topic Re: How long does it take???? in Mortgage Loans

How long does it take????

renaboo01 — Wed, 09 Jul 2008 04:14:52 GMT

Hi everyone. I put my application in for a FHA loan on June 16 with Wells Fargo. At the time my middle score was 633 (TU). The LO looked at everything and said that I should be able to qualify for a loan amount of 100K-110K. He then said that he would send my file to the underwriter to get the final approval. Well that was on the 18 of June and it is now about to be July 9!!! I know they may be backed up, but how long can this take? I am a little nervous at this point because it is taking so long. I have emailed my LO and he has not gotten back to me yet. So should I be worried? Do you guys think I will get approved for the loan amounts above. Here are my debts.

Car loan $400

CC #1 $0 Bal Min payment $15

CC #2 $0 Bal Min payment $20

Student Loan $7K ( In deferment until March 09)

Savings $5000

Income $36000/yr

Wish I had more for savings, but my rent was $950/month, so it was hard to save, move back home to try to save some more money for reserves.

Thanks for any input!!!!

Rena

Message Edited by renaboo01 on 07-08-2008 09:14 PM

Re: How long does it take????

Anonymous — Wed, 09 Jul 2008 04:49:46 GMT

Hi, I'm in the exact same boat with Wells Fargo but mine was sent over to underwriting on June 24th. I e-mail my LO and she said she would check into it for me. She did tell me the day she submitted the paperwork that it would take 10-15 business days.

Message Edited by SuzieQuzie on 07-08-2008 09:49 PM

Re: How long does it take????

Anonymous — Wed, 09 Jul 2008 16:22:14 GMT

renaboo01 wrote:
Hi everyone. I put my application in for a FHA loan on June 16 with Wells Fargo. At the time my middle score was 633 (TU). The LO looked at everything and said that I should be able to qualify for a loan amount of 100K-110K. He then said that he would send my file to the underwriter to get the final approval. Well that was on the 18 of June and it is now about to be July 9!!! I know they may be backed up, but how long can this take? I am a little nervous at this point because it is taking so long. I have emailed my LO and he has not gotten back to me yet. So should I be worried? Do you guys think I will get approved for the loan amounts above. Here are my debts.

Car loan $400
CC #1 $0 Bal Min payment $15
CC #2 $0 Bal Min payment $20
Student Loan $7K ( In deferment until March 09)

Savings $5000
Income $36000/yr

Wish I had more for savings, but my rent was $950/month, so it was hard to save, move back home to try to save some more money for reserves.

Thanks for any input!!!!

Rena

Message Edited by renaboo01 on 07-08-2008 09:14 PM

Question,

Did you look to see if you qualify for downpayment assistance through your local hud office? If you didn't go to this website http://www.huduser.org/datasets/il/il2008/select_Geography.odb

Put in your state, then county. As long as your salary is at or below what the figure is under 80% low-moderate income you will qualify. If you do qualify you can lookup the names and phone numbers of local hud housing coordinators that can steer you in the right direction

Re: How long does it take????

renaboo01 — Wed, 09 Jul 2008 19:48:05 GMT

steelfan wrote:

renaboo01 wrote:
Hi everyone. I put my application in for a FHA loan on June 16 with Wells Fargo. At the time my middle score was 633 (TU). The LO looked at everything and said that I should be able to qualify for a loan amount of 100K-110K. He then said that he would send my file to the underwriter to get the final approval. Well that was on the 18 of June and it is now about to be July 9!!! I know they may be backed up, but how long can this take? I am a little nervous at this point because it is taking so long. I have emailed my LO and he has not gotten back to me yet. So should I be worried? Do you guys think I will get approved for the loan amounts above. Here are my debts.

Car loan $400
CC #1 $0 Bal Min payment $15
CC #2 $0 Bal Min payment $20
Student Loan $7K ( In deferment until March 09)

Savings $5000
Income $36000/yr

Wish I had more for savings, but my rent was $950/month, so it was hard to save, move back home to try to save some more money for reserves.

