Wow there has been some issues with Wells Fargo, which is what I had heard from my Realtor. He told me that Wells Fargo is just not good to use, but this was after i had already received my preapproval. At this point I should have all my Documentation in(i have seen on this site that the LOs will want my tax returns, which she did not initially ask for) The LO happens to be a friend of mine so I am hoping she watches out for me, which it seems like she has been doing so far. My appraisal was completed as of Monday, and I got my insurance agent today, which my realtor wanted to know that information to give to the title agency. My loan processor called me yesterday and told me that my loan was being sent to the u/w. So I am waiting for the u/w to be completed. The only snafu that has happend is that I wantd to use a down payment assitance program that is called grants for grads and they said that it would take me longer to go through their preapproval process because they are so backed up. So i opted just to pay the amount so that i can hopefully close on time. Potential Closing date is 9/27 and I will reach back out to Liz on Monday. In the beginning i did have to reach out to her because I was so anxious but she has been reaching out to me for things, like my updated bankstatements because she had to change my intial app. So good luck to us all!
Now I'm wondering how long underwriting can take?
Good news and bad news. Good news is that my file has only take 3 days to be reviewd by the first u/w at wells. Bad news, I am not getting approved. They said because I was late on a payment after my bankrutpcy(which i assume they are speaking about the collections on my account which is not on there when my pulled my report today),the fact that i am going to making no payments to payments(i live with my parents i pay them $400 in rent a month), that i have $75,000 in debt(due to school and a car loan of $11,000) and finally my lack of savings(i thought with FHA you do not have to have several months of payments saved? It's in their now, but i didnt know that was an issue) they do not feel comfortable approving me. So with a closing date of 9/27 I am trying to rush to get financing after these people busted their asses to go into contract with me, and to fix the remedies. i called my realtor who told me from the get go that he did not like wells fargo and he gave me someone else from concord bank. So i am waiting on that information and I'll keep you guys posted! I'm glad i decided to not buy all that furniture! lol
Let us know how it goes with the other lender!
I am still at a stand still as to what to do. Someone suggested I try to get a USDA loan because they require less in the area of past years w2's but I was looking at their website and it said there can be no collections what so ever on your credit report. Which we do have a few small medical ones that should be cleared up in the next few weeks so I guess we will wait til then....
Just an update. I had gotten a denial from Wells Fargo after about 3 weeks...I hear that the actual banks may be tough with credit issues. I went through another Mortgage Loan company and gotten pre-approved. However, I found a great neighborhood through DH Horton and gotten pre-qualified through their Mortgage Company (DHI Mortgage). I am going through a Homebuyers Club to get the points up by about 15-20 points. I wrote a contract and gave my down payment...they are allowing me to break ground.
So, please don't give up and look at other alternatives outside of Wells.
@ Phumanr that is great! tell me more about this homebuyers club! @Shenny07, i would think easiest would be USDA, as should anything happen in the future they are hard to modify loans with. But dont give up!!!
We are going to do our best!!!! whoooooo!!!!
With DR Horton's mortgage company, if you are short on points, they sign you up with the Homebuyer's Club. You will get a credit analyst who will review your credit report with you and put together an action plan to ensure a successful close. They will also do simulations with your score and advise you on what things you need to do to get your scores up prior to close. With the home building process taking up 4 months, I should be in a really good position to close on the home.
That is awesome! I think that is a wonderful idea!! I am still in underwriting and i have two differnt broker's looking at my loan. (i know long story how that happened). Havent heard anything yet! My closing is 8 days!! count them 1 2 3 4 5 6 7 8 days away!!!! not to mention their is a title issue going on. Either we will need an extension or we will make it. Oh boy!.
So just got a call from the realtor, and the good news is that the title will be completed within 48 hours. The bad news is that my loan wont be done by then. My LO called me and he just seemed not too enthused. I dont know if that is just his personality, or if it's not good. trying to stay positive.....
Okay so i spoke to the LO last night and he verified that we wont closed by next week. My realtor said that he doesnt believe the extension will be an issue, but I still feel the burn from wells fargo saying that i shouldnt be denied. LOL So he said that i needed the following:
Seems like a hell of a lot. i asked him if it really is looking good. I dont want to bust my ass getting all this stuff and i get denied due to something that could have been identified prior. He said he wouldnt ask me to get all this stuff it he didnt think the loan was going to get approved. So i'm keeping the faith and will follow up with my real estate war story later! Good Luck to all of you as well!