http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1720148#M106729 <p>OP:  This is all a learning process.  If you don't get this house, there will be a better deal around the corner.  Your time for homeownership WILL COME!  Buying or selling a home can be SO EMOTIONAL, it's one of the most difficult things you will ever live through.  When it's finished and you have the keys, it will be worth it.  Stay strong.</p><p> </p><p>If you do get your pre-approval, I'd use it as a bargaining tool to land yourself either a better deal, or more upgrades at a discount or builder cost.   Contact the home office or have your realtor get her bat out, lol.  Make this WORK for you!!!!! </p><p> </p><p> </p> Tue, 27 Nov 2012 16:53:13 GMT fishbjc 2012-11-27T16:53:13Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708534#M106408 My husband and I have been working SUPER hard on our credit scores. We started anew construction build on a home about 4 months ago. The home is finished as of Friday. We submitted our file to Wells Fargo for a VA loan and we thought we would get an approval today or tomorrow. I called our LO and was told the builder took us off of the contract because they did not have a pre-approval.<br>I was lost and confused because we had no idea we needed a pre approval. Our file was submitted to UW Friday just to find out now we have to resign paperwork with no address attached. If we get the approval we can be listed back on contract for the home we built and close. We're so nervous now with this new development. Wells requires a. 600 for VA and my husband is at a 618 and I'm at a 605.<br>Any words of encouragement would be great. We thought we would get good news that we are approved, and now we have learned we have to resign documents, wait for UW with the hopes the house is still available! Mon, 19 Nov 2012 21:04:27 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708534#M106408 adonis2011 2012-11-19T21:04:27Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708540#M106409 <p>I'm confused as to how you even signed a contract on a property without at least a preapproval. Most builders won't even show you the paperwork without one.</p> Mon, 19 Nov 2012 21:08:05 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708540#M106409 MrChairman 2012-11-19T21:08:05Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708554#M106410 I have no idea. We put $2000 earnest money down and was told we needed to work with their lender... So we did. The first lender denied us saying they needed a 640 for a VA loan. I knew WF could do it at a 600. The builder said WF is also their preferred lender, and was referred to work with one of their LO. Our file was submitted to UW last week, today I find out we are no longer under contract because of not being pre approved. Builders will allow you to build (or at least we've found) with just earnest money down. Mon, 19 Nov 2012 21:11:28 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708554#M106410 adonis2011 2012-11-19T21:11:28Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708558#M106411 <p>NVR wouldn't let us sign a contract until we were pre approved with their lender or an outside lender with or without earnest money.</p> Mon, 19 Nov 2012 21:13:13 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708558#M106411 MrChairman 2012-11-19T21:13:13Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708572#M106412 Oh I see. We signed a contract when we started the build. We're finally at score requirement and we're back at square one. The house may still be avail when/ if we get approval... If so they 'll put us back on contract Mon, 19 Nov 2012 21:17:26 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708572#M106412 adonis2011 2012-11-19T21:17:26Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708600#M106413 Not to mention we have to wait another week going through UW. Mon, 19 Nov 2012 21:31:53 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708600#M106413 adonis2011 2012-11-19T21:31:53Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708674#M106419 <p>I am surprised you only need a 600 to qualify for VA loan through WF. I called them last week and was told min score needed to be 620.</p> Mon, 19 Nov 2012 22:25:58 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708674#M106419 Readyforchange 2012-11-19T22:25:58Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708682#M106420 Really? I was told by several different LOs that WF requires a 600. Mon, 19 Nov 2012 22:29:48 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708682#M106420 adonis2011 2012-11-19T22:29:48Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708694#M106422 <p>What does your realtor say about the contract. I would be sending your realtor over to talk to them like right now.</p> Mon, 19 Nov 2012 22:39:52 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708694#M106422 tooleman694 2012-11-19T22:39:52Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708704#M106423 We weren't using a realtor. We worked directly with the sales rep for the builder. She failed to tell us we were being removed from the contract. It's all a huge mess. Mon, 19 Nov 2012 22:41:25 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708704#M106423 adonis2011 2012-11-19T22:41:25Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708710#M106425 There's a chance the house may still be avail once/ if we get approved... But now I don't trust the sales rep. She might have an offer on the home now and just hasn't said anything. She kept the fact we were removed from the contract from us. Mon, 19 Nov 2012 22:42:55 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708710#M106425 adonis2011 2012-11-19T22:42:55Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708734#M106427 <p>Go get a realtor like Right Now, I mean as soon as you read this pick up the phone and call one.</p><p> </p><p>They will get you back on contract and could possibly get you the house for cheaper.</p> Mon, 19 Nov 2012 22:55:25 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708734#M106427 tooleman694 2012-11-19T22:55:25Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708758#M106429 Ok. I don't know anything about working with a realtor. But I will call one. I'm assuming they will need a pre approval as well? Mon, 19 Nov 2012 23:01:11 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708758#M106429 adonis2011 2012-11-19T23:01:11Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708782#M106433 <p>Not working with a realtor is why you are in this mess. They will take care of everything.</p> Mon, 19 Nov 2012 23:21:26 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708782#M106433 tooleman694 2012-11-19T23:21:26Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708784#M106434 <p>Adonis - have you paid any earnest money up front?</p> Mon, 19 Nov 2012 23:22:19 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708784#M106434 MissMia75 2012-11-19T23:22:19Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708798#M106436 Yes we paid $2000 upfront. Mon, 19 Nov 2012 23:29:48 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708798#M106436 adonis2011 2012-11-19T23:29:48Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708802#M106437 <p>I agree you should contact the sales rep asap.  It almost appears as though you were never fully qualified to purchase the home as far as a pre-qualification was concerned.  Also not to dash your hopes but please have a back-up lender as WF tends to make blanket statements such as the credit scores that are acceptable and when the file is sent to UW it is denied almost instantly. </p> Mon, 19 Nov 2012 23:36:52 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708802#M106437 MissMia75 2012-11-19T23:36:52Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708808#M106438 Ok I will have a back up lender. If our file does come back denied then we don't have a choice but to increase the scores. Unfortunately we can't get a straight answer on what score is needed for a VA loan. We've been getting the run around about that too. We've heard 580, 600, 620 and 640. We are just at a loss. Mon, 19 Nov 2012 23:40:19 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708808#M106438 adonis2011 2012-11-19T23:40:19Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708810#M106439 <p>Wells Fargo is cool with low scores, but you can get denied if anything recent is bad.</p><p> </p><p>Do you have any kind of late payments in the last 12 months, recent collections or a BK or something bad.</p> Mon, 19 Nov 2012 23:43:31 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708810#M106439 tooleman694 2012-11-19T23:43:31Z http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708828#M106440 <p>No late pays in over a yr. never filed BK. there is a recent medical bill that popped up that I'm paying and it will be deleted. I did have to write a letter of explanation about itIt we were told the VA isn't concerned with collections. But we have been extra careful about items hitting the credit.... This one just slipped through. Our DTI is 14%. I was hoping that would count for something. idk</p> Mon, 19 Nov 2012 23:53:36 GMT http://ficoforums.myfico.com/t5/Mortgage-Loans/Having-to-start-over-Devastated/m-p/1708828#M106440 adonis2011 2012-11-19T23:53:36Z