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Contributor
adonis2011
Posts: 84
Registered: ‎04-03-2012

Having to start over... Devastated!

My husband and I have been working SUPER hard on our credit scores. We started anew construction build on a home about 4 months ago. The home is finished as of Friday. We submitted our file to Wells Fargo for a VA loan and we thought we would get an approval today or tomorrow. I called our LO and was told the builder took us off of the contract because they did not have a pre-approval.
I was lost and confused because we had no idea we needed a pre approval. Our file was submitted to UW Friday just to find out now we have to resign paperwork with no address attached. If we get the approval we can be listed back on contract for the home we built and close. We're so nervous now with this new development. Wells requires a. 600 for VA and my husband is at a 618 and I'm at a 605.
Any words of encouragement would be great. We thought we would get good news that we are approved, and now we have learned we have to resign documents, wait for UW with the hopes the house is still available!
Frequent Contributor
MrChairman
Posts: 456
Registered: ‎02-07-2010

Re: Having to start over... Devastated!

I'm confused as to how you even signed a contract on a property without at least a preapproval. Most builders won't even show you the paperwork without one.


Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 695 (26 JUN 2013), Equifax: 636 (26 JUN 2013), Experian: 670 (26 JUN 2013)
Goal Score:All scores 700+ by Dec 2013!!

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Contributor
adonis2011
Posts: 84
Registered: ‎04-03-2012

Re: Having to start over... Devastated!

I have no idea. We put $2000 earnest money down and was told we needed to work with their lender... So we did. The first lender denied us saying they needed a 640 for a VA loan. I knew WF could do it at a 600. The builder said WF is also their preferred lender, and was referred to work with one of their LO. Our file was submitted to UW last week, today I find out we are no longer under contract because of not being pre approved. Builders will allow you to build (or at least we've found) with just earnest money down.
Frequent Contributor
MrChairman
Posts: 456
Registered: ‎02-07-2010

Re: Having to start over... Devastated!

NVR wouldn't let us sign a contract until we were pre approved with their lender or an outside lender with or without earnest money.


Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 695 (26 JUN 2013), Equifax: 636 (26 JUN 2013), Experian: 670 (26 JUN 2013)
Goal Score:All scores 700+ by Dec 2013!!

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Contributor
adonis2011
Posts: 84
Registered: ‎04-03-2012

Re: Having to start over... Devastated!

Oh I see. We signed a contract when we started the build. We're finally at score requirement and we're back at square one. The house may still be avail when/ if we get approval... If so they 'll put us back on contract
Contributor
adonis2011
Posts: 84
Registered: ‎04-03-2012

Re: Having to start over... Devastated!

Not to mention we have to wait another week going through UW.
New Contributor
Readyforchange
Posts: 50
Registered: ‎09-13-2010

Re: Having to start over... Devastated!

[ Edited ]

I am surprised you only need a 600 to qualify for VA loan through WF. I called them last week and was told min score needed to be 620.

Starting Score: EQ-543
Current Score: EQ-622, TU- 619, EX? 10/13/13 EX Lender pull 637
Goal Score: 650



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Contributor
adonis2011
Posts: 84
Registered: ‎04-03-2012

Re: Having to start over... Devastated!

Really? I was told by several different LOs that WF requires a 600.
Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

Re: Having to start over... Devastated!

What does your realtor say about the contract. I would be sending your realtor over to talk to them like right now.

Contributor
adonis2011
Posts: 84
Registered: ‎04-03-2012

Re: Having to start over... Devastated!

We weren't using a realtor. We worked directly with the sales rep for the builder. She failed to tell us we were being removed from the contract. It's all a huge mess.

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