The loan officer seems pretty confident, but I don’t know if that matters. We were able to put 20% down, but our “ratios” of income to debt were borderline. I don’t know if the underwriting process is more of a formality, or if it’s their job, not the loan officer’s, to tell us to keep dreaming.
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If you completed the Uniform Residential Loan Application (Form 1003), you should have a fair idea yourself if you are an attractive candidate for a loan.
Lenders also look to your credit score, the amount of time you have been employed, and your debt-to-income ratios. Time will tell. Lately, potential borrowers have waited four to six weeks to hear approval or disapproval from underwriters.
I wish you the best of luck. I hope that the information I have provided helps you Find. Learn. Save.
Best,
Bill
http://www.Bills.com