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Being a nervous wreck in manual underwriting is normal, right?

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kskajohnson
Established Member

Being a nervous wreck in manual underwriting is normal, right?

Looking for someone here who has been through the manual underwriting process to ease my nerves a bit....I'm practically eating my fingers waiting to hear back.  I'm remaining fairly pessimistic just in case we don't get approved so I don't get too excited only to be let down later.  

 

But two days ago we faxed in all the requested documents for underwriting and now we are in the waiting process....I just want to know if we are going to be approved or not already, its incredibly nervewracking....

 

We are looking to buy a new home here in Washington State.  It's a new build so should we be approved, it'll have to be with conditions as closing is estimated around May 2014.  Home price is $418,000 with closing costs paid by the seller (in our contract).  

 

My fiancè filed a Ch. 13 a little over a year ago and has made all of her payments.  The Ch 13 was explained in our paperwork packet as she had some serious health issues that forced her out of work for a few months and then her father had emergency heart surgery and she essentially had to take care of her parents to make sure they didn't lose their house and yeah, unfortunate situation but she's made a year of consecutive payments (will be two years at closing).  

 

I'm a veteran looking to use my VA loan.  I just graduated from college a few weeks ago and am getting back to working after being a full time student for the past four years. 

 

Our combined joint gross income with my VA Disability (30%) is about $8,700/mo.  The lender already told us that our median credit score was a 649 (hers).  Our DTI is about 20% currently.  No negative marks on either report in the last year outside of her Ch. 13. 

 

Supplied them with 12 months of cancelled rent checks in our current home we've been in for 2+ years at $2,282 a month.  So our projected mortgage of $2350 isn't much of a problem, or at least I hope they see that.

 

AHH!!  I'm going crazy over here.  The seller agreed to a contract and they want us to go put earnest money down into a 21 day hold account while we wait to hear back from the UW and I'm excited but as I stated earlier, trying to temper it a bit becuase the last thing I need to do is get myself too excited and then have it not work out. 

 

This is awful....I just hope it works out. 

Message 1 of 10
9 REPLIES 9
swtneka
Frequent Contributor

Re: Being a nervous wreck in manual underwriting is normal, right?

Dont have much to offer but wanted to say GL

Message 2 of 10
GPMDRL
New Contributor

Re: Being a nervous wreck in manual underwriting is normal, right?

I had to go thru 2nd level underwriting (manual) as well last month. I am self employed and my agent said that was the issue and manual underwriting is becoming more common. I believe I had to wait 7 days before I heard back and I was approved. I thought manual review was the "kiss of death" but I came out on the other end approved. Keep hope, good luck!
Message 3 of 10
ecalmese
Regular Contributor

Re: Being a nervous wreck in manual underwriting is normal, right?


@kskajohnson wrote:

Looking for someone here who has been through the manual underwriting process to ease my nerves a bit....I'm practically eating my fingers waiting to hear back.  I'm remaining fairly pessimistic just in case we don't get approved so I don't get too excited only to be let down later.  

 

But two days ago we faxed in all the requested documents for underwriting and now we are in the waiting process....I just want to know if we are going to be approved or not already, its incredibly nervewracking....

 

We are looking to buy a new home here in Washington State.  It's a new build so should we be approved, it'll have to be with conditions as closing is estimated around May 2014.  Home price is $418,000 with closing costs paid by the seller (in our contract).  

 

My fiancè filed a Ch. 13 a little over a year ago and has made all of her payments.  The Ch 13 was explained in our paperwork packet as she had some serious health issues that forced her out of work for a few months and then her father had emergency heart surgery and she essentially had to take care of her parents to make sure they didn't lose their house and yeah, unfortunate situation but she's made a year of consecutive payments (will be two years at closing).  

 

I'm a veteran looking to use my VA loan.  I just graduated from college a few weeks ago and am getting back to working after being a full time student for the past four years. 

 

Our combined joint gross income with my VA Disability (30%) is about $8,700/mo.  The lender already told us that our median credit score was a 649 (hers).  Our DTI is about 20% currently.  No negative marks on either report in the last year outside of her Ch. 13. 

