topic Re: Still Waiting for Preapproval in Mortgage Loans

Still Waiting for Preapproval

Chbraswell — Wed, 08 Aug 2012 16:47:34 GMT

Last week wednesday i applied with wells fargo through an old LO I knew from back in the day and she said on Friday that she would start working on my file earlier this week. So I reach out to her for an update. At the same time I went through PNC just because wells said all they need is 600 which I am good at, and my mid score should be 629 with TU so I should be okay with a FHA (pending the EX FAKO isnt too far off). I applied for PNC on thursday and the guy emailed me on Friday but i didnt call him back because immediately because the name wasnt familiar. So then I received another email from him on Tuesday, so I called him and he took my information over the phone. So today I pulled my EX to see if there has been any inquiries and it looks like PNC pulled today.(Nothing from wells yet). I know I am being impatient but I really am just curious to see if i quaify because I read several stories where people monitored there credit from these sites and then they go in and they are too different to apply. So once I know if I can start the house hunt or not I'll be pretty excited!

I have been working on my credit for a few months! I had two collections removed from experian as well as one charge off credit line deleted ane one loan added as included in my bankruptcy. The same for Transunion but only one collection was removed. My utilizations have fallen below 24% and since my bankruptcy I have not been late.

My scores are EX FAKO 647 TU 629(didnt have one of my accounts updated when I pulled) EX 615. I hope to hear something today! If not i'll try again next year!

Re: Still Waiting for Preapproval

Chbraswell — Fri, 10 Aug 2012 13:07:43 GMT

So yay!!! I got my preapproval!!! I am so excited!!! Now the house hunting begins!!! My Transunion score was exactly correct, my eq was 619 and my experian was higher than I thought at 677! So close to 700, maybe next year! I'll keep you guys informed!!

Re: Still Waiting for Preapproval

indecison — Fri, 10 Aug 2012 13:36:31 GMT

Congrats! Happy hunting!

Re: Still Waiting for Preapproval

Chbraswell — Sun, 19 Aug 2012 19:52:09 GMT

So yesterday i found a home and put in an offer and they seller accepted it today!!! yay!!! I am tooo excited!!! So this week is the inspection and now the terror that most people have, the underwriting part is going to happen. I am with Wells Fargo, anyone has any tips?

Re: Still Waiting for Preapproval

phumanr — Sun, 19 Aug 2012 22:21:41 GMT

Congratulations!

If I might ask, when type of BK was it and when discharged? I applied on Thursday with Wells with a 607 and waiting on a decision on preapproval.

Re: Still Waiting for Preapproval

Chbraswell — Tue, 21 Aug 2012 13:41:52 GMT

My bk was a chapter 7 and it was discharged in 2010. So i became eligible for a loan early June. You may be okay because they do say they want a 600 and above but you will have to be careful not to open any new credit lines or have inquiries

Re: Still Waiting for Preapproval

Chbraswell — Tue, 21 Aug 2012 13:52:19 GMT

So as of today, they accepted my offer and we are officially in contract!!!!!! Now i have to send my lender my info and now we are waiting for that dreaded u/w process. I have an inspector going through on Thursday so I am pretty excited!!!!!

Re: Still Waiting for Preapproval

Chbraswell — Tue, 21 Aug 2012 13:52:52 GMT

also @ phumanr good luck!!!!

Re: Still Waiting for Preapproval

phumanr — Tue, 21 Aug 2012 23:26:04 GMT

Thank you.

Mine was a discharged Chapter 13 BK on December 1, 2011. I have gotten varying feedback on this so I applied with Wells Fargo.

Re: Still Waiting for Preapproval

Chbraswell — Wed, 22 Aug 2012 21:46:39 GMT

Well i definitely hope you get it! I wanted to move into an apt. but the amount for that was so high i thought home buying would be better.

My LO responded back today stating that she would start working on it, my contract was sent to her yesterday by my realtor and my inspection is confirmed for tomorrow. From what i understand I believe the LO has 3 days to get back to me regarding my GFE which i am not sure if it started yesterday or today but i know she has until the end of the week!! :)

Re: Still Waiting for Approval

shenny07 — Wed, 22 Aug 2012 23:02:09 GMT

Hi all - this is my first post here, had a questions about the wells fargo pre approval process....

