Know what has actually been reviewed
Different reviews answer different questions
Prequalification
An initial discussion or estimate based on the information provided. Ask what has been checked and what has not.
Automated underwriting
For eligible Fannie Mae conventional files, Fannie Mae Desktop Underwriter (DU) Findings provide a recommendation and the conditions the lender needs to address.
Lender review
The lender reviews the supporting information, applicable guidelines, property, and conditions. An automated recommendation does not replace this work.
Lenders do treat the DU Findings as a strong basis for making an offer. DU Findings are not final loan approval or a commitment to lend. The lender still verifies the file, property, and remaining conditions.
Fannie Mae DU is not the route for every file. John can run the applicable process for FHA, VA, USDA, jumbo, non-QM, or another loan type.
What information should you prepare?
The exact request depends on your file. Common categories include:
- Identity and contact information
- Income and employment
- Assets and down payment
- Debts and any required credit authorization
- Housing history and intended occupancy
- Property information, if you have a property in mind
John can explain what is needed for your loan path and how to provide it securely. Do not send account numbers or financial documents through a general contact message.
A buyer’s experience
“John was familiar with the guidelines the underwriter would use. My income as an auto mechanic with overtime was a little more difficult to calculate, but when I gave him a year of pay stubs he was able to document my overtime for the underwriter. Today I still live in the same house with my family. We are so happy to be home owners.”
Individual experience. Every file and transaction is different; results are not guaranteed.
Three useful questions before an offer
- What information has been verified? Understand what the review is based on.
- What conditions are still open? Ask which items depend on you, the property, the program, or the lender.
- What needs to be refreshed? Changes to income, debts, assets, or the property can affect the review.