trying to get pre approved

[Anonymous]

Hi everyone.   6 months ago, my DH and I set out to grow a credit score as we had none.  Thanks to all of the advice we got here, it showed up a few days ago high enough for an FHA loan!

Mine - EQ 651, TU 682, EX 648

DH - EQ 670, TU 668, EX 670

We have contacted 2 groups about getting a loan so far.  One is a family friend who I initially went to 6 months ago.  She pulled our credit and has restarted the process for a pre approval.  I am to send in new paystubs and bank statements.  She says I can expect delivery of the new paperwork after Labor day.

I also contacted Bank of America and applied over the phone, which took nearly an hour.  At the end of the call, the LO emailed me what looks like a good faith estimate and a pre qual letter.  I very specifically asked him how to go about getting pre approved and he told me that what he had done was essentially a pre approval since my information and credit was submitted to an underwriter during our call.   He told me my next step was to go find a house and make an offer.   (He also said something about running dlp's and getting accepts but I am not certain what this is.)

My realtor wants me to have a pre approval before she'll show me any houses, which I understand.   The LO said if she had any trouble with my pre qual to pass on his number.

So what I am wondering is, is it possible that one LO can preapprove me in an hour without physical paperwork while another needs all of the paperwork up front?  I don't want to waste anyone's time but I don't think mine should be wasted either.  Does anyone have any experiences with phone applications with BOA?

[Anonymous]

The person you spoke with at BofA was probably more like an intake clerk and not an actual Loan Officer. Without providing documentation you probably are pre-qualified. (Many realtors accept pre-qualification as a go-ahead to start shopping) Once you verify everything you told them over the phone with documentation, you'd be pre-approved. Be cautious of big lenders like BofA, they are so large they have several "levels" of employees. I've read a lot of stories about how difficult they can be with communication and being told one thing by one employee and another by a different one.

It's the weekend and a holiday weekend to boot so that's probably why it will take her so long to get it done. You can usually get pre-approved in a day or two.

[Anonymous]

He was introduced to me as a Loan Officer, not an intake clerk.  I get where you are coming from though.   He also told me that I was submitted to Freddie Mac and passed underwriting.  How can I get them to give me a pre approval if they tell me I don't need to provide any documentation until I find a home? 

[Anonymous]

They are BSing you, plain and simple.  The person you call works in the loan department of a large company.  They may consider themselves a loan officer, but all they really are a data clerk.  They put your info into a computer and it gives them a quick yes or no.  That is just a quick look, not a pre-approval.  It's kind of like driving by a house and saying it looks good from here but you never know until you walk inside and look around.

There is no way they can give you a pre-approval without income verification, employment verification, exact debt figures, etc.  That gets done before you are officially pre-approved.  You may find a realtor that will work for you with a pre-qual, but sellers want to generally see a full pre-approval (and may often follow up to verify it) before they accept an offer. 

[ShanetheMortgageMan]

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@Anonymous wrote:
He was introduced to me as a Loan Officer, not an intake clerk.  I get where you are coming from though.   He also told me that I was submitted to Freddie Mac and passed underwriting.  How can I get them to give me a pre approval if they tell me I don't need to provide any documentation until I find a home? 

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Quite simply, Bank of America does not review your documentation until you have found a home and have an accepted offer.  Now if you are super well qualified, probably doesn't mean much, but if there is anything borderline about your file then why would you take the chance?  The loan officer who was a family friend sounds like they are going about it the appropriate way.