Just got denied from FGMC. :-(

[courtney091082]

We have lots of houses like that around here, well built for sure There will be others, patience is a virtue! Your patience will pay off

[mwmiller82]

Thanks Court!!

[BungalowMo]

mwmiller....I know how you must be feeling. Back in the Fall of '06, I found an adorable end unit townhouse.  Sellers wanted $300k (remember, in 06 that was an acceptable price!) but they wouldn't budge or replace & fix a few things I wanted....then my mortgage guy & his buddy doing the financing had me in their office & were shoving papers in front of me ..."sign this & that"!  I wanted explanations of what everything was & they were sort of "poo pooing" all my concerns.  I got up, stepped back & said NO!  It didn't feel right.  Red flags all over the place, even though I really did like the place.

A wise friend told me later..."what is meant for you, won't go past you".  Oh, how right she was.  9 months later, I found an adorable 100 year old home that just spoke to me!  SO charming & had gorgeous woodwork, original art deco light fixtures & a great 25' front porch. 

So...as my good friend told me...what's meant for you won't go past you.  The house you're meant to have will be better than the one that got away!  Just wait & see!!

[germaine47]

I put a contract on a foreclosure that needed tons of work and the Seller refused to lower the price so that I can roll the repairs into the Loan.  I thought that house was perfect with 2000 square feet and a acre and 1/2 of land.  I lost the contract but I found a house with everything I needed plus wanted, even the den is wired for sound.  I absolutely feel like this is Home. I know that you are disappointed but maybe there is a perfect house just around the corner that will meet all your criteria.  I had to have three tradelines reporting positively for one year (no lates).  Beleive me you wouldnt want to go through Underwriting without having all your ducks in a row, becuase they can make your life a living nightmare.  Everthing will work out perfectly, continue looking and you never know what will be just around the corner.

[Booner72]

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@mwmiller82 wrote:
Smh, well I gave it a shot, the problem wasn't the score, debt to income, open collection account. It was turned down because the earliest they'll review my app again would be January. Why? Because she wanted to see 12 months of in time payment with my car note. I currently don't know what else to do! I really wanted this house, it's perfect for me and my family! Smh I'm so upset right now! I don't really know why else to do but wait.

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I can't for the life of me figure out what "smh" stands for, and I'm starting to see it everywhere.  Anyone?

My lender told me "You don't find the house, the house finds you."  Use the next months to continue to work on your credit scores and save money.  With borderline scores the UW can get very very picky, so you want to go in with your best foot forward next time.

[MarineVietVet]

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@Booner72 wrote:

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I can't for the life of me figure out what "smh" stands for, and I'm starting to see it everywhere.  Anyone?

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I had to look it up.

SMH= Shake My Head.

[Anonymous]

I know how you feel, I got denied Monday. I am also working with Quicken, but they told me they require a min 620 score. So I am still chipping away at it. Good luck to you!

[Anonymous]

Just wanted to say I feel your pain!

I just found this board tonight.  We were preapproved for a VA loan, found the PERFECT house, went under contract, had the inspection, and then got turned down on Friday.  :-(

[jnkp2001]

just a quick question.   How can one be preapproved, under contract and be denied? 

[StartingOver10]

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@jnkp2001 wrote:

just a quick question.   How can one be preapproved, under contract and be denied? 

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This happens when a lender issues a pre-approval without looking at all of the buyer's documentation.  One example would be the buyer is self-employeed and gives the gross income to the lender when in fact the tax returns of the buyer reflect substantially less income due to business deductions. There are other reasons, but having less income or greater expenses is the typical reason for a buyer to get denied after having an "approval".

IMO it is irresponsible fo the lender to waste everyone's time and effort with a bogus "pre-approval". This is especially problemactic now with some of the large "big box" banks moving to a inefficient mortgage application model where the loan officer is really only an application taker - rather than a true loan officer. (Think Wells Fargo - a huge percentage of their pre-approvals never close IME.) Another abuser of this system is Quicken Loans.

Writing bogus pre-approvals is loan officer specific. In other words, a true professional loan officer will insist on all the appropriate paperwork before issuing a pre-approval. if your loan officer hasn't asked for documentation up front - run away. It puts the buyer in a bad position and it's not like the buyer is going to sneak past the underwriter!