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Established Member
stopdrpnro
Posts: 28
Registered: ‎03-26-2012

LO& broker pulling my leg or real hope?

planned on  doing a little more  rebuilding  before trying to puchase a home but  was pre qualified  by a  LO at wells fargo.  I have lates from my student loans (were supposed to be in defferment)  that are only 6 months old (accounts are all caught up and current now) .  picked a property, threw down the earnest money , got the gfe a few days ago, waiting on the underwriting. By my calculations my  dti would be  around 43%(current obligations+mortgage).  my scores are hovering in the 638-647 range.  on the  plus side  my  last  60 days of statements show i have enough liquid assets to pay  about 4 mons of the mortagage  and  I have another 9 mons of mortgage payments stuffed away in my 401/457.   After doing a ton  a reading here i'm  thinking the recent lates are gonna shut all this down and the wells fargo LO is just blowing smoke with his fingers crossed. what do you guys think??

Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

Re: LO& broker pulling my leg or real hope?

How many lates in the past 12 months? If more then one I dont think you will make it passed underwriting.

Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011

Re: LO& broker pulling my leg or real hope?

If it's just one late you might get lucky with an LOE, but it is an FHA requirement to have 12 months clean credit.  Stay positive but be realistic.  Another poster here was right up to the second with Wells Fargo and they pulled the plug on her, and I've read stories of others too.  However, everyone else out there who probably did get approved didnt come here to the forum to tell us.  So you don't know the odds.  Good Luck!

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Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: LO& broker pulling my leg or real hope?


Booner72 wrote:

If it's just one late you might get lucky with an LOE, but it is an FHA requirement to have 12 months clean credit.  Stay positive but be realistic.  Another poster here was right up to the second with Wells Fargo and they pulled the plug on her, and I've read stories of others too.  However, everyone else out there who probably did get approved didnt come here to the forum to tell us.  So you don't know the odds.  Good Luck!


 

Based on numerous stories from members on this forum... a wells Fargo preapproval is best used in place of toilet paper where it can then be flushed before you spend hundreds of dollars on inspections and put up thousands in earnest money.

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Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

Re: LO& broker pulling my leg or real hope?

Underwriter denied me after I had approval.

Regular Contributor
jnkp2001
Posts: 135
Registered: ‎01-04-2012

Re: LO& broker pulling my leg or real hope?

"on the  plus side  my  last  60 days of statements show I have enough liquid assets to pay  about 4 mons of the mortagage  and  I have another 9 mons of mortgage payments stuffed away in my 401/457.   

 

what's a 401/457?  

 

I'm also a little confused, not really surprising.:smileylol:     Were your lates before your liquid assets?

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Frequent Contributor
DrJim
Posts: 361
Registered: ‎10-26-2009

Re: LO& broker pulling my leg or real hope?

I got my mortgage with Wells this past Spring/Summer and they were good to me.  If you are indeed correct about the SL's deferment status you may be okay.  You may be required to submit a LOE, but can't you go back to the SL lender and ask them to remove the lates since they are apparently in error?



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Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: LO& broker pulling my leg or real hope?


DrJim wrote:

I got my mortgage with Wells this past Spring/Summer and they were good to me.  If you are indeed correct about the SL's deferment status you may be okay.  You may be required to submit a LOE, but can't you go back to the SL lender and ask them to remove the lates since they are apparently in error?


If the lates are in error then you should be fine... You should talk to the SL provider... hopefully the mortgage company will get involved since the reporting is inaccurate.


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Established Member
gadget08
Posts: 15
Registered: ‎10-01-2012

Re: LO& broker pulling my leg or real hope?

I got a preapproval from wells fargo and got conditonal approval monday hoping to get clear to close today.  On our loan the negatives were nsf fees from fraud showing ytd balance but none on two statements that were given so i provided LOE.  Two collections one due to fraud the other reported in error so loe and delete letters from each company were given.  One of my conditions were to show large deposit explanation my partner is a waiter and we are in the midst of joining account but some deposits are part cash which of course lenders don't like but im hoping it wasn't a big deal im excited.   After hearing some of the stuff about wells fargo i was really scared but so far so good it has been a long process though just keep faith!!!!!!!!

Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: LO& broker pulling my leg or real hope?


stopdrpnro wrote:

planned on  doing a little more  rebuilding  before trying to puchase a home but  was pre qualified  by a  LO at wells fargo.  I have lates from my student loans (were supposed to be in defferment)  that are only 6 months old (accounts are all caught up and current now) .  picked a property, threw down the earnest money , got the gfe a few days ago, waiting on the underwriting. By my calculations my  dti would be  around 43%(current obligations+mortgage).  my scores are hovering in the 638-647 range.  on the  plus side  my  last  60 days of statements show i have enough liquid assets to pay  about 4 mons of the mortagage  and  I have another 9 mons of mortgage payments stuffed away in my 401/457.   After doing a ton  a reading here i'm  thinking the recent lates are gonna shut all this down and the wells fargo LO is just blowing smoke with his fingers crossed. what do you guys think??


From your post it seems as though you are really close, the only concern is those student loans which you say were supposed to be in deferrment.  Just hang in there and be optimistic but realistic as suggested by the ever wise Booner72 :smileyhappy:


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