What is a underwriter on a home loan ?
and a pre approve letter the same as a approval letter ??
Answers:
The underwriter is the person who gives a final stamp of approval on the documentation that the lender collected from you. The lender got this list of documents from an automated underwriting engine that reviewed all of your income, credit, assets, etc. and it told the lender what was required to give you the loan.
The FHA Inspection is an Appraisal. The time it takes depends on your market and how busy things are. Could take up to 10 days. They look for overall condition. FHA also looks for evidence of lead based paint, wells, electrical up to date, etc. It is not an inspection that will tell you if there are problems with the property unless the notice something blatant, that you or your realtor noticed.
Almost forgot - Pre-approval means that your income, assets and credit have been preliminarily approved either manually or by an automated underwriter. Final Loan approval is given when everything is collected and reviewed by the underwriter. So as long as you did not lie on your application, everything should be fine.
An underwriter actually looks at all aspects of the loan, your credit, your debts, etc. to make sure everything is within compliance. An FHA inspection usually only takes a day and they look at everything in the house to make sure it passes coding laws and such. And no, a pre-approval letter is not the same as an approval letter. Pre-approved means IF you meet all the qualifications set forth by the underwriter's guidelines and the appraisal, income, etc. things come in sufficiently, then its highly likely that you will get the loan you are asking for. Feel free to e-mail me with any other questions you may have!
a pre approval is not the same as a approval..A pre approval is based on the info you give the lender. Then they need to get your documents w2's bank statements, appraisal, inspection etc..The underwritter is the one that REVIEWS all this info to make sure its correct. Some underwritters are more strict than others.
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