Thanks for any input!!!!

Rena

Message Edited by renaboo01 on 07-08-2008 09:14 PM
Question,

Did you look to see if you qualify for downpayment assistance through your local hud office? If you didn't go to this website http://www.huduser.org/datasets/il/il2008/select_Geography.odb

Put in your state, then county. As long as your salary is at or below what the figure is under 80% low-moderate income you will qualify. If you do qualify you can lookup the names and phone numbers of local hud housing coordinators that can steer you in the right direction

This site is just not working for me. I will try when I get home. Thanks.

Re: How long does it take????

renaboo01 — Wed, 09 Jul 2008 19:53:37 GMT

SuzieQuzie wrote:
Hi, I'm in the exact same boat with Wells Fargo but mine was sent over to underwriting on June 24th. I e-mail my LO and she said she would check into it for me. She did tell me the day she submitted the paperwork that it would take 10-15 business days.

Message Edited by SuzieQuzie on 07-08-2008 09:49 PM

Well my LO will not even acknowledge me at this point. Going to go meet with someone from BofA on Friday. I should have gone to them in the first place. Good thing is that my scores went up on EQ from 639 to 655. So something good has happen while waiting. I hope everything goes well for you Suzie.

Re: How long does it take????

Anonymous — Wed, 09 Jul 2008 21:56:02 GMT

renaboo01 wrote:

steelfan wrote:

renaboo01 wrote:
Hi everyone. I put my application in for a FHA loan on June 16 with Wells Fargo. At the time my middle score was 633 (TU). The LO looked at everything and said that I should be able to qualify for a loan amount of 100K-110K. He then said that he would send my file to the underwriter to get the final approval. Well that was on the 18 of June and it is now about to be July 9!!! I know they may be backed up, but how long can this take? I am a little nervous at this point because it is taking so long. I have emailed my LO and he has not gotten back to me yet. So should I be worried? Do you guys think I will get approved for the loan amounts above. Here are my debts.

Car loan $400
CC #1 $0 Bal Min payment $15
CC #2 $0 Bal Min payment $20
Student Loan $7K ( In deferment until March 09)

Savings $5000
Income $36000/yr

Wish I had more for savings, but my rent was $950/month, so it was hard to save, move back home to try to save some more money for reserves.

Thanks for any input!!!!

Rena

Message Edited by renaboo01 on 07-08-2008 09:14 PM
Question,

Did you look to see if you qualify for downpayment assistance through your local hud office? If you didn't go to this website http://www.huduser.org/datasets/il/il2008/select_Geography.odb

Put in your state, then county. As long as your salary is at or below what the figure is under 80% low-moderate income you will qualify. If you do qualify you can lookup the names and phone numbers of local hud housing coordinators that can steer you in the right direction

This site is just not working for me. I will try when I get home. Thanks.

The site my be experiencing problems. If the link isn't working just go to www.hud.gov and under search put in income limits. Even if your salary is above the limit, I would talk to a home counsler because many county/states have downpayment assistance that isn't listed for people who make more than the hud median income. Most of these services are free and just cost you your time

Re: How long does it take????

Anonymous — Wed, 09 Jul 2008 22:01:31 GMT

Do you know if any states have the DPA that aren't paid back by the seller? I'm worried since the market's so bad in AZ, that banks won't even do this. So far, a lot of the houses I'm looking at, even though I'm a way out yet, are bank owned. I'm also going to be looking into some grants.

Thanks

Karen

Re: How long does it take????

Anonymous — Thu, 10 Jul 2008 04:13:12 GMT

Got a call from WF LO and they need more information on top of the piles of information I've already submitted. Unbelievable. I have two other lenders who are begging me to take their money and were able to get it through their underwriting with a minimal (still alot mind you) amount of paperwork and quickly. So here's WF; slow and agonizing. Not sure if it's worth the hassle with them anymore.

Re: How long does it take????

DallasLoanGuy — Thu, 10 Jul 2008 05:22:31 GMT

wells is in a world of hurt right now.

they cannot process all of their files.

use a mortgage banker who can underwrite in 1/5th the time. and usually for a better rate

Re: How long does it take????

renaboo01 — Thu, 10 Jul 2008 13:55:23 GMT

SuzieQuzie wrote:
Got a call from WF LO and they need more information on top of the piles of information I've already submitted. Unbelievable. I have two other lenders who are begging me to take their money and were able to get it through their underwriting with a minimal (still alot mind you) amount of paperwork and quickly. So here's WF; slow and agonizing. Not sure if it's worth the hassle with them anymore.

That is just so stupid. Suzie, I really feel your pain. They have not asked me for more paperwork, but I feel that the wait time is just too long. And they don't get back to you when you have questions. My LO finally called me yesterday to tell me that the loan is still in underwriting. Well I kinda figured that much I said, but what about the questions I asked you about a week ago. My GFE still has not came in the mail like they said and I had to beg him to send one through email. I feel that I can not waste my time with Wells anymore. I meet with someone from BofA tomorrow.

Re: How long does it take????

renaboo01 — Thu, 10 Jul 2008 13:56:51 GMT

DallasLoanGuy wrote:
wells is in a world of hurt right now.
they cannot process all of their files.

use a mortgage banker who can underwrite in 1/5th the time. and usually for a better rate

Dallas, I am in Northern Cali. Who would you recommend?

Re: How long does it take????

Anonymous — Thu, 10 Jul 2008 14:22:30 GMT

Kareninaz wrote:
Do you know if any states have the DPA that aren't paid back by the seller? I'm worried since the market's so bad in AZ, that banks won't even do this. So far, a lot of the houses I'm looking at, even though I'm a way out yet, are bank owned. I'm also going to be looking into some grants.

Thanks
Karen

The only ones I know of that don't require the seller to contribute the money are the grants through your local hud offices. The only problem is most people dont qualify for them because they are income based. The worst thing is that the income for say a family of three is not that much higher than a single person income so most families are disqualified. Dallas or Shane may know of programs that you might be able to use

Re: How long does it take????

DallasLoanGuy — Thu, 10 Jul 2008 14:24:40 GMT

renaboo01 wrote:

DallasLoanGuy wrote:
wells is in a world of hurt right now.
they cannot process all of their files.

use a mortgage banker who can underwrite in 1/5th the time. and usually for a better rate

Dallas, I am in Northern Cali. Who would you recommend?

i dont think that i am supposed to make open recommendations here in the forum.

your realtor will know a good loan officer.

let me know how it goes.

Re: How long does it take????

Anonymous — Sat, 19 Jul 2008 15:46:53 GMT

My LO submitted the final paperwork (many, many pages) to underwriting for final approval. She said based on all of the information I should be able to go ahead with another offer (first on didn't go through). Over 1 month and still waiting for that approval letter! Well, they are probably the most reputable of the lenders that I've been working with so I will probably go with them. My agent mentioned that if you go to some online providers they can charge you an early pay-off penalty. She said Wells Fargo doesn't. That's something to think about.

Re: How long does it take????

renaboo01 — Tue, 22 Jul 2008 02:08:52 GMT

SuzieQuzie wrote:
My LO submitted the final paperwork (many, many pages) to underwriting for final approval. She said based on all of the information I should be able to go ahead with another offer (first on didn't go through). Over 1 month and still waiting for that approval letter! Well, they are probably the most reputable of the lenders that I've been working with so I will probably go with them. My agent mentioned that if you go to some online providers they can charge you an early pay-off penalty. She said Wells Fargo doesn't. That's something to think about.

Suzie,

I am glad that everything is working out for you. I think I just got stuck with a really bad LO, so in turn it made me mad at the whole company. LOL. So I don't want to bash Wells, but they did loose me as customer in the mortgage department. But you seem to have really good person doing you loan, so I am happy that you are having a better experience then I did. Keep me updated.

Rena