Back in February, I was just startign to look at home. My realtor told me I should call and get pre-approved to find out what I should be looking for. I called up my bank, WF and talked to a lady there (she is no longer there btw). I told her I was looking for a house. I gave her my information and she told me I would be preapproved for a loan for 220k. Being I was new to all this, I assumed that meant I was actually pre-approved.
I went back and told my realtor what she had said and the hunt began. Two weeks ago my wife and I finally found a house we both liked very much that was well within our price range. I called WF back to talk to the mortgage consultant. She no longer worked for the company and the person I was speaking pretty much told me that I had almost no chance of getting a loan with them. I called around to a few other places with little success.
Tuesday of this week, I recieved a package in the mail from WF, but I was not real sure what it was. I tried to call the guy back that sent it to me, the same guy that told me I would nto be approved, but at the number he gave me that was supposed to be his direct line, nobody had ever heard of him. It was a call center. I called my local branch (something I should have done the first time around) and talked to the area Mortgage consultant. She was not real sure what the package was either. It was not a decline letter, but it was also not an approval. It turns out, this guy was from Arizona and was not even licensed to write business here in Texas. He was trying to run the loan through as a Arizona loan, even though I gave him both my address in TX as well as the address we are moving to. furthermore, he did not even submit the application to his underwriting dept.
The lady I spoke with yesterday and today told me it would be no problem to get approved after going over my credit report. She said she passed one last week with a score 15 points lower than mine and much worse stuff than what I had. She said she will get me a pre-approval letter by tommorow.
Now that a couple of weeks have passed, the house we wanted is under contract and we have been told by the realtor that most likely the people who are looking will most likely be buying it.
Sorry, I just had to vent a little. This whole process is very frustrating. I can't wait for it to be over, and I know we are just begining.
Starting Score: 580
Sounds like a pain!! Hang in there....you will get what you want : )
Did WF send you the preapproval?
I did get the pre-approval letter. We also found a house we really like. It is on short sale and priced about 50k below it's value. They are asking 137k for it. I am going to bid 145k probably. Google list it's value at 210k and it was appraised at 189k. I think our chances of getting it are slim, but it is worth trying I think. One thing I am concerned with is they said I have to get a pre-approval from there bank by the end of this week to be able to bid on the house. My credit score dropped to a 601 last week, then it went back up to a 648. I am not sure what this will do for me because I only know my fico score.