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Good Morning Watching,
I am a first time home-buyer and I am a little confused as to the process your Loan Officer is taking you through. I decided to go the route of a Mortgage Broker because my sister and best-friend went this route, they both had a positive experience. Now I am not sure if this is the play by play steps that each loan goes through but I will tell you my experience and maybe this will give you some insight as to what you should do next.
How can the Loan Officer submit your file to UW without knowing what your house is actually worth? My List Price was 119,500, I offered the full amount with closing cost being paid byn the Seller. The Appraised amount came back at 119,900, my realtor said that if it came below that the seller would have to drop the price I would have to come up with more money.
The "asking price" of this home was 155,000.. This is what they (they being WF) are running everything for... However, when the sellers called their bank for the pay off come to find out the owed more then the 155,000 they had asked for. At that time they started talking to their bank about a short sell... Their bank as agreed to the short sell. They currently have a letter from their bank stating they will accept appraised value of the home for the pay off with allotment of the sellers paying closing cost.
We have submitted everything with WF... Including LOE, pay stubs, bank statements,full loan app...
It looks like it shouldnt be much longer now for UW. I was under he impression that it take 48 hours but it really took 13 days. These guys a very through so I guess it is a lesson in patience for all of us. I think everything will work out WF seems to me that they are going to work things out for you. Congratulations!!!!
Thank you very much..... But, I don't think congratulations are in order quite yet.. ha ha.. We do still have a long way to go... Everything was all lined out and ready to go until they did the 2nd credit pull (so that they could do a supplemental credit report and add our rent payments to it, only had 2 tradelines reporting).. and that stupid 30 day late somehow just showed back up... but, it's getting taken care of now... I'm just waiting for the next thing to pop up... Not sure how many more pop ups I can handle... But, really hoping to go back to underwriting this week... Hoping for some kind of answer this week... Processor did tell me last week that she really thinks things will be ok once we get that score back to where it was...
WF has a 3rd party scoring agency (It's called Rells) they add a supplemental credit report.
Yes, very stressfull... Really hoping to hear big news sometime this week...
I am so sick of waiting...
I called FGMC yesterday and asked them about the required scores... We DO fit into their score range... I'm just kind of debating about this because it would mean starting all over... and another hard credit pull...
I e-mailed the processor a little bit ago and asked her if she could check on the status of the re-score... She had told me last week then even once it comes back from the re-score it will have to go to underwriting again which will take another "48 hours"... I told her that an ideal thing would be for it to come back from re-score today and go to underwriting and we get a pre-approval letter on Thursday (Thursday is my husband and I's anniversary)..
Yea, I know, probably a long shot but, man I don't think this is right at all...
I went through the same crazy wait. It is so hard, but trust that and believe that it will work!!
I just realized that in 5 days will be a month since the first WF did the 1st credit pull... I sent the processor another e-mail telling her that really it is unacceptable because, we do not have anything that shows these sellers we really are trying to do something...