You've been told a conventional loan is “close,” and now you're wondering whether to stop looking at houses. Before you redraw the search, let's find out what “close” means.
Fannie Mae and Freddie Mac have different rules behind many conventional loans. Those differences can matter when lenders review income or count student-loan payments. We can ask whether another available path addresses the actual problem. It still needs accurate documents and a property that qualifies.
Before we use a bigger number in an offer, we work through the income or debt question behind it. We want to know what payment the records support and whether you're comfortable with it. A preliminary answer using the wrong student-loan payment can make a house look possible until the documents arrive.
If you're selling, an agency name doesn't tell us how strong an offer is. We ask what's been reviewed and which conditions remain. If the financing changes in escrow, we also check the work against the closing date before anyone assumes it can stay the same.
Real Estate and Mortgage Strategy Together explains how we connect the loan review to the offer. You can leave the rulebook comparison to us. We bring it back to the home you want and a payment you feel good living with.