08-23-2013 02:28 PM
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.
08-23-2013 08:58 PM
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?
08-24-2013 05:36 PM
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.
08-29-2013 02:49 PM
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!
08-29-2013 07:02 PM
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....
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.