Real Estate financing

In July, the home inspection was the focus, giving the buyer peace of mind and ensuring the property appraises for the requested loan amount. If the appraisal comes in at or above the contract price, the transaction continues and the loan goes to underwriting. If the property fails to appraise for the requested loan amount, the transaction is interrupted, as the buyer no longer qualifies for the contracted amount to purchase the property. However, barring any challenges with the appraisal, the loan then goes to underwriting. Here, the underwriter looks at the credit, debt-to-income ratio, and any information in the credit profile to measure the risk of the borrower, then makes the determination of whether to approve or reject the loan request. The time it takes to complete this part of the process depends on whether there are any credit issues to resolve. Once the loan is approved, the buyer is ready to close. KimberlyKyle.UnitedRealEstateRVA.com