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Old 06-08-2013, 04:01 PM
 
3 posts, read 17,780 times
Reputation: 10

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Please...I was in underwriting and it was down to getting the VOE from my employer. Well wells Fargo had a 24 hour turn around. My employer didn't follow thru plus sent it back incomplete and had to resend it. Well my employer verified I worked only an average of 35 hours which was incorrect and I turned in pay stubs with 40 hours per week to the lender. Wells Fargo denied my loan without further investigation of asking why do your pay stubs say 40 hrs and your work only verified 35. I had to tell them it was incorrect and ask them could they correct the error. I spoke with my bookkeeper and asked how she came up with this amount. She admitted it was a mistake on her behalf. When u asked the LO was this error the only issue he stated it was. My realtor even asked if any other issues came up for him to let bus know what I could do to correct them. After waiting 2 days and not hearing anything from my LO, I got an email yesterday around 5:30 stating my loan was denied again due to the underwriter just couldn't get a comfortable feel even after the error on the voe was corrected BC of shock in mortgage payment BC I don't pay rent, my monthly income to a mortgage payment and such. None of these things were an issue before never mentioned. I don't get it. I'm heart broken. I wrote an email to him explaining how I felt and what could I do to get this approved. There is a lot more to this story if interested I'll say more. Is there anything I can do HELP!!!
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Old 06-08-2013, 05:31 PM
 
Location: IE, ca
264 posts, read 565,305 times
Reputation: 485
Hi Ashley, I have run into this many times, especially this year for one reason or another with several buyers. Ask your realtor if he/she has a "rescue lender" they could recommended to close the deal.

I have two lenders I use in such a case when my buyers run into problems with their primary choice of lender. Usually its a poor desk review or something the primary lender has an issue with they will not fund. This does not mean you cant get the loan. All lenders are NOT created equally. There are many direct lenders out there that could pick up this type of file and get it done.

Again, ask your realtor for a good lender reference and see if you can get an extension on the Purchase Contract so you can get funded.

Good Luck!
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Old 06-08-2013, 08:33 PM
 
Location: MID ATLANTIC
8,206 posts, read 20,316,560 times
Reputation: 9467
Formally appeal your denial. Provide supporting information that the bookkeeper made an error.

I hope for your sake that's the only thing that made the underwriter uncomfortable, because something this close, most underwriters would have worked the file to make it work.
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Old 06-09-2013, 12:52 AM
 
3 posts, read 17,780 times
Reputation: 10
My realtor did give me a good reference with SunTrust and he was great but when it came down to getting the loan in line he wasn't able to do an FHA insured escrow repair loan. So I lost a week n a half trying to find a bank. So then I got a lady with wf who tried talking me into a 203k I didn't want to do that the home doesnt need repairs except for roof cap. So then another LO just gave me the run around. So that is how I got with the current loan officer. SunTrust said it would've been no problem to finance me and he was the vice president its just they don't do that type of loan on a manufactured home. I filed bankruptcy it was discharged in may of 2008. I had two cell phone charges on my credit report which everyone knew. I wrote very detailed explanation letters for any item they wanted me to. Even tho I hadn't paid the cell phones I told them I was willing to do anything to get the lian approved. The error with my hours has been corrected. But then the second denial they came back with things about it would be a payment shock beings I don't pay rent my monthly income to s house payment. But my power bill has been $400 to $500+ since November about the same as their estimated mortgage payment. I live in a small town in Mac their are 2 banks. They don't do loans on manufactured homes....I've already got an extension on the HUD home they waived the fee... but only have til June 18 and may not get my $1000 I put down back....
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Old 06-09-2013, 09:07 AM
 
Location: San Antonio, TX
1,286 posts, read 2,732,912 times
Reputation: 1120
honestly, im in your exact same position and know exactly how you feel. i made a post on here a few days with a different subject title but ended up finding out i got denied. they told me i had a lack of assets but assumed i had enough in the bank since the other party is taking on closing costs, and i already had 1,000 of earnest money applied. they gave a lot of generic answers. now im in the same boat scattering to find another lender before closing.
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Old 06-09-2013, 09:22 AM
 
3 posts, read 17,780 times
Reputation: 10
Wells Fargo never asked about about gift money or to pay the cell phone bills off nothing just straight denial. I mean moving would save me money. I bring home $573 every 2 weeks and get child support which is court ordered in the amount of $300 on my off pay weeks. The only payment I have is my car payment which is in my husbands name and mine. But we are kind separated. But now after finding out I was denied the home. His main concern is the safety of our kids he's willing to go on the loan. But the thing is is that he makes decent money but his credit isn't great At all. And I've already talked to the closing attorney and have told him my husband will sign over his half. So what do i do now....I've got less than 2 weeks to find a bank and close. There's no way pemco will waive another extension fee and extend the contract
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Old 03-17-2016, 10:51 PM
 
1 posts, read 1,897 times
Reputation: 10
I'm so late to this but I'm in the same process but I got denied because I didn't have consistent 40 hours work week due to my employer over staffed and let us have voluntary time off.. can you really get denied for this 2 weeks before closing?
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Old 03-18-2016, 11:01 AM
 
19 posts, read 15,843 times
Reputation: 40
Quote:
Originally Posted by Jazzy85022 View Post
I'm so late to this but I'm in the same process but I got denied because I didn't have consistent 40 hours work week due to my employer over staffed and let us have voluntary time off.. can you really get denied for this 2 weeks before closing?
Well, I am on pins and needles as well, my loan was supposed to close today, but that obviously isn't happening. So I am waiting to hear from my LO today to see what the score is. I agree this process can be devastating after all the hard work supplying every bit of information they request.

Did your loan already go through underwriting? I know my LO went through everything of mine with a fine tooth comb before it was sent to underwriting.

Hope it works out for both of us!
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Old 03-18-2016, 02:20 PM
 
3,806 posts, read 8,364,205 times
Reputation: 4948
Quote:
Originally Posted by Jazzy85022 View Post
I'm so late to this but I'm in the same process but I got denied because I didn't have consistent 40 hours work week due to my employer over staffed and let us have voluntary time off.. can you really get denied for this 2 weeks before closing?
Depends. Are you typically a Full Time employee, and guaranteed a minimum 40 hour work week? Ask the lender about the Verification of Employment, and ask your employer what they reported to your lender. If you are not Full Time, then the lender would have to average your income over 2 years.
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Old 03-29-2016, 02:34 PM
 
5,331 posts, read 6,721,547 times
Reputation: 7858
My fiancé and I got denied because they claimed we had too many tax deductions despite the fact that we make a combined 175k/year and the coop we were in the process of buying was only $110k. We both have credit scores in the mid 700's, very little income to debt ratio and was willing to go in with 20% down.

We got turned off by all the hoops and hurdles and decided to stay put and keep renting and saving for the time being. When we decide to give it another shot it will NOT be in NY. The process of purchasing a home in NY is flat out ridiculous!

I'm actually kind of happy that it turned out the way it did. It gave us the opportunity to keep all of our liquid cash and continue to save at a rate that we would not have been able too had we landed the coop. We currently pay very affordable rent in a great area and pretty much have this rate locked in for as long as we decide to stay.

Last edited by louie0406; 03-29-2016 at 02:52 PM..
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