Underwriting Review

[Ann]

Here I am asking yet another question. How long does it usually take for FHA underwriting to review a file? I know my mortgage broker said they first work on the purchases then the refinances and finally the pre approval reviewing. Mine is of course for pre approving.

My mortgage broker sent my file in what will be a week tomorrow. I have emailed her twice with no reply. I think she should at the very least give me an update even if it is to say it's status is still pending. I know nothing right now. Does anyone have an idea? Are we talking weeks? Thanks!

[Logan]

When do you close?

[tobee43]

ann, if yours is only in the pre approval pile, it really doesn't do you much good in today's market. have your broker go one step further and have it go directly to underwriting. pre approvals are about as worthless as the paper they are printed on. i can't tell you how many sad stories i have heard about people, their hopes as high as the sky with their pre approval in their hands, only to be let down once their application hit underwriting.

i don't want to discourage you, however, i would insist on an approval not a pre approval. best of luck to you!

[nc73]

Have some patience. All depends on how busy they are. If you tell the truth and didn't hide anything there's a good chance you'll be approved. Basically if everything checks out with regards to income, etc, you'll be approved. If you can't get them some paperwork they want, of course you'll be denied. Anytime I've gotten a pre-approval from credit cards to mortgages, I've always been approved in the end. Everyone has their unique situation.

[Ann]

tobee: It was automated approved so my broker wants underwriting to look over my file because she has a few concerns she feels might be big issues with them. One being a second mortgage settlement and the fact that I did not reaffirm my mortgages even though we can provide bank statements that will show we have never been late paying on the first mortgage since our discharge.

[tobee43]

oh good, then it is in underwriting.i hope it works out!

[Ann]

Thank you, tobee! I'm hoping everything works out too!!!

[tobee43]

it will be so excellent if it goes through!! so many on this forum are awaiting the time that they can re purchase a home. so what happens to you is important not only to you LOL!! but to many on this site!!

finger and toes r crossed!

[Ann]

I got some feedback (what little there was) from my mortgage broker who had underwriting review my file and she told me that the underwriting needed a few questions asked and those who is my first mortgage company, who was the second mortgage company that the settlement was with and what do they plan to do with their residence...then she said underwriting needed to run it by HUD. Can anyone get anything out of those questions and the fact they need to run it by HUD? I guess I will take it as a positive and say they didn't come back with an immediate no. What do you think?

[tobee43]

anything you are getting feedback about is excellent since it's not a "sorry" no.

[Ann]

Thanks tobee! I hope that is a good sign. My broker told me to be patient. Nothing more I can do I guess. Easier said than done!