05-14-2012 07:58 AM
Had the lender pull our scores April 2nd - Wife = EFX 686, TU 691, XPN 693....Mine EFX 636, TU 625, XPN 575
LO says we're good to go.
One week later we sign the contract to build. We must put a $10 K non-refundable builder's deposit down. ($2,500 at signing refundable for 30 days in we can't get funding, $7,500 over the course of construction).
One month later....still waiting on an "approval" from Wells Fargo. My income is close to the limit for our area. The builder agreed to a 14 day extension for our funding period.
I'm ridicously nervous. Praying to hear from Wells Fargo today.
Until the next update...good luck to evryone!
05-14-2012 08:26 AM
Good luck. We met with the LO from Wells Fargo on Friday and our file is supposed to be sent over to underwritting today. Now we wait for Preapproval. Our mid-scores were 666 and 610. I'm a nervous wreck. But we need a pre-approval before we can start looking at houses.
05-14-2012 08:28 AM
Good Luck! Maybe we can send out a positive vibe for each other. Our application is in underwriting as well.
05-14-2012 08:34 AM
Can use all the positive vibes I can get. The LO told us it could take up to 2 weeks for a response! Its gonna be a long two weeks.
05-14-2012 08:52 AM
Yikes! I know USDA is backed-up in many areas. Was your LO refering to their underwriter or a USDA loan commitment. The USDA does not do pre-approvals. You have to submit the property details to get a USDA loan commitment. I wonder what the two weeks is for? As you can see we we'ver been at it for a month.
05-14-2012 10:08 AM
The two weeks is just for Wells Fargo underwritting. She said it could be up to two weeks because they are so busy right now. We've been working with this LO since February to try and make our file as good and complete as possible. Hope it works. How long did your LO say it would take to hear something back?
05-14-2012 10:16 AM
I just recently went thru the whole WF thing... I know we turned in our app to the LO and she said it would be 48hrs before we heard anything... well, in 48hrs was when we heard from the processer after the processer got done doing their thing then they said it would be 72hrs to hear from the underwriting... after a week and a half of waiting we ended up calling another loan company and just totally gave up on WF
05-14-2012 10:49 AM
I spoke with my LO today. He said the income issue was satisfactorily resolved. He said we should have the WF approval today or tomorrow with a USDA loan committment by the end of the week. This whole process is extremely stressful. There has got to be an easier way!
05-16-2012 08:48 AM
We got a call from the LO last night. She forgot to have us sign something and the processor needed to add it to the file so she can send it to underwritting today. I thought it went from the LO to Underwritting. What does the Processor do? We faxed the papers she needed signed first thing this morning, I then got a call from the LO telling me that she needed us to provide explinations for the credit inquaries we've had over the last year. I'm starting to lose patience. I thought she was supposed to square this all away,when we took off of work to meet with her,on Friday! I feel like I have no choice though, she has our money. I was counting down the days for the two weeks she told us this could take, now I guess I start counting again?
05-16-2012 09:10 AM
Sorry to hear of your frustrations! Ask if they will expedite in consideration of the uneccessary delay.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.