Posted on: 26th May, 2010 09:56 am
My wife and I are first time home buyers. We have an accepted offer on a $286,000 home. We both have steady jobs. our credit scores are not the greatest in the mid to high 600's. We have the money for a 20% down payment as well as some additional savings on hand.
We started this whole process over a month ago and at first my loan officer at wells fargo told me this was a slam dunk. The loan application has been with the underwriter for over two weeks now. The underwriter keeps requesting more information from me which I have provided numerous times. Every time I get her more information, I'm told this will be the last time which it obviously hasn't been since this is the 5th or 6th time I've done this. I've been told that what's holding it back is some NSF charges in our checking account. Although there's really never a good excuse for NSF charges, these have reasonable ones.
Now the underwriter wants my bank statements from last year which is most definitely going to kill our chances to get approved. We had a lot of NSF charges in 09' but we've been making a huge effort to manage our account better. We have a fraction of the charges we did at this time last year.
We are supposed to close tomorrow which won't happen. It has been such a roller coaster of emotions going from a slam dunk to pretty much no chance. Any help or suggestions would be greatly appreciated.
We started this whole process over a month ago and at first my loan officer at wells fargo told me this was a slam dunk. The loan application has been with the underwriter for over two weeks now. The underwriter keeps requesting more information from me which I have provided numerous times. Every time I get her more information, I'm told this will be the last time which it obviously hasn't been since this is the 5th or 6th time I've done this. I've been told that what's holding it back is some NSF charges in our checking account. Although there's really never a good excuse for NSF charges, these have reasonable ones.
Now the underwriter wants my bank statements from last year which is most definitely going to kill our chances to get approved. We had a lot of NSF charges in 09' but we've been making a huge effort to manage our account better. We have a fraction of the charges we did at this time last year.
We are supposed to close tomorrow which won't happen. It has been such a roller coaster of emotions going from a slam dunk to pretty much no chance. Any help or suggestions would be greatly appreciated.
was it approved?
If you're asking Marie, then she has already mentioned it in her post that her loan got approved.
Wells Fargo is the worst to deal with when it comes to home loans. At least from my experience, they take FOREVER!!! They give you the run-around, and half of them seem like they have no idea what they are doing ...like they have no experience! I refuse to bank or do business with them!
Thank you for sharing your experience and opinion with us!! :)
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