Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for user22790113

My chances of being approved...?

I applied for a mortgage on 10/31 and the property was appraised yesterday. I did talk with the bank manager today and she said that she would approve me based upon my income, debt, and credit and that was what she recommended to the underwriters but unfortunately the underwriters have the final say... How often do underwriters go against what a bank manager would recommend??
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 09 2013 - Town of Bennington
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (8)

The underwriter is primarily concerned with the numbers, they will add up all monthly payments and check them against credit and title to be sure they have an accurate number for determining income to debt ratios. They will also double check the new new proposed loan amount, payment with interest, taxes and insurance if impounded, to determine front end ratio, the allowed ratio for housing expense. They look at income and verify those numbers, the length of time and check verification of employment. They may also look at tax returns to see how much additional income you are reporting and the expenses on other properties.

Bottom line is an underwriter, verifies the numbers, check ratios and confirm all documentation submitted conforms with the guidelines of the loan program that you are applying for. If approved they may have additional items they want to see and verify which will be included with the approval as conditions. Your loan officer will be able to explain those to you and help you satisfy them.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 11 2013
I hope the "manager" knew, and knows, what they are doing.
Who are you "buying" the home from? A relative? The estate of your Grandparent, maybe?
What kind of loan product are you being offered?
Have you heard anything since you first posted this question? I guess they were closed today. 

Your situation sounds easy in a lot of ways, but also easy to botch. I'd be calling them tomorrow morning for an update, if I were you.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 11 2013
Profile picture for user22790113
I had some paid collections on my credit report (all paid in full) and I explained every single one in great detail in a letter of explanation plus I provided paid in full/$0 balance letters for all of them. The bank manager felt like I had good reason for why things had fallen behind and that I was back on track now and had been working really hard to get where I am now. That is what I am most nervous about. I feel positive about everything else. I have 10 years at the same job with steady salary increases ($43k/year now), perfect rental history since 2002, 17% down, and the purchase price is $100,000 (the bank figured that our mortgage payment would be about $370/month and we have been paying $800/month for rent.) We have also been leasing the home that we are trying to purchase for the last 3 years. The property was my grandparents' home which is why we are getting it so cheap. I am not concerned about the appraisal as we have done a lot of work on the house and I am sure that it will appraise for at least $100,000. It was appraised at $96,000 5 years ago before anyone was living here and before we did all of the work. I also opened up 3 new lines of credit about 7 months ago to establish good payment history again. They have always been paid on time. Plus my DTI is about 5%. So I definitely have a lot of positives, but of course I can't shake the fear that the collections will turn the underwriters away from approving me...
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 11 2013
Bank managers and Loan Officers will look at the details of your loan based on the guidelines.  You are correct that the underwriter makes the final call but, a bank manager or loan officers should be able to communicate a strong degree of assurance.  Was there something in particular that is a cause of concern?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 11 2013
This can be very hard to say because it depends on the knowledge and experience of the bank manager. If the bank manager knows what she is doing then she should have a good idea of whether or not your information is strong enough to be approved by the underwriter. On the other hand it's not uncommon for underwriters to find a problem with your finances that a loan officer could have missed. Either way, there's not much you can do besides wait until after the underwriters have analyzed your finances to determine your approval. If you do end up getting denied, you can still be pre-approved somewhere else. Different lenders have different requirements, so you can always try another lender. Well I hope this helps, if you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 11 2013
Here is the link for FHA/HUD approved classes.

http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

If you have questions about the qualification process, contact me through my profile.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 10 2013
Underwriting "validates" the information provided on the application. Assuming that all the information provided is accurate and fits the guidelines then your loan is typically approved. Ask the bank manager for a loan status update to determine if an "underwriting decision" has been made, I f your loan has been approved, ask what underwriting "conditions" need to be satisfied prior to closing.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 10 2013
Not more than 50% of the time. It all really depends on the "Bank Manager's" knowledge of Mortgage Underwriting guidelines. The appraisal is as crucial as all of the other matters, too. It sounds like you're ready to start preparing to pack, but I wouldn't call the Movers, yet. Your anxiety should be put to rest, within a weeks time.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 09 2013
 
Related Questions
Does appraisal mean approved?
Profile picture for Jenifer Prouty
Latest answer by Jenifer Prouty
November 14 2013 | 11 answers
Bank Transactions During Underwriting Process
Profile picture for Brian Nguyen
Latest answer by Brian Nguyen
November 12 2013 | 6 answers
My chances of being approved...?
Profile picture for Mellissa Young-Ramirez
Latest answer by Mellissa Young-Ramirez
November 11 2013 | 8 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 591 Overlea, Bennington, VT Home For Sale
    591 Overlea, Bennington, VT 05201

     For Sale: $39,000

    • Beds: 0
    • Sqft: --
    • Baths: --
    • Lot: 229125
  2. 338 Elm St, Bennington, VT Home For Sale
    338 Elm St, Bennington, VT 05201

     For Sale: $74,900

    • Beds: 4
    • Sqft: 2153
    • Baths: 3.0
    • Lot: 16117
  3. 117 N Branch St, Bennington, VT Home For Sale
    117 N Branch St, Bennington, VT 05201

     For Sale: $84,900

    • Beds: 4
    • Sqft: 2200
    • Baths: 2.0
    • Lot: 15681