I really need your help: Did I get the loan or not?

This is a small complicated, so bear with me.

I am trying to buy a home. After receiving a pre-qualified letter from a bank, I applied for a mortgage. I was recently turned down for the loan (too low income), but was told by my loan officer at the bank that I may be approved for a different, FHA loan.

I received a phone call from her today with what I thought was news telling me that I was approved for the loan. She mentioned the word "commitment letter" and said I'd have to sign more paperwork, because it was an FHA loan. She said congratulations, I said I was relieved.

But a few hours later, my loan processor at the bank left me a message telling me that the appraiser needed to change some paperwork because it is an FHA loan, and "then it will be sent back to underwriting for review."

Did I get the loan or not? After receiving that message, I immediately thought that maybe I somehow misunderstood my loan lady, and she was really telling me that I was re pre-approved for the FHA loan.

I didn't reckon I had to be pre-approved again; I already was in the first place! Now I'm really confused, and have no thought what to reckon. It's Memorial Day weekend, so both of them have already left until Tuesday.

What do you reckon?? Thanks so much!
Thanks for the fantastic information so far. I'm aware that my "pre-qualified" letter that I received in march when I started this whole process is NOT a loan commitment.

Also, the bank already has all of my information (I was denied a conventional mortgage just a week ago with them).

Thanks again.

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Tags: commitment letter, conventional mortgage, FHA Appraisers, fha loan, loan commitment, loan officer, loan processor, memorial day, memorial day weekend, paperwork, phone call

This entry was posted on Wednesday, June 24th, 2009 at 8:24 pm and is filed under FHA Appraisers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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One Response to “I really need your help: Did I get the loan or not?”

Lisa L says:

June 24, 2009 at 8:24 pm

I have switched many clients from Conventional to FHA. There are additional forms with an FHA loan so I reckon that is what your LO is talking about. Also, an FHA appraisal is a small bit different from a Conventional one. An FHA case number was ordered, & the appraisal was re-done on a different form. Sounds like the appraiser is FHA approved so you are in luck. And yes, it would have to go back to an UW to be underwritten again because the program has been changed. It could be your LO ran it through DU as an FHA loan & got an Approve/Eligible so that is what she was telling you. It sounds like you are excellent to go.

An LO you can't talk to over the weekend? That doesn't apply to me. I am available for my clients. If I am out of town someone covers for me. I would never let my clients hang like you are.

Tags: commitment letter, conventional mortgage, fha loan, loan commitment, loan officer, loan processor, memorial day, memorial day weekend, paperwork, phone call,

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