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Old 01-26-2010, 11:36 PM
 
Location: Sacramento,California
5 posts, read 60,455 times
Reputation: 13

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Hubby and I are first time homebuyers, and currently waiting to get out of underwriting hell. Our package was submitted a week and a half ago, but still not a word back from anyone. Even our realtor has been pretty silent. I'm feeling so uneasy over this whole situation to be done with!

We've been preapproved with Wells Fargo for 3 months now, we are in contract on a house for 180,000. Inspections are done, appraisal is done, and now we are SITTING.

So, my question is this - What are the chances we could be booted out the door (denied) while in the underwriting process?
We don't have a closing date yet, didn't receive even a Good Faith Estimate just yet. We were preapproved for a $225,000, and we're using my husbands' VA Loan.


Some background:
-My mid- score is about 680, because I have only had some late credit accounts 2 and 3 years ago that are now marked PAID as agreed. I have been a good girl, no late payments or collections on my credit currently.

-His credit score is about 670 due to collections. He is currently in collections for a Sprint cell phone account for $700.00 that he had closed 2 years ago.

-We are currently living with my father in law, saved up about $20,000 for down payment/closing cost. Paid off our Toyota last year.

Right now we don't have any revolving debt, just monthly bills mostly from insurance for the car, medical, and renters insurance.

I make $16,000 annually from disability income and he makes roughly $40,000 per year.
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Old 01-27-2010, 08:32 AM
 
Location: anywhere
1,730 posts, read 3,994,932 times
Reputation: 1840
I don't understand how you are in underwriting without ever having recieved a Good Faith Estimate. That should have been included in all of your loan docs at time of application.
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Old 01-27-2010, 09:01 AM
 
Location: Plano, Texas
1,676 posts, read 6,332,679 times
Reputation: 684
From the information you provided, it seems you shouldnt have a problem getting approved. Since you are doing a VA loan, the collection on your husband's credit shoudnt be an issue.

The lender you are working with is required to send you a good faith estimate within 3 days of completing your loan application. Have they told you what your rate is?

You need to DEMAND better service from your realtor who is earning 3% of the purchase price as a commission, so almost $6000 and your loan officer is also earning a commission. Call them, demand to be updated, ask for a good faith estimate and what rate they have you locked. Post back the rate and many people here can let you know if you are getting a fair deal. With the information you provided, your rate should be no higher than 5%.
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Old 01-27-2010, 11:58 AM
 
Location: Georgia
2,506 posts, read 6,004,582 times
Reputation: 687
Quote:
Originally Posted by Kathleen1971 View Post
I don't understand how you are in underwriting without ever having recieved a Good Faith Estimate. That should have been included in all of your loan docs at time of application.
I was wondering the same thing... something is fishy !!
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Old 01-27-2010, 12:00 PM
 
424 posts, read 2,049,670 times
Reputation: 153
we are in "underwriting hell", as you put it, also. But I agree, I don't understand the order of events for you, they seem different than how things went for us. Please clarify. But mostly, VictorBurek is right-- you call your loan guy and real estate agent and say "hey, what's going on?" Our realtor and loan agent call or email several times a week and check in. They should keep you up to speed on the progress, and be ready and willing to answer any questions you have.
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Old 01-28-2010, 10:52 PM
 
Location: Sacramento,California
5 posts, read 60,455 times
Reputation: 13
Thanks everyone. We got a call from our lender today, she seems to think we have a "great" chance of passing underwriting.
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Old 01-28-2010, 11:52 PM
 
Location: Sandpoint, Idaho
2,880 posts, read 5,070,237 times
Reputation: 3020
Quote:
Originally Posted by Minniemse View Post
Hubby and I are first time homebuyers, and currently waiting to get out of underwriting hell. Our package was submitted a week and a half ago, but still not a word back from anyone. Even our realtor has been pretty silent. I'm feeling so uneasy over this whole situation to be done with!

We've been preapproved with Wells Fargo for 3 months now, we are in contract on a house for 180,000. Inspections are done, appraisal is done, and now we are SITTING.

So, my question is this - What are the chances we could be booted out the door (denied) while in the underwriting process?
We don't have a closing date yet, didn't receive even a Good Faith Estimate just yet. We were preapproved for a $225,000, and we're using my husbands' VA Loan.


Some background:
-My mid- score is about 680, because I have only had some late credit accounts 2 and 3 years ago that are now marked PAID as agreed. I have been a good girl, no late payments or collections on my credit currently.

-His credit score is about 670 due to collections. He is currently in collections for a Sprint cell phone account for $700.00 that he had closed 2 years ago.

-We are currently living with my father in law, saved up about $20,000 for down payment/closing cost. Paid off our Toyota last year.

Right now we don't have any revolving debt, just monthly bills mostly from insurance for the car, medical, and renters insurance.

I make $16,000 annually from disability income and he makes roughly $40,000 per year.
Wait...no GFE? Usually you get this before underwriting! Without a lock, I would imagine they have more flexibility in changing terms.

In my experience, nothing is set in stone until the loan closes. From this point until then you must stay on top of them.

S.
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Old 01-29-2010, 02:12 PM
 
Location: Denver, CO
1,422 posts, read 3,871,820 times
Reputation: 875
You should already have your GFE. You get your HUD statement right before closing, telling you what you actually need to bring to the table.
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Old 01-30-2010, 12:08 AM
 
Location: Sacramento,California
5 posts, read 60,455 times
Reputation: 13
Ah... Just got the GFE today -- in the mail! We haven't locked our interest rate yet but it's ON the GFE as 5.25% @ 30 years. Still looking it over.
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Old 02-04-2010, 12:52 AM
 
Location: Sacramento,California
5 posts, read 60,455 times
Reputation: 13
Update: We locked in our loan today at 5.1 percent.
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