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All the approved lenders name is on their website. Regarding Maternity leave no lender can say that you go back to the job especially for pre-approval.
@Anonymouswrote:
Hi Everyone,
I have quite a few questions and I'm hoping the answers will help me and anyone else in a similar situation.
Ok, so I started the process of getting a pre-approval (it has now been 2 weeks) NO pre-approval so far. I'am a first time homebuyer and as much research as I've done I don't see where it takes this long. My lender (has 14 years in the business, which he reminds me regularly) has communicated with me less than 5 times over the phone and is pretty late to respond via e-mail. I feel as though I have done a great mistake at this point going with this lender but he is a GA Dream approved lender so I thought this was the way to go.
Now, after 2 weeks he is stating after submitting my paper work through automated UW discrepancies have come up (remarks that need to be removed).
I have since contacted ALL bureaus and had remarks removed. I am now being told since I was out on maternity leave in 2015 and 2017 I need a letter of explanation to explain my decrease in pay (I've already provided this)
I am currently on bonding leave (post maternity leave which is unpaid) but I return to work April 1st. My employer has provided a verification letter explaining my increase in pay upon my return. My lender has now said I need to return to work, work 1 month then re-apply again.
I honestly feel as though he has stalled my process since I haven't looked into any other lenders and now I fear another hit on my CR next month when I re-apply with another lender.
Questions?
1. Should I try another lender now while this one is still giving me the run around?
2. I have been on bonding leave for 1 month (my only gap in employment) will this cause me to not be pre-approved?
3. I have 68,000 in SLs my gross yearly income is $51,000 no derogs, credit utilization >3% $7,000 cc carries a $35 balance each month a car payment of $177 paying off before closing on home (once I find one). Im aware that 1% of my SLs will be calculated. I have $10k savings and $41k in 401k
What would be the minimum amount I would be approved for?
4. Do I have to return to work before I can be pre-approved?
Please any lenders familiar with the GA Dream (also took the required course already) chime in!
The GA market is very competitive and I would just like to know what I can afford.
You can't be told to go back to work for a month & then re-apply if you are on maternity leave.
Take a look:
https://www.hud.gov/press/press_releases_media_advisories/2017/HUDNo_17-034
If possible, you should reconsider using the GA dream program. Even if it means taking out a loan against your 401K.