Posts Tagged ‘wells-fargo’

Thinking about buying a house, nervous and lots of questions…

Hello all,   I am thinking about buying a home. I am very nervous and dont know anything about buying a home. I wanted to ask a lot of questions to our supportive myfico community and advice me accordingly. I live in NJ and work in NY. I was thinking about buying a property in Virginia Beach because I am looking to move there in the future and its only about 5-6 hrs away. I would live with a friend in NJ during the work week and then drive down during friday evening and come back Early Monday morning. Would I qualify for an FHA with this living arrangement? If so, can everyone recommend some FHA lenders with low closing costs and no points?   Another thing I am confused about and I am embarassed to say this is that I do now know anything about appraisals and property values, however, I was talking to the mortgage officer at Wells Fargo and he said that it doesnt matter how much the home appraises for, the home is valued at what you paid for it. What I am trying to say is that, I am looking at a home, asking price is 108K and the city tax value assessment for 09-10 was 155K and it would appraise for that much, so does this mean that after I buy the home, I loose the 47K of equity? And lets say if down the line, I need to tap into this equity and get a HELOC, I wouldnt be able to?   Lets say, if I dont qualify for the FHA and this is seen as a second home or vacation property than would I still qualify for the 8k of tax credit? How much would you guys say to offer below the asking price? I am sure I will have more questions and I will post...   Please help me out answer some of these questions and I would really appreciate it. Home owners know how difficult it was to go through this process and any information I get from everyone will be immensely appreciated!   Thank you.

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Got My Pre Qualification approval What is next?

I submited my loan through MY local retalor for a modular home and got the initial OK pre qual.  When I called the finance manager he said they got a Electronic Approval from Wells Fargo for a 30 year FHA loan.  I fowarded the info they requested and spoke to the manager again and he said I should have a loan package together by weeks end and they will order a appraisal on the land.  What does this mean?? Are we almost set to have the loan close?  What is in the package they are preparing for us??  Please help New to all this process

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so much for HAMP

Not sure what it takes to qualify for a HAMP, but I know I was at the point I couldnt afford my mortgage anymore due to an income loss, and my income/expense sheet reflected that. I was denied for HAMP, however Wells Fargo took it under review on their own and came up with a modification for me. After all this, my monthly payment is reduced a whopping $150, and my term is now 40 years. Would love to know how destitute one has to be in order to qualify for REAL assistance.

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Loan Modification and Recovery Process

Has anyone been able to get Wells Fargo (or any other firm) to remove a 30 or 60 day late pay status after perm modification? I would think getting the comments removed "paying partial payment as agreed" shouldn't be a problem after restructuring the loan but I am wondering what the trend has been with the late status reporting.    . 

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Refinancing First and Second

I have a first mortgage with Bank of America with a balance of $148,000.   I have a HELOC with Wells Fargo with a balance of $20,000.   I would like to refinance into one loan.    I believe my home is worth $170,000.   My FICO score is 634.   Bank of America stated that they needed 80% LTV and couldn't help me.    A Wells Fargo rep pulled my credit report and took this information. He told me he thought he could give me a new loan at 5.5%   This seems too good to be true. Could I really get essentially a 100% LTV mortgage at that interest rate with such a low credit score?   I am currently going through a trial mod with Bank of America through Making Homes Affordable. Not sure if that factors in at all.   Thanks for any advice.

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Thought deal would be dead then surprise, surprise

Wanted to share this. I had recently posted on this forum about our excitemnt of getting our offer on a home accepted. Recent events about financing delays and meeting a certain deadline on the contract were about to throw us off guard and added to a frustration about the buying process. My wife and I even came to a plan to just drop the whole thing off (there is a way out of the contract without them getting my earnest money anyways) because of delays by the loan officer at US Bank in getting a fully approved loan to meet the certain deadline before I am to suppsoeldy lose my earnest money.    Realtor calls me this Friday evening and suggests I call this person who is a broker. Call broker Friday night who gives me name of loan officer at Wells Fargo after broker asks how much money is in my savings account and asks what job do I do. Loan office calls me up Saturday evening and I tell him upfront that I need a fully approved loan ASAP but was not willing to put up with a lot of delays and vagueness about the process since we were ready to give up buying a house on the other hand. He tells me he is actually an underwriter and he proceeds to get info from me, later tells me he needs my old credit report (Dec 2009 pulled score) since I also told him I didn't want my score pulled again. Meet him today Monday in his office as agreed and I lock in a rate of 5.25% (no orig fees, $500 underwriting fee, $400+ appraisal fee) fixed for 30 years.......the previous loan application (which is still in process) was at 5.75% 5/1 ARM (no orig fees). Both loans are no prepayment penalties. This person I meet today congratulates me, saying he can get it approved tomorrow or the next next day. Whew....   I guess things turn out good in a way you didn't intend to happen, lol.

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Pre-approved for FHA through Wells Fargo then denied with 1 week left to obtain funding. HELP!

I went beyond the prequalification with Wells Fargo and got a preapproval from the LO using the automated underwriting system for an FHA loan (straight-forwarded approval, Level 1). Put $5k in earnest money and have 3.5% down. Provided all documentation prior to preapproval - 2 months bank statements, last 2 years taxes (self-employed), current lease, most recent credit card statements, copy of drivers license and social security card, MLS listing of house I wanted to buy - and completed all applications and forms. Preapproval letter stated "Based on your mortgage loan application which included verifying your income, assets and credit, your mortgage loan has been approved." Approval was subject only to appraisal and pest inspections. The LO told me I was good to go and to put an offer in on the house. Provided signed purchase agreement which was 10K less than what my preapproval was for. Had 30 days to get final loan approval. For the past 3 weeks, I've been told that the loan was in final underwriting (no appraisal ordered yet), then my LO tells me today that my loan was denied! It was sent to a 2nd level underwriter, but LO does not know why. Absolutely nothing has changed from the information I provided. I was honest and upfront about everything on my credit report and even wrote a letter of explanation prior to the preapproval. I'm floored, but the LO didn't give any indication she was going to do anything about it. I'm almost out of time and will likely lose the house. If anyone knows of any options, I would greatly appreciate any input.

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