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I have not dealt with WF as far as a mortgage, but have heard and read on here they are fine. As far as the actual approval, it took us about 2 weeks total. We had to fax everything but our first born. Actually, once we submit our first offer in a few days, they MAY want our firstborn!
Bottom line is keep everything up to date. DO NOT miss or be late on any payments. Keep your UTI about where it is now. We have been very careful with our CC's and all payments to make sure we still would be okay once we found our house. Just remember, it can all end right before closing if you are not careful. Once everything is faxed to the UW, you will be good to go!!
Good luck
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
Thanks for responding. If you don't mind me asking what all did you have to send them? I assume bank statements, w2's, rent history etc.....is there automated underwriting where you don't have to go through so much crap or is it all manual? I am still worried on those couple collections, I have no prob paying them off, and they are 2 + years old, I am just scared that simply because they are there that we will be denied in UW ! Can't figure if this is rational or not!!
@Anonymous wrote:Thanks for responding. If you don't mind me asking what all did you have to send them? I assume bank statements, w2's, rent history etc.....is there automated underwriting where you don't have to go through so much crap or is it all manual? I am still worried on those couple collections, I have no prob paying them off, and they are 2 + years old, I am just scared that simply because they are there that we will be denied in UW ! Can't figure if this is rational or not!!
We sent them all but our first born
Actually, my DH is self employed, so we had to send 07 and 08 taxes, 2 months bank statements..I just can't remember it all. We did not have to send any rent papers. We provided our landlord's number and address. The UW contacted him. My daughter lives with us, so her income.
Most USDA loans are done manually becaue the system you have to use is not used much (this is my understanding anyway)
As far as the collections, I am sure you are worrying for nothing. If you pay them now, it may just get you a big fat NO! If they want them paid, do it at closing if they will let you.
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
Like any lender, they have good loan officers and not so good ones.
You will likely have a pretty smooth experience. Just be patient.
I went beyond the prequalification with Wells Fargo and got a preapproval from the LO using the automated underwriting system for an FHA loan (straight-forwarded approval, Level 1). Provided all documentation prior to preapproval - 2 months bank statements, last 2 years taxes, current lease, most recent credit card statements, copy of drivers license and social security card, MLS listing of house I wanted to buy - and completed all applications and forms. Preapproval letter stated "Based on your mortgage loan application which included verifying your income, assets and credit, your mortgage loan has been approved." Approval was subject only to appraisal and pest inspections. The LO told me I was good to go and to put an offer in on the house. Provided signed purchase agreement which was 10K less than what my preapproval was for. Had 30 days to get final loan approval. For the past 3 weeks, I've been told that the loan was in final underwriting (no appraisal ordered yet), then my LO tells me today that my loan was denied! Absolutely nothing has changed from the information I provided. I was honest and upfront about everything on my credit report and even wrote a letter of explanation prior to the preapproval. I'm floored, as is the LO, but she didn't give any indication she was going to do anything about it. I'm almost out of time and will likely lose the house. Not a good experience with Wells Fargo.
I went through WF for a USDA loan and closed in November 09. They were great. As with everyone else on here, LOTS of paperwork, but it really isn't necessarily WF that is causing it. Their UWs really know what USDA is going to look for, and so they require a lot up front in order to avoid delays once USDA gets the paperwork.
Expect to send the docs you mention (though I don't know that they'll care about rent history - I didn't have to send that). Make sure that between now and closing, ANY deposit you make to your account is made at the bank with a deposit slip. Don't deposit stuff in ATM. I got a deposit check back from a rental that I unwittingly deposited via ATM a few weeks before I started looking for a mortgage lender, and it caused me some headaches.
Your scores are way fine. My mid-score was closer to 645, and I didn't have any issues.
Good luck.
I am doing the wells fargo usda combo right now...
Now that I started typing I forgot what your OP said so I have to go back and read it. LOL. Be right back.
Ok...back...
Well in my situation, I had to have a completely signed purchase contract, property appraisal, and inspection before anything goes to underwriting. The pre-approval process is really the very first step and lets the seller know that they've completed an overview of your financials and everything looks good and there isn't likely to be a problem with getting you approved.
After Wells Fargo finished their underwriting process, it is sent to USDA for their underwriting process.
If you have particular questions, I can ask. I'm in underwriting at Wells Fargo right now so I know the process up until that point.