 

Supplied them with 12 months of cancelled rent checks in our current home we've been in for 2+ years at $2,282 a month.  So our projected mortgage of $2350 isn't much of a problem, or at least I hope they see that.

 

AHH!!  I'm going crazy over here.  The seller agreed to a contract and they want us to go put earnest money down into a 21 day hold account while we wait to hear back from the UW and I'm excited but as I stated earlier, trying to temper it a bit becuase the last thing I need to do is get myself too excited and then have it not work out. 

 

This is awful....I just hope it works out. 


how did everything go with manual underwriting? are you a homeowner now?

Started January 2013 in the lower 500s
Scores (as of January 2014) Equifax 630 | Experian 646 | Transunion 674
With the help of you all; I am working my way to the 700 club!
Message 4 of 10
ecalmese
Regular Contributor

Re: Being a nervous wreck in manual underwriting is normal, right?


@GPMDRL wrote:
I had to go thru 2nd level underwriting (manual) as well last month. I am self employed and my agent said that was the issue and manual underwriting is becoming more common. I believe I had to wait 7 days before I heard back and I was approved. I thought manual review was the "kiss of death" but I came out on the other end approved. Keep hope, good luck!

i also would like to hear you input on the results of your manual underwriting story. im about to go through the same process.

 

thank you

Started January 2013 in the lower 500s
Scores (as of January 2014) Equifax 630 | Experian 646 | Transunion 674
With the help of you all; I am working my way to the 700 club!
Message 5 of 10
kskajohnson
Established Member

Re: Being a nervous wreck in manual underwriting is normal, right?

MAJOR BUMPAGE!

 

But I'd just like to let everyone here know that we were approved and our new home that we are having built is nearing completion and we close on March 19th!

 

 

 

Message 6 of 10
J_G
Regular Contributor

Re: Being a nervous wreck in manual underwriting is normal, right?

I also live in Washington state in Everett. I would like to know what Bank you used? I just went to Wells Fargo a couple of days ago and I didn't like my experiance there.

7/1/13 - EQ = 593 TU = 578 EXP = 573 FICO
8/11/13 - EQ = 600 TU = 590 EXP = 603 FICO
10/1/13 - EQ = 611 TU = 689 EXP = 605 FICO
12/4/13 - EQ = 625 TU = 648 EXP = 604
Lender Pull 2/18/14 - EQ = 630 TU = 678 EXP = 594
Lender Pull 2/28/14 (EQ 640) (TU 660) (EX 655) Rapid re-score =)
9/30/14 - EQ = 660 TU = 710 EXP = 669
Message 7 of 10
ezdriver
Senior Contributor

Re: Being a nervous wreck in manual underwriting is normal, right?

Wow! Mountains! Could use one here in Florida .... but we do havethe ocean.

 

Manual underwriting can be ok just as long as the borrower is responsive to the documents/information requested by the underwriters. Believe it or not, manual underwriting was all that existed before FICO came along. Similaryly, before Facebook, we actuall called each other and talk in realtime.

 

Not to worry ... just give them what they ask for and you should be ok.

Message 8 of 10
kskajohnson
Established Member

Re: Being a nervous wreck in manual underwriting is normal, right?

We used Homestreet Bank.  The builder we used has some builder incentives if we used their preferred lender which was Homestreet. 

 

They were pretty easy to deal with overall.

Message 9 of 10
fixmycred14
Established Contributor

Re: Being a nervous wreck in manual underwriting is normal, right?

I am pretty nervous as well. My loan processor called this afternoon requesting a short email explaining three debts, 1 cc statement, bank statement when deposit check clears, TSP quarterly statement and TSP Ts & Cs.

 

I am fine with everything but...I just don't know what to say about the debts. Has anyone had to write a statement? I plan or emailing all of the info in the morning.

 

(1) Repo from 2007 falls off in May. I had no business getting this car but I was a FT student and single mother at the time.

(2) Cavalry collection - Orchard Bank cc $647 tried to PFD
(3) Verizon Fios $300 offered a PFD to no avail


Starting Score: FICO TU 591 FICO EX 581 FICO EQ 555
Current Score: FICO TU 662 FICO EX 652 FICO EQ 643
Goal Score: 700 CLUB


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Message 10 of 10
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