions on you. You may want to explore your options with a broker or a local bank.
Best of Luck.... more
I'm happy to do your refinance for you.
TERA Capital Group
We are a mortgage broker with access to several lenders. We may be able to do a no point, no cost refinance for you. Call me to discuss your options.... more