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We haven't even picked out a house. We received pre-approval from the loan officer/branch manager, but he sent all our docs to underwriting to be reviewed (including the 2017 tax return preview) and told us the underwritten pre-approval is the only one that really matters. He is aware it is a preview, but they told us to wait before filing. I don't really want to do anything or look at houses until we get underwriter pre-approval and this just seems like it is taking too long that I have no idea what's going on. Last time, the underwriter pre-approval was denied (kind of - really not sure) in that I would needed to show more income on one of my returns. That's why I am working on the 2017 return without deductions. I don't mind the long wait. We have a backup now on where to stay.
@Anonymouswrote:We haven't even picked out a house. We received pre-approval from the loan officer/branch manager, but he sent all our docs to underwriting to be reviewed (including the 2017 tax return preview) and told us the underwritten pre-approval is the only one that really matters. He is aware it is a preview, but they told us to wait before filing. I don't really want to do anything or look at houses until we get underwriter pre-approval and this just seems like it is taking too long that I have no idea what's going on. Last time, the underwriter pre-approval was denied (kind of - really not sure) in that I would needed to show more income on one of my returns. That's why I am working on the 2017 return without deductions. I don't mind the long wait. We have a backup now on where to stay.
Here's the deal. If you have a lender that can make the deal work with your income from 2015 & 2016 & you close on your new home before April 15, you wouldn't have to worry about the 2017 returns. That means you save money because you're able to take all of your deductions. In addition to that, the longer it takes to get you "pre-approved" the longer it's going take for you to find a house & go under contract. That means it's going to take longer to lock in your interest rate. Rates have been going up so the longer this process takes, the more it's going to cost YOU.
This is just getting ridiculous. I pretty much am dead in the water and have no idea where to go from here or what is going on. Still haven't heard anything from loan officer after I followed up again. I just logged on to my portal (was finally able to) which still has all my old loan information on there from when we tried going for USDA and no record of the 2018 tax document in my file that I had to manually email the LO because I couldn't log on at the time. Loan status says Pre-Approved (as it did before when we were denied for a USDA) but nothing about the FHA we have moved forward on. Going on 10 days now and heard nothing - last I knew, all this information was re-submitted to underwriting but who knows at this point. Then, when I click on a different section of my portal, I am told I am not even pre-qualified for the USDA...(which I found out anyway). Meanwhile, the realtor who recommended these people is still pushing us to look at properties. Total loss at this point. Hesitant to find another lender because my husband's score is not the best and do not want anymore pulls.
It's totally frustrating!
Why do you think that staying the course with this lender is your best/only option?
If they are this unresponsive now what makes you think anything will change once you're under contract & you have money on the line?
If it takes them this long to get a simple answer on your income how can you have any confidence that they'll close your loan with in the contract time frame?
As long as your credit is pulled with a 30 day window the additional inquiry won't have an impact on the scores & even if you're outside of 30 days an additional inquiry should move the score more than 2 or 3 points.
It makes no sense to put yourself through all of this aniexty when you have other options.
Agree. I think I am going to move on. Will give it until today and then I am done. Problem is that it has been over 30 days, more like 60 since they pulled our credit. I wish they would just tell us we can't get a loan if that's the case and the hard truth so I can at least convince my husband to look at rentals (dreading moving in with his parents). I also have asked them what we could do to improve our chances of a loan and did what they suggested with the previewed tax return....now nothing but crickets. Thank you for all your help.
@Anonymouswrote:Agree. I think I am going to move on. Will give it until today and then I am done. Problem is that it has been over 30 days, more like 60 since they pulled our credit. I wish they would just tell us we can't get a loan if that's the case and the hard truth so I can at least convince my husband to look at rentals (dreading moving in with his parents). I also have asked them what we could do to improve our chances of a loan and did what they suggested with the previewed tax return....now nothing but crickets. Thank you for all your help.
If it's been 60 days, a new pull won't really affect the scores.
Lenders are not created equally.
I had a self-employed client in California who tried to get approved for a mortgage with 10 different lenders and all of them said no because they had too many deductions. They decided to give it one more try & contacted me after reading my reviews. I was able to get them approved & into their new home because my underwriters work to approve loans, not deny them.