topic Re: LO& broker pulling my leg or real hope? in Mortgage Loans

LO& broker pulling my leg or real hope?

stopdrpnro — Tue, 16 Oct 2012 22:12:58 GMT

planned on doing a little more rebuilding before trying to puchase a home but was pre qualified by a LO at wells fargo. I have lates from my student loans (were supposed to be in defferment) that are only 6 months old (accounts are all caught up and current now) . picked a property, threw down the earnest money , got the gfe a few days ago, waiting on the underwriting. By my calculations my dti would be around 43%(current obligations+mortgage). my scores are hovering in the 638-647 range. on the plus side my last 60 days of statements show i have enough liquid assets to pay about 4 mons of the mortagage and I have another 9 mons of mortgage payments stuffed away in my 401/457. After doing a ton a reading here i'm thinking the recent lates are gonna shut all this down and the wells fargo LO is just blowing smoke with his fingers crossed. what do you guys think??

Re: LO& broker pulling my leg or real hope?

tooleman694 — Tue, 16 Oct 2012 22:15:09 GMT

How many lates in the past 12 months? If more then one I dont think you will make it passed underwriting.

Re: LO& broker pulling my leg or real hope?

Booner72 — Wed, 17 Oct 2012 02:41:10 GMT

If it's just one late you might get lucky with an LOE, but it is an FHA requirement to have 12 months clean credit. Stay positive but be realistic. Another poster here was right up to the second with Wells Fargo and they pulled the plug on her, and I've read stories of others too. However, everyone else out there who probably did get approved didnt come here to the forum to tell us. So you don't know the odds. Good Luck!

Re: LO& broker pulling my leg or real hope?

webhopper — Wed, 17 Oct 2012 02:44:05 GMT

Booner72 wrote:
If it's just one late you might get lucky with an LOE, but it is an FHA requirement to have 12 months clean credit. Stay positive but be realistic. Another poster here was right up to the second with Wells Fargo and they pulled the plug on her, and I've read stories of others too. However, everyone else out there who probably did get approved didnt come here to the forum to tell us. So you don't know the odds. Good Luck!

Based on numerous stories from members on this forum... a wells Fargo preapproval is best used in place of toilet paper where it can then be flushed before you spend hundreds of dollars on inspections and put up thousands in earnest money.

Re: LO& broker pulling my leg or real hope?

tooleman694 — Wed, 17 Oct 2012 03:57:37 GMT

Underwriter denied me after I had approval.

Re: LO& broker pulling my leg or real hope?

jnkp2001 — Wed, 17 Oct 2012 09:33:42 GMT

"on the plus side my last 60 days of statements show I have enough liquid assets to pay about 4 mons of the mortagage and I have another 9 mons of mortgage payments stuffed away in my 401/457.

what's a 401/457?

I'm also a little confused, not really surprising.:smileylol: Were your lates before your liquid assets?

Re: LO& broker pulling my leg or real hope?

DrJim — Wed, 17 Oct 2012 12:35:19 GMT

I got my mortgage with Wells this past Spring/Summer and they were good to me. If you are indeed correct about the SL's deferment status you may be okay. You may be required to submit a LOE, but can't you go back to the SL lender and ask them to remove the lates since they are apparently in error?

Re: LO& broker pulling my leg or real hope?

webhopper — Wed, 17 Oct 2012 13:16:04 GMT

DrJim wrote:
I got my mortgage with Wells this past Spring/Summer and they were good to me. If you are indeed correct about the SL's deferment status you may be okay. You may be required to submit a LOE, but can't you go back to the SL lender and ask them to remove the lates since they are apparently in error?

If the lates are in error then you should be fine... You should talk to the SL provider... hopefully the mortgage company will get involved since the reporting is inaccurate.

Re: LO& broker pulling my leg or real hope?

gadget08 — Wed, 17 Oct 2012 15:40:56 GMT

I got a preapproval from wells fargo and got conditonal approval monday hoping to get clear to close today. On our loan the negatives were nsf fees from fraud showing ytd balance but none on two statements that were given so i provided LOE. Two collections one due to fraud the other reported in error so loe and delete letters from each company were given. One of my conditions were to show large deposit explanation my partner is a waiter and we are in the midst of joining account but some deposits are part cash which of course lenders don't like but im hoping it wasn't a big deal im excited. After hearing some of the stuff about wells fargo i was really scared but so far so good it has been a long process though just keep faith!!!!!!!!

Re: LO& broker pulling my leg or real hope?

webhopper — Wed, 17 Oct 2012 15:47:58 GMT

stopdrpnro wrote:
planned on doing a little more rebuilding before trying to puchase a home but was pre qualified by a LO at wells fargo. I have lates from my student loans (were supposed to be in defferment) that are only 6 months old (accounts are all caught up and current now) . picked a property, threw down the earnest money , got the gfe a few days ago, waiting on the underwriting. By my calculations my dti would be around 43%(current obligations+mortgage). my scores are hovering in the 638-647 range. on the plus side my last 60 days of statements show i have enough liquid assets to pay about 4 mons of the mortagage and I have another 9 mons of mortgage payments stuffed away in my 401/457. After doing a ton a reading here i'm thinking the recent lates are gonna shut all this down and the wells fargo LO is just blowing smoke with his fingers crossed. what do you guys think??

From your post it seems as though you are really close, the only concern is those student loans which you say were supposed to be in deferrment. Just hang in there and be optimistic but realistic as suggested by the ever wise Booner72 :)

jRe: LO& broker pulling my leg or real hope?

stopdrpnro — Tue, 04 Dec 2012 16:11:11 GMT

**update

after 4 more loe(for address change,payroll deposit etc.) , 2 voe, and 2 more credit checks (for a total of 5 hard inquiries) I'm still waiting for a decision. At this point I'd rather be told to get lost so i can move on rather than being held in limbo paying for contract extensions while they keep doing hard inquiries(each over a month apart) further lowering my score.

:catmad::catsad::catmad: