topic Re: Well Fargo FHA mortgage loan with subprime scores in Mortgage Loans

Well Fargo FHA mortgage loan with subprime scores

Anonymous — Wed, 20 May 2015 12:22:12 GMT

So I've been through a small journey in a short period of time. Lender pulled EX 569, EQ 626, TU 656 go figure huge differences! I went to the atypical mortgage brokers and no one would help me! I needed a home loan, and fast! My last option was Wells Fargo but reading every review on here I was so very doubtful... Met with a mortgage banker at WF yesterday! She made me feel calm and collected as almost every review says, they are always really easy going until they just never get back to you. My loan isn't going to underwriting until I get every document in the world possible but my ratios are high at 47%, and LO said we are going to submit anyway, it might just be fine?! Anyone have the same issues with ratios?

Re: Well Fargo FHA mortgage loan with subprime scores

Anonymous — Wed, 20 May 2015 12:28:54 GMT

At the bank I work for you would qualify with a 640, and we are considered to be very conservative. Depending on what baddies you have on your report, I think you will get an offer. Do any of your collections carry a balance?

Re: Well Fargo FHA mortgage loan with subprime scores

StartingOver10 — Wed, 20 May 2015 15:45:16 GMT

For an FHA loan your ratios are fine. However, you have to check with your LO to see if their guidelines are any different.

I have mortgage bankers/correspondent lenders that use a 620 mid score all the time rather than 640. So it really does depend upon which lender you are using as they all have their own overlays. FHA sets minimum standards and the lenders can and do make those standards more restrictive. Each lender is different. Did your LO put your app through DU yet?

Re: Well Fargo FHA mortgage loan with subprime scores

Anonymous — Wed, 20 May 2015 17:26:24 GMT

@StartingOver10 wrote:
For an FHA loan your ratios are fine. However, you have to check with your LO to see if their guidelines are any different.

I have mortgage bankers/correspondent lenders that use a 620 mid score all the time rather than 640. So it really does depend upon which lender you are using as they all have their own overlays. FHA sets minimum standards and the lenders can and do make those standards more restrictive. Each lender is different. Did your LO put your app through DU yet?

+1. For example, we will go down to 580, but you will need four months reserves and a DU approval. Every lender has different overlays.

Re: Well Fargo FHA mortgage loan with subprime scores

Anonymous — Sat, 23 May 2015 13:22:15 GMT

Man you guys are very lenient. We won't touch anything under 640.