Mortgage Loans

[adonis2011]

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.

[tooleman694]

Go get a realtor like Right Now, I mean as soon as you read this pick up the phone and call one.

They will get you back on contract and could possibly get you the house for cheaper.

[adonis2011]

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?

[tooleman694]

Not working with a realtor is why you are in this mess. They will take care of everything.

[MissMia75]

Adonis - have you paid any earnest money up front?

[adonis2011]

Yes we paid $2000 upfront.

[MissMia75]

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. 

[adonis2011]

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.

[tooleman694]

Wells Fargo is cool with low scores, but you can get denied if anything recent is bad.

Do you have any kind of late payments in the last 12 months, recent collections or a BK or something bad.

[adonis2011]

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