Really confused about home buying process?

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My husband and I were pre-approved for 125,000 . On Dec 24th we made an offer on a house for 113,000 and the sellers accepted it that day. We gave our earnest money, turned in income verification, had our credit report ran,had income verification, had the house appraisal, the title search,the inspection,got a good faith estimate,secured home owners insurance.We were told that all their loans are locally processed, underwritten, and closed by their own company. Heres my question a loan processor collected all of our information that the branch manger told us we needed (the branch manager is the lady we are working with) now does all this go to an underwriter? Is a loan processor the same as an underwriter and how much longer will it take to find out if our mortgage is approved.
they also had my husbands employment verified, hes been with the Army 15 years so far, we are using the VA loan

  1. Reply
    April 29, 2011 at 11:43 pm

    The loan processor is the person who took your information. An underwriter is a financial institution who actually puts up the money. You should know within a day or two if you are approved. If you were pre-approved for 125K, and you don’t have horrible credit issues, you will be fine.

  2. Reply
    April 29, 2011 at 11:50 pm

    since your husband is working in army for the last 15 years and all the verification process is over. so it hardly take few weeks. as soon as you receive sanction letter you may get your registration. the bank will keep the registered documents and release the DD. and the recovery start from your husband’s salary. if anything less you have to pay the balance on the registration day.
    hope it is clear to you.

  3. Reply
    April 30, 2011 at 12:28 am

    Dear Army Wife, a processor is the assistant. They typically make sure all the documentation is correct and complete. The underwriter is someone who goes over all the documentation to make sure the financial part makes sense for the lender and any potential investor whom that might sell the loan too or if they hold it in house. You are most likely dealing with a Loan Officer. It could be the banker manager.

    With a VA loan, you should have no issues. Congratulations! And give your husband a big hug and a thank you from me!

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