This BLOG On 21 Day FAST Track TBD Loan Program On Home Loans Was UPDATED And PUBLISHED On February 5th, 2020
The 21 Day Fast Track TBD:
21 Day Fast Track TBD Program is an accelerated loan processing and underwriting process offered at Gustan Cho Associates Mortgage Group. Gustan Cho Associates has a 21-day fast track mortgage program. Most loans close in 21 days or less.
The Fast Track TBD Program is called The Accelerate Buyers Mortgage Program.
In this article, we will cover and discuss our FAST Track TBD Loans.
How Our TBD Underwriting Loan Approvals Work
Gustan Cho Associates offers TBD Loan Program:
- Most of our realtor partner request this program
- Mortgage borrowers are issued a full loan commitment in lieu of a pre-qualification and/or pre-approval letter
- Borrowers do not need a subject property for the mortgage process to begin
- Our mortgage processor will process the whole mortgage file and borrower like any other full file
- Once the file has been fully processed, it is then submitting to our underwriting department and assigned a mortgage underwriter
After the underwriter fully underwrites the file, the only condition missing will be the subject property and tile and appraisal for the property.
Title And Home Appraisal For Clear To Close
Once the borrowers decide on a property and get us the executed purchase contract, it will be submitted back to underwriting for a clear to close.
- The underwriter will need to underwrite the property
- The title and appraisal will be ordered and reviewed
- Once the home appraisal, title, and other property conditions have been cleared, a clear to close will be approved and issued
Most closings on the Fast Track TBD Loan Program will get a loan commitment will get a clear to close in less than than a week.
TBD Loan Program Is Comparable As Loan Commitment
Most borrowers, home sellers, and real estate brokers do not realize is that the fast track TBD Loan Program is similar to cash to close.
- 21 Day FAST Track TBD Loan Program is the actual loan commitment
- FHA loan appraisal is the only missing condition for the underwriter to issue a clear to close
- This holds true unless the house is complete a shack and it is completely inhabitable
- As long as the property meets mortgage guidelines the house can be financed
If the house is a complete shack and is uninhabitable and does not meet agency guidelines, we can explore converting the loan to an FHA 203K Loan.
Home Loans Closing 21 Day FAST Track TBD Loan Program
Not all lenders offer the 21 Day FAST Track TBD Loan Program. Many lenders will call it TBD Underwrite. As mentioned above, others call it TBD Loan Programs. Borrowers with less than perfect credit or higher debt to income ratios should submit their loan applications as a TBD Underwrite. This way there will not be a last minute mortgage denial or stress during the mortgage process. Borrowers with a solid TBD Underwrite Approval can rest assured not only will their loans close but will close on time. Most of our TBD Underwrite Approvals close in 21 days or less.
February 5, 2020 - 3 min read