topic Preapproved! (Maybe?) in Mortgage Loans

Preapproved! (Maybe?)

futurepoppa — Thu, 17 Apr 2014 21:24:59 GMT

So last week I put in an application with fgmc after searching a few posts here. The next day, I got an email that they may be able to pre approve me based on my credit (not the best score, but history isn't so bad on paper) and that I needed to submit additional info. I sent all requested docs and LOE's later that evening. Yesterday, I got an email with a preapproval letter attached. I was excited until I spoke to my realtor.

After forwarding her the pre approval letter, she stated she was unfamiliar with fgmc and that the preapproval letter was vague (no loan type, or interest rate listed) would check them out and call the LO and get back to me.(We were just burned by another company that basically wasted our time.) The LO had also asked for my realtors info in the preapproval email so they should be talking soon.

My question is should I be worried about fgmc? I see several people have had success with them so on one hand I think it'll be fine, but for those who closed thru fgmc, how specific was your pre approval letter? Mine has a few condition (appraisal, insurance, signed purchase aggreement, no change in employment), the loan amount and term of 360 months

Re: Preapproved! (Maybe?)

fot1 — Thu, 17 Apr 2014 23:22:43 GMT

I used a different lender but my pre-approval letter for the realator was very basic. had my name, lenders name and ammount approved for. That was that.. I don't see why a realator would need to know lenght of loan or interest rates in a pre-approval.

Re: Preapproved! (Maybe?)

futurepoppa — Fri, 18 Apr 2014 01:15:42 GMT

Thanks for the repy. This is my first go round with all this. I guess she may be a little skeptical because the previous lender gave us the run around. Thanks again

Re: Preapproved! (Maybe?)

lesse — Fri, 18 Apr 2014 15:31:08 GMT

IM in Underwriting with them- not feeling to confident.. but hopeful.. what are your scores if you dont mind me asking and did you get any conditions?

Re: Preapproved! (Maybe?)

futurepoppa — Fri, 18 Apr 2014 17:31:28 GMT

My scrores at the time of pull were 612 614 623. I had to write a LOE for every derog on my report. This was requested after the credit pull along with paystubs bank statements, tax returns etc. After that I got a call from the LO with a few more questions and then he told me he'd send it over to underwriting and get back to me. Took almost a week after that to get the pre approval letter. The conditions listed on the letter are

Satisfactory appraisal supporting homes vaule

Evidence of hazard and flood insurance

Satisfactory title policy

No variationsin income or emploment

Required asset and funds verification

Final underwriting review

Im sure more will come once we fine a home and make an offer. Best of luck with your underwriting

Re: Preapproved! (Maybe?)

lesse — Sat, 19 Apr 2014 01:17:22 GMT

Thank you for responding

MY LO said that he was hoping to hear something by end of this week- i submitted on monday and he kept asking for more and more paperwork and i think he submitted Tuesday or wednesday ... i have heard good things so i think with the pre approval you are in good to go )
Do you have any derogs on there? if so are they paid or unpaid? Dont mean to pry im usually in the credit repair section and everyone is pretty open if you dont want to disclose thats fine

Re: Preapproved! (Maybe?)

futurepoppa — Sat, 19 Apr 2014 16:59:36 GMT

Im down to my last 5 derogs. 4 of them are four year old student loan lates. Those loans were paid off about 3 yrs ago. Then theres the big daddy charge off from first premier. It happened in 12 and the updated it every month until this Jan. Outside of fp and student loans, I have not other lates, but my average account age is only 3 yrs.

Hope you get some awesome news at the end of the week

Re: Preapproved! (Maybe?)

lesse — Fri, 25 Apr 2014 03:34:59 GMT

YUCK first premier got everyone and of course they dont do any PFD, any goodwills.. they suck and i had 2 accounts with them... i have sent plenty of emails and keep getting the same response from the contact and another contact- they dont delete ((((( wahhhh

Re: Preapproved! (Maybe?)

lesse — Sun, 11 May 2014 02:05:36 GMT

Any update on your progress?

Re: Preapproved! (Maybe?)

futurepoppa — Mon, 12 May 2014 15:28:55 GMT

I got an email about two weeks ago with the real conditions. I had about a list of 8 or 9, mostly having to do with signing paperwork (tax returns, letters of explinations, tax transcript relase authorization etc). I also had to write a letter for several recent inquiries, but they were all relating to mortgage shopping.

The biggie was they wanted to see the estimated cash needed to close, which is about 5k plus 5 months reserves of 7k. However, my LO came back with only needing to see 3 months reserves. Of course we just found out that the seller on a house we really really wanted went with another offer so we're bummed about that.

How's your deal coming along?

Re: Preapproved! (Maybe?)

lesse — Tue, 13 May 2014 06:48:10 GMT

First im sooo sorry to hear your deal fell through.. but you know what they say when one door closes another one opens... and its an even better door .. to a better home Just keep on looking.. Sounds like my conditions to the Tee I got my conditions last Thursday and submitted them last Monday... today- a week later i spoke with my LO and he said that most of them had been cleared and we are in "good shape" .. i have been stalking him every day asking a million questions lol but from what he says we have an approval.. i had to go through management for an approval.. something to the effect that i was approved through automated u/w but the u/w on my file was trying to manually underwrite.. either way they had me complete alllll kinds of paperwork and loes before i got the "pre-approval letter". I found a beautiful REO that was listed at 145k (sold 5 years ago for almost 300k) its 2000 sq feet 4 bedrooms 2 bath- needed furnace, oil tank and Kitchen.. being that i opted for the 203k loan i offered 140k and asked 6k in closing- they countered with 4900 in closing and I SCREAMED and jumped was so excited. then my realtor .. stated wait.. they also (without us asking) offered to fix furnace and replace oil tank.. OMG that leaves me 20k for a new kitchen- i assumed bank said was being sold as is- that they wouldnt fix those items so i took those into consideration when making my offer... just waiting for my contract now from the bank..so praying everything works out.. im still on edge.. closing is 6-25.. oh yeah the bank is doing something ive never heard of.. $50 per day extension fee.. makes me sick to think of that. but my LO was confident with a 30 day closing.. so being that i asked for 45 days and ALL my conditions have been cleared that are not directly related to the home.. im hoping it will work out.. well it has to work out because im not paying that fee lol ... sorry for my story.. i guess im soo excited and yo

