What Are Loan Conditions in Fresno CA?
So you are pre-approved for a loan to buy a house, congratulations! We write an offer and it is accepted and we open up escrow. I forward your executed purchase contract to your loan officer, they set a meeting with you, ask you to bring in updated pay stubs, bank statements and whatever else is needed to submit the file to underwriting.
Then you get a call saying "Your loan has been approved" Here are the loan conditions. You say, "What Loan Conditions?" Loan Conditions could be as simple as providing an updated pay stub, documentation of a deposit, or a letter of explaination on a late payment. I have seen my buyers face loan conditions of 1 or 2 to up to 61! The one with 61 was ridiculous. The conditions called were absured and we ended up moving the loan to another company and the closed in 10 days with 2 loan conditions.
So loan conditions are a part of your loan approval process. Do not get scared. Just make sure you provide your loan officer with whatever they need when they need it.
Happy House Buying!
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