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....