New Member
Posts: 2
Registered: ‎09-19-2012
wells fargo pre approved then denied by underwriter 5 months old kid nowhere to go

i made the title a bit dramatic

we thought that the process was almost complete (first time buyers)

so we assumed that everything gonna be done by the 1st of next month and we moved out of our rental house and put everything in a storage

now we are staying at my wifes sister house expecting to have our house in 2 weeks


today the wells fargo mortgage consultant told us that underwriter denied out loan 



the situation:

we have a 5 month old kid and no space to set up a crib so he is growing out of the lil basket he slept in


my wife has savings and enough to put a 20% downpayment on a 250k loan and good credit over 750

i have no savings and very good credit also over 750 i was unemployed for last year and a half so i had no proof of income.

she had to get a loan with her sister that just bought a house in cash and paid it off

i have no savings because i wasnt planning to buy a house now and she just suddenly decided she wants a house so i wasnt really prepared.

as much as i want her to learn from this mistake i rather get this over with.


the consultant said its ok and that we shouldnt have a problem to get approved.

now the underwriter said that my wife doesnt make enough money and her sister doesnt live with her...


it seems like he is wasting our time 


she already paid the earnest money and independent inspection and the inspection by the bank.


i dont really know what we can do in this situation since we are in a hurry to move in a house.