Should preapproval take this long?

Anonymous · ‎05-03-2018

Me and my wife wanted to see if there was anything we needed to do for our credit in order to get preapproved for a home loan in august, so my wife went ahead and contacted New American Funding after a google search for good FHA lenders because she saw a house she liked. He told her he would do a soft pull and said yea your scores are good we could get you approved for an FHA Loan so lets get started, so she sent over 2 bank statements her tax returns and a borrower's certification and authorization form and he did a hard pull on all three of her reports. A few days pass no word so then he says they are asking for a verification from our landlord for 12 months of rental history, we get that from the property management and send it to him that was last thursday and we havent heard a word back yet is this normal? i dont see how a pre approval should take this long. my wife emailed him 3 days ago and he says he has not heard anything but it should be soon thats the last thing we heard. Now i am wishing she had waited til august instead he fished her into getting 3 hard pulls now they are being unresponsive so we have no choice but to play along.

Anonymous · ‎05-03-2018

I’m not sure why that’s taking so long either. We also applied with new American funding and heard from them that afternoon that we were approved. The next day we submitted tax returns, bank statements, licenses, ID, and social security cards. We are getting a new construction home, so it won’t be ready for 4-5 months. Did you receive a letter from them in the mail that tells you what your credit scores were? It’s odd and frustrating that you guys haven’t heard anything.

Anonymous · ‎05-03-2018

No we didnt everything was handled over the phone and through email her middle score is 720 or so according to the last myfico report

Anonymous · ‎05-03-2018

Okay I applied over the phone on 04/09 and found out close to five pm that we were approved. Around a week or so later we go the letter showing they pulled our credit...do you guys have credit karma? Did you get notification that your credit was pulled? Is the 720 your mortgage score?

Anonymous · ‎05-03-2018

yea that was a mistype her middle mortgage score is 701 and yes she definitely got alerts on all 3 of her reports of a hard pull immediately after he did it and yea we didnt get any letter in the mail from them as of yet all very strange

Anonymous · ‎05-03-2018

Very strange. I hate that you guys are waiting to hear from them. Her score is fine for a fha and probably conventional. We are doing fha due to our debt ratio. Your wife may have to stay on him. Maybe he was on vacation or something but that’s nerve wrecking to wait. I sure can’t tell you guys who to talk to besides him. Maybe she can call and just offer to give him the documents that we know they will need.

Anonymous · ‎05-03-2018

He could also be dealing with other closings. I knew our guy had some of those going on also.

Anonymous · ‎05-03-2018

@Anonymous wrote:
He could also be dealing with other closings. I knew our guy had some of those going on also.

maybe thats possible all we need is a letter saying we are proapproved so we can start this process everyone else ive talked to says it should take a few hours for this i guess she will have to try calling him again tomorrow

Anonymous · ‎05-03-2018

Do you have a realtor?

Anonymous · ‎05-03-2018

@Anonymous wrote:
Do you have a realtor?

no havent even contacted a realtor yet we decided we would wait for the letter before we contacted a realtor