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Registered: ‎03-06-2010
Re: wells fargo pre approved then denied by underwriter 5 months old kid nowhere to go
[ Edited ]

Sometimes you can overcome some of these obstacles with a different type of loan. Although many people use FHA because the downpayment is low, there are other underwriting benefits to an FHA loan. One of the main benefits of an FHA loan is that you can have a non-occupant co-borrower AND the loan is assumable with qualifying. Although you have 20% to put down, it seems like your wife needs someone else on the loan to boost her income to qualify for the loan. This way you can close with the FHA loan and when your wife's income is large enough to support the house on her own or with you, then you both can 'assume' the existing loan. Talk to your LO about changing the type of loan for which you are applying. Also, it would be a good idea to make application with a mortgage broker/mortgage banker rather than Wells Fargo. You have a much better chance of getting your loan completed.