Interest rates are great, yet getting a mortgage loan approval is NOT easy these days.
Now, more than ever pre-approval is vital (although it has always been our policy since day 1 to have clients do this before we start looking for homes).
You thought Dorothy's road to Kansas was full of obstacles?
Be prepared for the NEW REALITY as the paradigm of closing on time (45 to 60 day out contract dates) is being delayed with underwriting conditions to be met by not just borrowers .... but sellers, agents, family members and employers needing to provide additional documentation...
Recent examples of conditions to be met that various buyers lenders have asked for include:
- A letter of explanation stating why buyer wants to move to a home less than a few miles from where they are currently living.
- A copy of buyers recent employmment drug test results.
- Social security numbers of agents in the transaction (agents were not the buyer or the seller).
- Terms and conditions of the sellers deficiency in a short sale. Buyers lender requested this.
- Letter of confirmation from employer that buyer is not responsible for charges on the company credit card used for business travel. Credit card was in company name not buyers.
- Proof of gift funds (copy of Birth certificates, marriage licenses, divorce decrees and death certificates) that great grandmother is related to buyer-entire family tree 3 generations of documents required.
Conditions, Conditions, Conditions, Oh My! The Yellow Brick Road to Loan Approval is full of lions and tigers and bears nowadays!
Only the Wizard of Oz knows what they will ask for next? 
Have you encountered unusual "Conditions" asked for by underwriters in order to close a transaction?
Thanks for stopping by and reading our Blog about Life in NW Indiana, The Housing Market, Communities, Local Sports, Events, attractions & more.
Sincerely,
Jeff & Grace Safrin, Broker / Owners
F.C.Tucker 1st Team Real Estate
13 Lincolnway Suite # 203
Valparaiso, IN 46383
Office # 219-309-9930
serving Lake, Porter, La Porte, Jasper, Newton & Starke Counties in NW Indiana
Independently Owned & Operated
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