My happiness over being approved for an FHA loan with Wells Fargo has been short lived. Tonight, I checked my voicemail on my break. A coworker of my LO said she is working with him on my loan and wanted to review my outstanding conditions list. My LO ran my file by the underwriter before I officially went in to sign papers and review the GFE? and she said she didn't see any problems. My LO said twice that he didn't see anything else that I would need to provide other than what I had already given him. So, now I find out that I have outstanding conditions after I have paid for the inspection, paid for the credit pull, paid for the appraisal which won't be done until Friday because of the ice storm, etc.
I am supposed to close March 3rd and February is a short month less three Sunday's which are not business days, normally. So, now I am freaking out. I have eaten a half a family size bag of Munchies (store was out of ChexMix Extra Spicy).
Now I understand why people on the mortgage board are always stressed out. Now, I get it.
I myself am suffering from snowstorm angst - I have a March 28th closing and I had to push back my lead-based paint, feasibility for 203k, and regular inspections all to Monday. Nothing goes to underwriting til I have the inspections done. I'm freaking out because I also need the appraisal to come back at 160k or less - if it's higher, I'm not going to be happy.
If we get anymore ice storms Mother Nature may take care of your below 160K appraisal. You have two months so that seems to be a little breathing room right there. That old musty groundhog didn't see his shadow either so we are supposed to have an early spring. I think the stars are aligning in your favor. Let us know how your inspections go. Chin Up!
were there any conditions that you could not satisfy? 99% of all loans get a conditional approval first
It is there that the UW asks for all supporting documents that they feel necessary to solidify the loan
Dont stress it to bad - it is standard
I am not still not sure what "conditions" are but I originally called Wells to get preapproved so that I could make an offer. LO talked to me at quite some length then took my info and crunched my numbers in the system. It came back "with reservations" for conventional with 20% down. My LO called my real estate agent with a prequalification and faxed it over to her. I made the offer, etc. accepted. I called to make an appointment per my contract within the 7 days allotted for an in person application with LO. He told me over the phone that he had talked to the underwriter and ran my file past her because I had voiced concerns over running into problems at the last minute (like I have read here at the forums). He said the underwriter didn' see anything that would keep me from being approved. He told me I looked pretty good compared to what he usually sees lately.
I went in for my appt. I ended up going FHA so I would have a larger reserve after closing. When my LO ran my final paperwork through the computer it said "approved"! He printed out everything and we reviewed and I signed and initialed. The appraisal has been scheduled but was pushed back to the 5th because of the ice storm. Tonight is when I received the voicemail talking about "conditions". The person did not say what her job was but she mentioned my LO's name.
So, I am upset and freaking out. But, then again, I still cannot watch Bambi all the way through because it makes me cry too much. Ditto for Charlotte's Web.
I am definitely calling first thing in the am.
Buying a place is stressful.
When I was buying house eons ago, I was preapproved by my bank. Paid the fee, everything was in, everything was moving forward, had insurance binder, appraisal, inspection...and my bank, which was holding my 89k or so, went silent.
The manager had employees screen his calls. His employees told me to stop calling. This was 2 weeks before closing.
So I took EVERYTHING to another branch, explained, and the branch manager there looked things up. He said I was approved for my loan and he didn't understand why things were at a stand still on their part. He said the loan dept would call. Well, some guy did, demanded $460 to make my loan go through. (I had already paid the loan fees and told him so. The manager had already verified it.) The guy said look, you don't give me money right now, this wont' go through. I called the branch manager back, told him what transpired, and he said he would deal with it. Then he went off line.
A week before closing, both branch managers are ducking my realtor and me. I take everything, including my tears, to a third branch. This was on a Friday and I was to close the following Friday. Explained, she verified I was approved, that underwriting had approved...and said she would get back to me.
Wednesday night, after this branch manager went silent, I called my realtor in tears and said it's not going to happen. Cancel the deal. The bank was ducking me, since I had a letter saying I was approved for the loan, no conditions, everything else was done, I was going to loose my $5k ernest money.
Bless my realtor's heart and determination. She found me a lender on Thursday, I closed that Friday.
My original bank never explained WHY things stalled. They have no answer. I went to corp VP and demanded a FULL refund of my fees. He gave them to me.
That 89k sitting in their bank quietly left. Part for the house and the rest to another bank. They never even asked me why the money left.
To this day, I have no idea why things stalled. To this day, the bank has never asked me why I moved my money.
The moral of this story is do not give up. Miracles happen. As stressful as it is, try not to stress. I didn't get my lender until less than 24 hours before closing. THAT was a miracle!
Hang in there!
Thanks, I feel better. I will save the other half of my Munchies bag for tomorrow.
WHAT ARE THE CONDITIONS?
Sorry, just wondering.