Application escalated to second underwriter after denial. Chance of approval?

[teachermama14]

We were preapproved with Wells Fargo and entered into a contract 85k below our letter amount. I got a call from my LO today saying they denied the initial app and sent it to another level underwriter but couldn't tell me the chance that it will be approved.

I'm feeling sick to my stomach right now. Any words of encouragement?

[cebams]

Did they give you a reason for the denial?

[teachermama14]

We disclosed some overdrafts in our checking account after I double paid some credit cards. They're calling it financial mismanagement. We wrote a letter of explanation and Our LO didn't think it would be an issue.