preapproved can i be turned down???

[hersheykisses]

Got a GFE (good faith estimate) and preapproval letter for the loan, its now gone to UW for final approval, what are the chances of it being rejected at this point?  I suppose im just so nervous.

[ShanetheMortgageMan]

Anything can happen, this is 'Murica.

However without further information on what concerns you have, it's tough to say.  It's common to be nervous.  I take it since you have a GFE you already are under contract on a home?

[hersheykisses]

Yes im under contract and my application has gone from the LO to the UW.  Its my first time buying so im nervous.  I asked my LO how were doing he said "your in good hands" and nothing else.  Im just waiting for something to go wrong, we are 34 days from closing.

[PeacefulP]

We're in the same situation right now. Have you heard anything from UW? Ours just went to UW, and we're set to close on Sept. 16.

Keep us updated!

[DallasLoanGuy]

The pre-approval is only as good as the loan officer.

Typical things that a bad LO might miss and the UW deny for is:

- deductions on tax returns, like business loss or un-reimbursed employment expense

- miscalculated income on non-typical pay

- judgments or liens that got removed ffrom credit, but get found in title search on your social

- verification of rent, if required

- verification of emplyment when overtime/bonus is used to qualify

- fishy things on the bank statements like recurring expenses....