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we found a great Fannie Mae forclosed home. We got the offer at 80k. We got pre approved for a 203k loan through Wells Fargo. I am not on the loan, as I just cleared up my credit but my BF is carrying the loan. He has a decent score, I mean he got the pre approval.
He has almost a 700 but little revolving credit. only 1 credit card and 1 secured card. We have prepared EVERYTHING from bank statements and income W2's and what not... If we got the pre approval are we pretty safe?
should we be worried and not rely on getting the house? What could cause this to fall through at underwriting? Ugh we are sick with worry
If there is nothing odd with his income or employment I would say that greater than 95% of such borrowers WILL get the loan that they are pre-approved for.
If employment status changes, something hinky is going on with any of his credit or bank accounts (large inflows or outflows all require the underwriters to investigate) or he was not truthful then you have something to worry about. Otherwise I would turn my energy toward lining up the best contractors to use that 203K loan to fix the place up. Really great way to build equity MUCH faster than otherwise would be possible IF you do things SMART...
Awesome! Thank you so much... That helps my mind rest a little easier. I am just worried as a first time home buyer, we do not want to lose this. Thank you so much!
In my experience a first time buyer with nothing odd in their credit report or employment / earnings is generally QUICKER for underwriting to sign-off on -- once you've bought and sold a few homes the odds that there is some incompletely released lien or confused loan officer goes up...
Those TV ads that remind folks to check their credit reports are a GOOD THING, as folks can have their identity messed with OR just let some crazy entry go uncovered until it gums things up at the last minute. That accounts for the 5% or so of loans that get kicked out, MOST of those eventually get approved, it just requires more diligence.
I am having a tough time with this home buying stuff too. underwritting has been a nightmare. because they are going over everything on my bank statements. very stressful and just because you have a pre appoval dosnt mean its going to get easy after your file goes to underwritting. it actually becomes do or die situation which is a different stress i am going through now. underwritting even had me ammend the home owners insurance because it was too much at 900 a year and they believed it was over insured. all these little things are no biggie, but when you do it, expect to wait an additional 2 days then they ask something else.
DO NOT BUY anything on credit, especially a large purchase, until you get the house closed. The underwriters are now running everything again the day before the loan docs are drawn just to make sure you still qualify.
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