08-29-2012 05:59 PM
08-30-2012 04:49 PM - edited 08-30-2012 04:58 PM
Ok we started this journey about 3 months ago. We brought my score up to 625. Now Wells Fargo pulled my income taxes and are trying to state my income as what was reported as taxable income on my income taxes. Is this a normal procedure? I know everyone says don't go with Wells Fargo but with my score at 6:25 don't really have any choice, and we have a baby on the way so we were hoping to get into a home before the beginning of the year. Do all other lenders go off your reported income after deductions or or is it just a wells Fargo wonderful?
This is normal. The lenders ask for your tax returns for this very reason - to make sure you have the ability to make the payment. This is not just a Wells Fargo policy. However, you should have known about this from the first day you applied and not three months later. That's where Wells Fargo fell down...they didn't get all of your info up front like they are supposed to.
09-01-2012 05:30 AM
they only asked me for two check stubs and last 2 years w-2. Is this normal?
You will have to provide the last two years tax returns as well.
Apparently your LO only asked for part of the information, as the process moves to the underwriter they will continue to ask you for info. IMO its better to provide everything up front, but some loan officers would rather drag out the process.
09-01-2012 01:34 PM
First off, I have to say that I was preapproved by NFCU, BB&T and WF. WF gave us the best deal and service. Maybe I am an anomaly, but they were wonderful with me. I had a 709 midscore, VA loan, 3.75% back when that was the lowest you could get, lot's of incentives, no down payment or PMI and I closed on a $416K house with about $2,300.
Yes, it is normal for them to get all the documentation they can get post Great Recession. It looks like you are actually giving them less than I did. I think we did 3 or four years of tax returns and pay stubs. UW was a bit of a stickler, but honestly, I thought it was a pretty easy process.
Good luck on your hunt and closing!
09-01-2012 03:13 PM
09-01-2012 03:42 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.