Buying A Home
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Were there conditions on your pre-approval letter?

If so, what were they? (Besides satisfactory income verification and that the mortgage commitment release is based on a satisfactory appraisal).

I want to see if ours sounds normal or not. lol

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Re: Were there conditions on your pre-approval letter?

  • I think ours was something along a time line, it was only good for so long, What are your conditions?

     

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  • We had to pay down two credit cards to a $0 balance by 30 days to closing. 
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  • That is absolutely normal. A lot of times when people can't be approved with their current financial situation, the lender can run the info through a modeling system to see how changes in your status (i.e. paying off judgements, paying off loans, etc) could affect the approval. And if they can get a DU or LP approval (DU and LP are automated underwriting systems lenders use) with the revised info, they can issue a conditional approval.
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