TBD Property Underwriting
TBD Property Underwriting Explained:
We now can process TBD Property Underwriting mortgage loan applications and once you get a mortgage approval, you can then go shop for a home and enter into a real estate purchase contract. Traditionally, mortgage lenders require that the mortgage loan borrower enter into a real estate purchase contract and then start processing and underwriting the mortgage loan application. Without a signed real estate purchase contract, the mortgage approval process could not start. However, we now have the TBD Property as the subject property mortgage loan program where home buyers can get their mortgage loan application processed and underwritten as a TBD Property Underwriting and get a full approval.
Benefits Of TBD Property Underwriting
One of the major benefits of submitting a mortgage loan application as a TBD Property Underwriting versus the traditional way of underwriting a home loan is that you have a sense of security because you know that your mortgage loan application has been fully processed, underwritten, and approved and the only condition left is to enter into a real estate purchase contract. The traditional way, where you enter into a real estate purchase contract and submit your mortgage loan application for processing and underwriting, poses a possible risk of a mortgage loan denial. TBD Property as a subject property mortgage approvals is best suited for those home buyers with marginal credit or who border line approval mortgage loan borrowers. Although a mortgage loan borrowers gets an approved eligible per DU Findings, there is always a possibility of a mortgage loan denial. For those mortgage loan borrowers who have limited assets, high debt to income ratios, limited credit tradelines, late payments after a bankruptcy and/or foreclosure, recent overdrafts, no rental verification, open collection, or other derogatory issues, maybe the TBD Property as a subject property might be a great alternative of submitting their mortgage loan application.
Gustan Cho NMLS ID # 873293
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