Loan Officer pulled out credit scores mid score for my husband and I 662 and 673, she said the scores were good, and she put the load thru their computerized decision engine but said don't go shopping yet it had to go thru underwriting first for them to give their blessing. She sent me loan documents to sign for a generic address and a loan amount of 200k. Signed and emailed back last Thursday.....havent heard a word....

How long does it normally take? Any ideas? Did everyone else have to sign preliminary documents before getting the pre approval?

My realtor wont even let us start looking until we have the pre approval. If I had it to do all over again I would have chosen a different Realtor and Lender neither have been particularly helpful. The loan officer waited 8 days after telling me the scores were good before sending me the loan documents to sign and flat out said she got busy and forgot.....The suspense is killing me my whole life is on hold trying, credit repair/house hunting is a full time hobby these days.

Thanks for your help.

Hope everyone else home buying goes smoothly!

Re: Still Waiting for Preapproval

phumanr — Thu, 23 Aug 2012 00:50:19 GMT

I will keep my fingers crossed for you....I have bought a few homes in the past, but after this situation, I have been so stressed in anticipation.

Re: Still Waiting for Approval

phumanr — Thu, 23 Aug 2012 00:54:26 GMT

Hello...Wells Fargo sent me through the identifcal process last Thursday (8/16). Did the credit application...mid score ok, then sent the electronic application and FHA doc for signature. I sent them both back last Thursday evening and she said I should hear from UW by tomorrow or Friday. I absolutely hate this process! my job is about to transfer me and I need a home loan.

I hope you get your approval!

Re: Still Waiting for Approval

shenny07 — Fri, 24 Aug 2012 01:25:15 GMT

I hope you get yours as well!!

My realtor talked to the LO today, she said she she should hear something by the first of next week....praying hard :-)

Re: Still Waiting for Approval

luckelle — Fri, 24 Aug 2012 03:53:58 GMT

fingers crossed for you guys

Re: Still Waiting for Approval

Chbraswell — Fri, 24 Aug 2012 21:40:53 GMT

Hey Shenny,

For my pre approval I had one done by Chase that was done over the phone and another done by Wells that my friend took a few days to complete. Only because she was backed up. Honestly, it sounds like they are underwriting your loan, maybe doing a purchase without property which is basically underwriting you for the money first befor you buy the home which can make it easier. That's what I am thinking, but yes credit repair and househunting was my hobby all day!! Good Luck to you!

Re: Still Waiting for Preapproval

Chbraswell — Fri, 24 Aug 2012 22:38:15 GMT

So today my LO called me and asked for all the documents needed and submitted the loan to the underwriter with a rate of %3.7 yay!!! So i have to call and give my payment on tuesday for my appraisal and hopefully be completed by my scheduled closing date of 9/27.

Re: Still Waiting for Preapproval

phumanr — Fri, 24 Aug 2012 22:44:30 GMT

That's excellent news for you! It looks like you are on your way. It has been a week now, with no communications for me. I have left a couple of voicemails and emails to my Mortgage Consultant, but no return updates. I received my credit score in the mail along with my GFE and orginal applications.

Are they so busy that they can't communicate or do they get tired of not being able to give updates with customers? I would like to know, even if it is denied.

Bummer!!

Re: Still Waiting for Preapproval

Chbraswell — Sat, 25 Aug 2012 14:46:25 GMT

well if you got your GFE you should be in the u/w phase for sure! My realtor said that this is the coasting phase where you just have to be patient while everyone is doing their thing on the back end. My plan of action is to emails weekly with requests for updates!

Re: Still Waiting for Preapproval

phumanr — Sat, 25 Aug 2012 15:11:32 GMT

Thank you....I don't know what I would do without this forum to vent! This is a really helpful community. :smileyhappy: I will cross my fingers and hope that I get an update by the end of next week....week #2.