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Answers (1)
- Bob Willett, "SacRELender"
- Contributions:194
Pre-approvals are becoming more and more difficult because most underwriting departments are fairly busy. We can do them, but they don't take priority in underwriting. The computerized pre-approval is only as good as the lender that ran it. If the information they input is incorrect it is worthless & most lenders still require an underwriter's sign-off. If the credit is marginal, or the ratios are very high, the underwriter may say no regardless of the computerized approval.
CalHFA will not do the pre-approval, but they are basically just underwriting for compliance – making sure that the buyer's income is low enough, and that they haven't owned a home in the last three years. This is because all they are really doing now is the CHDAP program; the FHA loan is done by the lender. If you need a preapproval contact me; my information is on my profile.
Pre-Approval Process for CalHFA
Have some quick questions on CalHFA FHA loans with down payment assistance program.
How long does it usually take to get a pre-approval on these loans?
Is it normal to have a package (with no designated property) go to underwriting before a pre-approval is issued? All borrower info was submitted.
Is this pre-approval any more solid then one that was automatically approved on the DU program?
Thanks!
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