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Anyone know why your loan app would need to be manually approved, after it was auto approved? We got an approval auto, and I was told bc my score is lower than desirable they would also need to do a manual pre-approval. Is this standard? Who is doing the manual approval, and what are they looking for?
I always thought the broker would punch in the numbers look at credit, plug it into the computer and it's either yes, or no. I didn't think this manual stuff happened until the end with underwriters, ect. Any words of wisdom?
THANKS!
who are you going through? I have roughly the same scores and am looking for a preapproval myself.
I have a loan broker, so I am not sure. She told me she could get me a loan as long as my mid score was 600. It's an FHA loan 3.5% down. We did get our pre-approval about 24 hours after it went to a manual review.
Good luck, there are people out there that can help with lower scores, but they are hard to find!
Lower scores can generate a manual review. It is very normal for many Lenders.
can you pm me your loan broker's info? i'm in the same boat as you and looking for a preapproval.
Sorry for the late response! Just saw this.
We are going through Coldwell Banker Mortgage. They will do FHA with 600 credit scores if everything is at least 12 months clean.
@MarieSmiles4 wrote:Sorry for the late response! Just saw this.
We are going through Coldwell Banker Mortgage. They will do FHA with 600 credit scores if everything is at least 12 months clean.
how did the manual process go? are yu a current homeowner? how long did the process take?
thank you