We got a pre-approval letter immediately...what % of people get approved (underwriter) too?

Question

This was a pre-approval AFTER our broker put in our debt-income ratio...employment factors...

Answer 1

It just depends on every ones situation. You must prove capacity to pay and your credit must be clean and the scores above 580 for FHA and you get approved. Every loan is different and evry one has a different place in life as to a % about 60% get approved but it is getting less and less as the days go on

Answer 2

Hi there,

Many people get pre-approvals, but you want to make sure that you can meet all of the pre-approval stipulations.  Also, many lenders give pre-approvals without pulling a persons credit.  Make sure your lender has done this or else this could drastically change your financing.  I am a mortgage underwriter and I have seen it happen so many times where people get a pre-approval and then when credit is pulled and analyzed by the underwriter things change.

Ask lots of questions.  Hope this helps.

Answer 3

With  all  the  Internet  services ,   lenders  are  able  to  pull  up  info   instantly .

( the  magic  of  the  social  security  number ) .

Several  did  mine  while  I  was  at  the  desk  or  over  the  phone

{ then  mailed  me  hard  copies } .

Although  no  one  is  really  tracking  All  applications ,

I  am  sure  people  are   less  dumb  than  5  years  ago ,

And  those  with  low  FICOs  are  Not  bothering  to  apply .

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