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How likely will my loan be denied if I have a underwriter preapproval?

My wife and I are in the middle of purchasing a home, and our loan is at the underwriter right now. The loan would be an FHA backed loan, and my broker says were golden. Im just worried that somethings gonna come back to bite us. My credit is fine,although a bit low, and no changes made during this process. My debt to income is great! And we have more then enough funds for closing! Can someone give me some advise on the likely hood that well be denied.
Sincerely, 
Worried in Ohio
  • August 08 2012 - Clinton
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Answers (4)

A good way to feel more comfortable is to verify with your loan originator that your loan has automated underwriting approval, and if there were any conditions on the finding that were not in the file as submitted.
  • August 08 2012
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If you have an underwriter pre-approval with conditions as long as those conditions are met then you should be ok. One big condtion would be the appraisal report on the proeprty you are buying. Your Loan Originator should be able to let you know of updates daily and keep you informed if any changes occur. Also, Lock your rate and let you know the appraised value when the report comes in. Good Luck.
  • August 08 2012
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Profile picture for Matt Hiatt
With the information that you've given, it sounds like you should have no problems. How long have you been on the job, most lenders require at least two years in the same field (it does not have to be with the same company). You mention that your credit is low, I have had clients with 600 credit scores get bought. Good luck to you.
  • August 08 2012
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Profile picture for user1981316
Been on this job for over a year, but in the same industry for almost 20 years.The appraisal came back at 14000 over what were paying for it, and only 2 minor things to fix. Thanks everyone for all the advise!
  • August 08 2012
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