Mortgage Loan Approval?
We are in the underwriting stage of our FHA loan. We received a copy of the approved appraisal along with a letter from the Mortgage Services company stating that our loan was approved upon some contingencies. They stated items such as home owners insurance, current pay stubs at closing, and ID. The letter mentions the loan amount and loan terms. Does this mean that we are actually approved for our loan? What happens now?
Terms of the approval is that your stated income upon application matches wirh pay stub, you also need house insurance on the property you are going to purchase.
If there is a income shortfall the loan amount may be lowered to meet the affordability issues thus more downpayment may be needed. At this stage you need to get a solicitor to act on your behalf to help you close the property.
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