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preapproved can i be turned down???

Regular Contributor

preapproved can i be turned down???

Got a GFE (good faith estimate) and preapproval letter for the loan, its now gone to UW for final approval, what are the chances of it being rejected at this point?  I suppose im just so nervous.

4 REPLIES
Super Contributor

Re: preapproved can i be turned down???

Anything can happen, this is 'Murica.

 

However without further information on what concerns you have, it's tough to say.  It's common to be nervous.  I take it since you have a GFE you already are under contract on a home?

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Regular Contributor

Re: preapproved can i be turned down???

Yes im under contract and my application has gone from the LO to the UW.  Its my first time buying so im nervous.  I asked my LO how were doing he said "your in good hands" and nothing else.  Im just waiting for something to go wrong, we are 34 days from closing.

Regular Contributor

Re: preapproved can i be turned down???

We're in the same situation right now. Have you heard anything from UW? Ours just went to UW, and we're set to close on Sept. 16.

Keep us updated!

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Super Contributor

Re: preapproved can i be turned down???

The pre-approval is only as good as the loan officer.

 

Typical things that a bad LO might miss and the UW deny for is:

- deductions on tax returns, like business loss or un-reimbursed employment expense

- miscalculated income on non-typical pay

- judgments or liens that got removed ffrom credit, but get found in title search on your social

- verification of rent, if required

- verification of emplyment when overtime/bonus is used to qualify

- fishy things on the bank statements like recurring expenses....

 

 

Retired Lender