1st Denial

[Anonymous]

Well, I received a email from Wells Fargo today, after submitting basically my life information we were denied a mortgage with them. We were trying to get the FHA loan, since due to our income they stated we wouldn't qualify for anything else... My score was 656 and my hubby's was 590 , even though we had the 5% down payment and showed proof, they stated that the reason was due to credit, and the fact that when I filed bankruptcy 6 years ago, I had late payments that occurred after the fact (which was 3 years later). I even wrote an letter explaining the lates and everything and it was due to military moves, and my husband being discharged and having to find a job after the fact. Maybe it turned out for the best, we are just going to wait till his middle score is 630 (620 needed) and apply through the VA, at least we won't have to worry about making such a large deposit.

[203bravo]

Sorry to here..  but curious if they gave you a pre approval when you 1st applied or just sent you straight to underwriting since you were borderline?  I'm working the same process with them.  Was lead to believe that it should be smooth sailing,,,but not so sure.

[Anonymous]

I did not get an pre-approval 1st, but they did pull our credit 1st to see the scores.. then I was told to send in all my documentation (paystubs, W'2's, bank statement, etc) so they can send to the underwriter. I actually wished I would have received an pre-approval 1st like some banks do, or at least when they pulled my credit score they would have reviewed my application thouroughly instead of sending in so much documentation and getting my hopes up.

[bcdudley]

I had bad luck with Wells last year as well. I did have the pre-approval and I was still turned down 2 days after I was scheduled to close. I had a horribleexperience with them and I will never go back with a big bank like that because of my experience.

[203bravo]

bcdudley -  please explain your horrible experience ... What was the reason for final denial after you made it through pre approval?

[Booner72]

Yes, BC, wondering what happened that you were turned down after closing was scheduled......

[Gray]

Go to a credit union like Navy Federal or PenFed and establish a relationship. Forget about the big banks.

[Anonymous]

You know what, I had this small bank that stated they would work with me in the beginning, but this realtor told me that Wells Fargo was the best route to go...So, I'm going back to the small bank... Thank u all for the great advice...

[bcdudley]

Looking back at my thread, it was not after closing, but it was very close to the closing date. Much closer than it should have been and I also had many other issues with them that I had forgotten about. They dragged their feet for several weeks when they told me it would only take a couple of days. The ultimate reason for declining me was not enough tradelines, even though they told me what I had was fine.

http://ficoforums.myfico.com/t5/Mortgage-Loans/declined/m-p/683044

[Anonymous]

@Gray, I recently had a similar experience with Navy Federal. I would not recommend them. I found a small, local mortgage lender who was willing to take the time to carefully assess my personal situation and tell me exactly what I neede to do to qualify.