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.

I am in a similar situation sans the child.  I was preapproved by wells and it all looked good, then whamed! denied. The u/w didnt feel comfortable approving the loan.  So now i am with two different brokers who are looking at it. I'll miss my original closing date.  But hoping it will be completed by the 2nd week of October.   I would say try a  broker as they may have less overlays than big banks have. 

Agree with the others. I would ditch Wells and look for a broker/banker and go FHA.

From personal experience dealing with Wells Fargo right now, listen to them and ditch them and use a broker. They'll be straight up if you find a good one. From experience and from reading on here, Wells Fargo LO's are just a bunch of application takers now and the only one in the office that even touches paperwork is the processor that just gathers it and hands it to underwriting. Their the ones that basically do everything!

Yep... definately ditch wells... go with a broker on an Fha loan

In my opinion, unless you have big bank experience like a previous home loan or a super high line of credit with the them then you should always go with a mortgage broker and then decide rather or not to go fha. Another big no no is having the debt to income ratio out of there lending parameters. Income means money you make. Do you make enough to pay for what you qualify for? Some people get pre-qualified  for more than they can actually afford... without even thiking about the taxes, FEES,interest and did I say fees. Goodluck to yall.

You don't say specifically, but do you have a contract on a house?  I wonder if you were "pre-qualified" or "pre-approved", there's a difference.

 

Do you have a Buyer's Broker?  I would talk about this with your Buyer's Broker, or if not with the seller's realtor for recommendations for a mortgage broker.

If we go with a broker how can she get the money back because she already paid close to 7k for the inspecrions and earnest money


And also the bank appraised the house 2000 dollars less than owners asking price.
Ive been renting since 2005 and have a good history
Mortgage is gonna be 1200 a month same as we paid for our rental house for a year.
Plus she took a 4 month break from worh due to prefnancy and her income ia gonna be even lower this year.

---

mute9003 wrote:
If we go with a broker how can she get the money back because she already paid close to 7k for the inspecrions and earnest money


And also the bank appraised the house 2000 dollars less than owners asking price.
Ive been renting since 2005 and have a good history
Mortgage is gonna be 1200 a month same as we paid for our rental house for a year.
Plus she took a 4 month break from worh due to prefnancy and her income ia gonna be even lower this year.

---

Earnest Money is paid to the Realtor / Real Estate Broker and held in escrow.  So using a different Mortgage Broker shouldn't affect that.

Inspections by licensed inspectors should be reusable.

 

If the appraisal is lower you have to find another $2000.00 for your downpayment or renegotiate the sale.  Typically a seller would reduce their price.  The other thing is you probably can't "reuse" an appraisal, a new lender will order a new appraisal.

 

Any money paid to Wells Fargo based on their representation of "pre-approval" should be refunded.