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Buying a house & underwriters

Anonymous
Posted by Anonymous
  • 29 Replies
What are the main things the underwriter needed from you when closing on a house?

They just needed us to show hubbys paystubs to show those were his pay checks deposited, now they wanna do a verification of rent when its under hubbys bosses name and weve been paying him than he paid the rental property so not sure how thats gonna work. I gave him the rental number but i really think theyre gonna want more proof, get a letter idk from his boss.


Anyone?
Posted by Anonymous on Nov. 11, 2016 at 11:51 AM
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Replies (1-10):
Anonymous
by Anonymous 2 on Nov. 11, 2016 at 11:59 AM

I don't remember them verifying rent. Maybe they did and I just didn't know about it? They wanted updated pay stubs and bank statements for sure.

Anonymous
by Anonymous 3 on Nov. 11, 2016 at 12:22 PM
They never verified rent for us. I don't know if it's because we weren't paying rent but they never asked for verification.
Anonymous
by Anonymous 4 on Nov. 11, 2016 at 12:25 PM
My old land lord had to full out a paper and fax it back to them.

I had to track him down. My dog had eaten part of his back porch too lol. Wasn't excited to ask him for a favor a year after moving out!

Quoting Anonymous 2:

I don't remember them verifying rent. Maybe they did and I just didn't know about it? They wanted updated pay stubs and bank statements for sure.

Anonymous
by Anonymous 5 on Nov. 11, 2016 at 12:32 PM
They will do a verification of employment, want to see tax return, 2 years, appraisal of the property, survey of the property, who you will use for homeowners insurance, plus anything else the investor wants. If there is anything wrong with the house, it could be a long process. Good luck!! I worked in underwriting for several years.
Anonymous
by Anonymous 1 - Original Poster on Nov. 11, 2016 at 1:07 PM
Okay, its a va home loan
They have all tax returns, w-2's, paystubs, bank stuff, etc. we put earnest money down. Its been a week since we filled out all the va and other papers. Were supposed to close on dec 9th. They already gave us a quote of home owners insurance but were gonna use usaa instead of the one they quoted us.
When should i ask them if were getting approved or not? I know underwriters job is to deny people so were waiting, not packing, lol.
So the house is brand new and sellers already agreed to stuff being fixed after we had a home inspection.
And idk how theyre gonna figure out our rent cause we were paying his boss who rented it for us. We moved from out of town and he grabbed this for us. Anyways its nerve racking.

Quoting Anonymous 5: They will do a verification of employment, want to see tax return, 2 years, appraisal of the property, survey of the property, who you will use for homeowners insurance, plus anything else the investor wants. If there is anything wrong with the house, it could be a long process. Good luck!! I worked in underwriting for several years.
Anonymous
by Anonymous 6 on Nov. 11, 2016 at 1:12 PM
Bank statements, pay stubs, written proof of where large sums of money were coming from. We actually got denied in underwriting and had to start all over. Good luck!
owl0210
by Sapphire Member on Nov. 11, 2016 at 1:13 PM
We had to give proof of income, bank statements, 401k statements, divorce decree, tax returns and credit reports.
Anonymous
by Anonymous 1 - Original Poster on Nov. 11, 2016 at 1:15 PM
Geez denied? i heard thats common thats why we arent packing and kinda just staying neutral

Quoting Anonymous 6: Bank statements, pay stubs, written proof of where large sums of money were coming from. We actually got denied in underwriting and had to start all over. Good luck!
Peaceful.chaos
by Emerald Member on Nov. 11, 2016 at 1:16 PM
We started out with USAA home insurance, but found that a local insurance company had much better premiums. My escrow went down $300 a month because USAA wouldn't insure for anything less than the estimated rebuild cost of my 100 yr old home using the same materials used back then, which would cost over 800k today. We only paid 165k and wouldn't need 800k to rebuild if something happened. I'd shop around if I were you. Congrats on the new house!

Quoting Anonymous 1: Okay, its a va home loan
They have all tax returns, w-2's, paystubs, bank stuff, etc. we put earnest money down. Its been a week since we filled out all the va and other papers. Were supposed to close on dec 9th. They already gave us a quote of home owners insurance but were gonna use usaa instead of the one they quoted us.
When should i ask them if were getting approved or not? I know underwriters job is to deny people so were waiting, not packing, lol.
So the house is brand new and sellers already agreed to stuff being fixed after we had a home inspection.
And idk how theyre gonna figure out our rent cause we were paying his boss who rented it for us. We moved from out of town and he grabbed this for us. Anyways its nerve racking.

Quoting Anonymous 5: They will do a verification of employment, want to see tax return, 2 years, appraisal of the property, survey of the property, who you will use for homeowners insurance, plus anything else the investor wants. If there is anything wrong with the house, it could be a long process. Good luck!! I worked in underwriting for several years.
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Anonymous
by Anonymous 6 on Nov. 11, 2016 at 1:18 PM
Yeah they found something they didn't like on DH's credit report which should have been caught before they preapproved us IMO. I had to have my mom cosign. I tried to just buy it alone but I hadn't had my job for 2 years at that point.

Quoting Anonymous 1: Geez denied? i heard thats common thats why we arent packing and kinda just staying neutral

Quoting Anonymous 6: Bank statements, pay stubs, written proof of where large sums of money were coming from. We actually got denied in underwriting and had to start all over. Good luck!
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