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So you are getting an FHA loan. This type of loan doesn't go with the regular conventional loans. It’s a government loan and it typically gets an approval 5 days after being 'fully' submitted. I've dealt with some FHA loans before and this consists of layered financing. If you happened to be getting more than one loan (especially if you are purchasing a home and getting 100% LTV - Loan to Value), it will require more time, since there would be several groups of Underwriters that would need to review the loan. The final approval however is being done by a PMI underwriter (PMI - private mortgage insurance). In many cases, the layered financing consists of CHDAP (California Housing Downpayment Assistance Program), CHAP (California Housing Assistance Program). The turn around times to underwrite these are 24-48 hours. To answer your question - what your credit history is only the first step in reviewing your loan. If you have a copy of your credit report (which you should always ask a copy from your loan officer), it would tell you if you have a good credit standing. Usually, most credit reports reflect the 'Derogatory Items' in your credit history first. Items like, being delinquent for 30 days or more, mortgage lates, disputed accounts, charge-offs, bankruptcy, foreclosures, lien against your property, tax liens etc.... The next thing that will be looked upon is the Credit Score. This ranges from 300-850. You are on their good side if you have 700 or higher (usually discounts starts from 720 score - up). 620 is the danger zone and you will most likely be in the running for more documentation. Since you are getting an FHA loan, I couldn't think of another loan that requires 'full' documentation as much as FHA (except for CALHFA and probably a Sullivan loan). The third thing to be looked at is your trade history. Since the first one and the third one has already been reviewed by the three credit bureaus (Equifax, TransUnion and Experian), the only thing to think about is how FHA approves each loan. If their guidelines say that 620 is the minimum credit score required and that if you don't have any mortgage lates or the likes, you shouldn't worry too much then. As the person before me mentioned, income, LTV - loan to value, CLTV - combined loan to value, DTI (debt to income) ratios, PITI (Principal, Interest, Taxes and Insurance), PMI (private mortgage insurance), and reserves will be in consideration. An FHA loan does not get an 'Automated' approval. You should have received the '3 day docs' by then and it will state the terms.
Everything from your credit history, debt ratios, income, and assets are all looked at BEFORE an approval is given. If they recieved an approval ask to see it. Approvals are faxed or emailed directly to the broker. Tell your loan officer to quit buying time and get straight to the point. Your loan is going to be underwritten every step of the way and the underwriters make all the decisions. The final ok is given when the loan funds, not with the approval.
If your loan officer is telling you are approved but is waiting on final ok from underwriter, what you have is a computer approval WITH contingencies based on a credit report and information from your application. Your approval is not an Approval until all required items are in your file and the underwriter has reviewed and approved.
Buying a home can be crazy and nerve racking but if you've already been approved they are probably just making sure things are all in line. Trust me underwriters take a while and they may not even be doing much just taking their time. This happens a lot in the mortgage business. Most likely nothing to worry about, they just have to send everything through again and again for final approval then you'll be all set. Hang in there :)
If they are going forward with the process, you are probably fine. They are looking at *unpaid bills *bills paid late *level of current debt *level of available credit *# of open accounts If you pay on time and aren't already overwhelmed with debt, you shouldn't have to worry.