August 22 - September 29
Now that all the choices were made, it was time to sit back and relax. NOT!!!
It seemed that each day that went buy I would check my email about 50 times, call home to see if there was a voicemail there, and pester my wife to check the mailbox as I wanted to cover all possible bases of arrival for the answer for our loan application.
We did call our loan rep once to get an update, since 3 weeks went by and we heard nothing. At that time he told us that there was a holdup getting some information together from someone they contacted, but it had finally came in and the package was set to go to underwriting the next week.
So we waited.....
About 10 days went by and we got a call that indeed the application got denied by automatic underwriting, and it was headed to a manual underwriting review where an actual human reviews it to see why it was denied. Also he needed a letter written by me on what I intended to do with our current home one we closed on this loan. Since our loan had no conditions written in it for this property, and our income wasn't based on its sale or rental I wasn't sure why they needed this letter, but I wrote them one anyway thumbnailing what I would look into doing once we were safe and warm in our new home.
After about 5 days, our rep called back to tell us the reason why it was denied was because on our credit report it showed 2 loans for our current home and we only told them about one on our application. Well since there never was a second loan taken out our on home, it turns out that when the lender that serviced our loan sold it to another company, it showed that it was still reporting from the first company. Once that little problem was taken care of, our rep told us that rather than submit it to underwriting again, he would take that application before their "Review Board". Which I guess is something that Ryan has in place for loans that need special dispensation for various and sundry reasons. It made no difference to me, as Ryan doesn't service loans and was going to sell ours anyway once it closed.
After about another week went by, we got a call that we had APPROVAL!! "Conditional" approval that is... We needed to satisfy a couple conditions before closing, and I did these right away. They needed a couple bank statements, and copies of checks we wrote for our deposit, and a child care statement for the VA on who and how much we pay for our childcare.
I was worried that since the approval took so long in coming, that our tentative closing date would be pushed way back, but during one of my many stops in the community to drive through it I stopped and talked to our rep and she showed me the Ryan timeline that is in effect while everything else(flooring, Guardian, colors, loan approval), is going on. And even though we had no approval yet, as long as it didn't go past our dig date, everything was still on track. That was a big relief to me, yet still didn't put me totally at ease since we had all the excitement built up from what had happened so far and I would hate to loose all that if the loan didn't go through.
Even though at that point we hadn't gotten the approval call, our Rep wanted to set up our pre-construction meeting, so we set that up for October 3rd.
Next up...Pre-construction meeting.