My fiance and I found a home we LOVE, its perfect for us in every way! On January 11 we put an offer on the house after being pre-approved with Wells Fargo (and paying $11 for credit check) and after negotiating the seller accepted our offer. We put our earnest money down and got everything ready for the processor to send to underwriting. A few short days later, the appraisal was done and it appraised at more than asking price. So now we are in underwriting and they came back with conditions of submitting more bank statements, a gift letter and we need to have a septic and foundation inspection done. We've been told over and over that its fine and they don't see any major issues but I'm still stressing..the more they ask for, the more nervous I get! The attorney has already finished title work and homeowners insurance has been taken care of.
My question is..is there any possible reason you could think of as to why we could be denied based on his info? It will be just in my fiance's name since he has better credit scores...heres the info..
Credit scores are 813, 795, 796
4 credit cards with 0 balances, they've never been used for more than $100ish, all have been opened for well over a year
1 auto loan with both our names on it @ 4.99% and 18k left, June will be 2 years since this line has been open
Gross monthly income is 3,693, he has been at his employer for 14 years
It will be an FHA loan, we will be paying 3.5% down, loan will be for $83,500 and seller is paying closing costs, estimated payment is $594/month being locked in at 4.25%
8 months worth in emergency fund including mortgage payment amount, 15k in 401k right now
He's never paid rent since we both live with our parents until we get married in May, submitted a letter of explanation stating this
Down payment money has been sitting in the bank account for several months
They keep telling us to plan on closing February 28 but the closer it gets, the more concerned I am. I've seen so many stories of people being pre-approved then being denied. Please help ease my mind a little...
