What is a underwriter on a home loan ?
The underwriter is the person who gives a final stamp of approval on the documentation that the lender collected from you. The lender got this list of documents from an automated underwriting engine that reviewed all of your income, credit, assets, etc. and it told the lender what was required to give you the loan. The FHA Inspection is an Appraisal. The time it takes depends on your market and how busy things are. Could take up to 10 days. They look for overall condition. FHA also looks for evidence of lead based paint, wells, electrical up to date, etc. It is not an inspection that will tell you if there are problems with the property unless the notice something blatant, that you or your realtor noticed. Almost forgot – Pre-approval means that your income, assets and credit have been preliminarily approved either manually or by an automated underwriter. Final Loan approval is given when everything is collected and reviewed by the underwriter. So as long as you did not lie on your app