Re: Preapproved! (Maybe?)

futurepoppa — Tue, 13 May 2014 15:28:09 GMT

That is GREAT news! Very happy for you! And a pretty good deal to boot! I considered the 203k as well, unfortunately, the homes in my area are still priced pretty high even with needing the amount of work.

So back to the drawing board for us and to top it off, my wife is pregnant so house hungting is a "unique" experience to say the least. We're back at it Thursday with a couple more to view. I'll be so glad when this is over lol

Re: Preapproved! (Maybe?)

lesse — Tue, 13 May 2014 18:29:50 GMT

Awww how exciting and stressful... i just had a baby as well - well she just turned ONE but boy o boy how a year goes by so quickly..any who..hormones are raging so be nice to your wife and have patience lol... i could NOT imagine having to buy a home while preggo.. the stress must be overwhelming ... hope you guys find something you like with your next upcoming search Keep me posted

Re: Preapproved! (Maybe?)

futurepoppa — Tue, 13 May 2014 18:38:15 GMT

Yes, the stress. I keep telling myself, "be nice" lol

I'll keep you posted.

Re: Preapproved! (Maybe?)

lesse — Thu, 22 May 2014 02:14:32 GMT

Welllllllll.....my offer fell through

I signed contract and submitted.. went on vacation -gave me realtor my schedule so she can keep in touch, and i made sure the hotel had a scanner, printer and fax so i was prepared to send/recieve any paperwork AND they CANCELLED my offer after i already signed and sent them contract because they recd a better offer.... TOTALLY unfair ...im so discouraged right now.. i did all this work to get qualified and now i cant even find a home and im not that picky...just picky in the area that i want to live- meaning only a select few towns but seriously TOWNS not streets..why is this sooo difficult???

Re: Preapproved! (Maybe?)

futurepoppa — Thu, 22 May 2014 12:56:26 GMT

That's just wrong! I wonder if there is any recourse for that? I mean if the situation were reversed, they'd want to get their hands on that ernest money deposit. That's so not cool. I'm sorry to hear that.

Hang in there, I know your frustration. We're on offer number...I don't even know. The market is crazy right now and sellers are catching on and holding out for the most money they can get. We aren't picky either, except where we live, same as you, and it's just really starting to drain us. We looked at 6 houses the other day after work. We're waiting on a response to an offer we made on one. Trust me, I know exactly how you feel as far as the discouraged feeling goes. Just try to take a step back, breathe, clear your mind and remember that you're going to get your new home, it WILL happen!

Re: Preapproved! (Maybe?)

mynameainttracy — Thu, 22 May 2014 13:15:24 GMT

I am in a similar situation. I worked my tail off to get my CR cleaned up, post CH 13, post FC and finally got pre-approved then there isn't squat on the market. The only thing that was remotely close to what we wanted we put an offer in and the builder wouldn't budge. "There is a lot of interest" blah blah blah.

Unfortunately our lease will have to renewed soon and we are stuck waiting until the end of the year to start looking again. It sucks.

Re: Preapproved! (Maybe?)

futurepoppa — Thu, 22 May 2014 18:22:04 GMT

I hear ya. The icing on the cake is that in my area, a recent as 6 months ago, homes in the areas we're looking in were averaging 20-30k or less than what they are asking for (and being bought for) now. There's still a lot of houses in inventory that aren't being released to the market yet also.

It's frustrating. We'll all get there though

Re: Preapproved! (Maybe?)

bdhu2001 — Thu, 22 May 2014 19:31:53 GMT

@futurepoppa wrote:
I hear ya. The icing on the cake is that in my area, a recent as 6 months ago, homes in the areas we're looking in were averaging 20-30k or less than what they are asking for (and being bought for) now. There's still a lot of houses in inventory that aren't being released to the market yet also.

It's frustrating. We'll all get there though

There's been a jump in buyers. I feel your pain and sorry you're having tough luck finding something. I found three houses that I liked and everyone of them accepted an offer before I put in mine. I'm thinking about waiting until after Spring, but risk interest rates going up. Keep plugging, I'm sure you'll find something soon.

Re: Preapproved! (Maybe?)

lesse — Fri, 23 May 2014 17:01:19 GMT

Sorry Bigpoppa.. fingers crossed this deal goes through for you... i found a house i like and im going to put an offer in after i do one more walk through today.. only thing is that its a short sale so it could be a long process which i wanted to close next month or early July and be able to move by the end of july or early august .. so fingers crossed this works out for both of us!

Im soo glad (not for everyones situations lol BUT just glad im not alone and i can come here and vent) No one understands unless you been on this forum the time and effort and research we did to get to this point and then to not be able to find something.. its sooo weird but i strongly believe everything happens for a reason and when THE ONE comes along .... it will be worth the wait Good Luck everyone