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Asked by LT, Houston County, TX Thu Feb 3, 2011

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Answers

13
Jay Abeya, Mortgage Broker Or Lender, Houston, TX
Fri Feb 4, 2011
That is way to many conditions for a home purchase. This falls on the loan officer as they did not do a great job up front. As a mortgage banker I am more then happy to help if need be. Please feel free to contact me with any questions that you may have. I hope you have a great day!
Web Reference:  http://www.kgcm.com
0 votes
Diana Alderm…, Agent, Cypress, TX
Fri Feb 4, 2011
23 is a fairly large number of conditions, but very possible. My guess would be that the lender has only pulled your credit from the three credit bureaus and perhaps you may have given only a verbal regarding your income. In this case, you could have a large number of conditions: Two most recent paystubs for each of you, Bank statements, Savings Statements, W-2s for each of you, copies of tax returns for each of you, formal loan application, a purchase contract, an appraisal and a survey; not to mention proof of payment of certain items on your credit report. The list can be long. Diana Alderman, Broker Owner, Hearthstone Realty, Houston, TX
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Al Rodenburg, , Houston, TX
Fri Feb 4, 2011
23 is unusual. More typical is 8-10. A good processor and loan officer team should be able to guide you through them quickly.
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Ronald Camac…, Agent, Houston, TX
Fri Feb 4, 2011
Hello Ling,

I agree with the consensus that the 23 conditions are easy to meet. Some of the conditions come short of you having a pulse. LOL. Just work with your loan officer and chek-off one at a time. Good luck to you.

Ron
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allan erps,A…, Agent, Pearl River, NY
Fri Feb 4, 2011
Hello Like Rick, Mark & Dan all say, am sure most are very minor! Good Luck with your home purchase!
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Christy Hemp…, , Houston, TX
Thu Feb 3, 2011
All depends on your loan officer and the lender. If the loan officer prepares and sends in a clean file there is no reason for that many conditions. It is normal to have conditions? yes it is normal. It is very rare not to have conditions but 23 is way to many.
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, ,
Thu Feb 3, 2011
To answer your question below you posted after my answer yes, pretty normal. There is no loan that comes out of initial underwriting condition-free and the 23 number you have is not scary considering as I said that several of them most likely have nothing to do with you personally.
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Trish Rickle…, Agent, Houston, TX
Thu Feb 3, 2011
Probably... answer them one by one. You will know quickly if you can meet the conditions for approval or not.

Trish
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Mark McNitt, Agent, Houston, TX
Thu Feb 3, 2011
Ling,

I would bet most of the conditions are simple. Examples would include copy of social security card, latest bank statement, latest deposited pay check, etc. It can add up to 23 items quickly. Some of the items you might not even be dealing with. Examples would be hazard insurance or the appraisal. Your Realtor would have looked these items over and explained which items you needed to specifically address.

If your going for an FHA type mortgage, the type the lender resales on the open market after you close, they will want the loan to "conform" to certain standards so it is easier for them to resale later.

Once you have all the items they request, you should be able to get loan approval very quickly.

Good Luck!

Mark McNitt
Bernstein Realty
m 832-567-4357
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Dan Tabit, Agent, Issaquah, WA
Thu Feb 3, 2011
Ling,
Most of the initial conditions will be documenting your income, employment, deposits, title, appraisal etc. While the number may seem high, most of the items will not be substantial. Most of this will be done by the loan originator or their processor. They will ask you for specific items they need.
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LT, Home Buyer, Houston County, TX
Thu Feb 3, 2011
yeah they are not outrageus conditions. I was jus curious since this is our 1st home purchase. So your saying that this is normal?
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, ,
Thu Feb 3, 2011
Some of them are probably internal conditions for the lender to clear, some are probably regarding title, insurance, and getting an appraisal so I wouldn't worry too much. Also, if the loan is FHA then there will be conditions regarding certain FHA docs from the builder. It IS still a big number and your loan officer should have anticipated many of them and sent in a pretty clean file but it's possible there are timing issues or other reasons that could have led to this. Perhaps he/she wanted to get the file initially underwritten quickly while waiting for requested info. There's just no way to know.
The basic issue isn't the number of conditions anyway, it's whether thet are clearable!
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Luis Rendon, , Pasadena, TX
Thu Feb 3, 2011
Yes, its not common to have many conditions bits its not.out of norm either. Depending on the buyers it could go both ways. Sometimes many of the conditions are easy to satisfy anyways. Best of luck.
0 votes
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