Question removed

Asked by Jc, Grand Rapids, MI Fri Jun 13, 2008

This question was removed by its author.


Nicole Sleeva, , Novi, MI
Fri Jun 13, 2008
Hi JC -

You need to be comfortable with every step of the process. The Realtor and mortgage lender should be working together to get you the best package for your situation. You have every right to be detail oriented - it is probably the biggest purchase of your life! The reason the lender does a 30 day approval is because the credit report is only good for that length of time. As long as nothing has changed with your credit, you should be fine. Once you find a property and have a purchase agreement in place, the lender will pull your credit again to submit to the underwriter. They don't want to keep pulling it every 30 days because too many inquiries can bring down your credit score.

As far as the closing cost assistance, FHA allows up to 6%. Your Realtor should confirm this amount with the lender. Every property is different (i.e. value, equity, seller's position) so it could depend on the home but in general, 6% is allowed. Hope that helps. Good luck to you!

Nicole Sleeva
Web Reference:
2 votes
Michelle Gor…, Agent, Ada, MI
Fri Jun 13, 2008
Hi Jc,
When my clients are ready to put an offer on a home I ask the lender to provide a GFE at that time. (Good faith estimate) Rates change often, so this keeps you up to date. Then I have the lender write a pre-approval letter for that home.......with the address of the home on the letter.
1 vote
, ,
Fri Jun 13, 2008
The seller can contribute up to 6% of your closing costs. The 3% down payment must come from you or a disinterested 3rd party such as a down payment assistance program. You are not out of line at all in asking for an updated approval letter. In todays market things are changing rapidly. Best of luck to you.

Leesa Sandoval
National Loan Officer
1 vote
Search Advice
Ask our community a question

Email me when…

Learn more