Can anyone share their experience with closing on a home with Wells Fargo. I am a first time home buyer with fair credit and income. The most challenging part for getting my loan preapproved was my DTI ratio was high since I have over 50K in student loans. I was suppose to close on my home Nov. 13th but my mortgage consultant at Wells explained that the company was in the process of reorganizing their underwriting/processing department and I would be closing the following friday, Nov. 20. Well here we go, it is now Nov. 24 and we have extended it again to Mon. Nov. 30. As of today, the consultant is telling me that after the underwriter reviewed my file they calculated my DTI and was getting a ratio that was too high to approve. The mortgage consultant has since supplied them with additional information that was already in my file BUT was overlooked and now we are awaiting a second review. This new or overlooked information resulted in my DTI being lowered to approval standards. I have to vacate my current residence by Monday (as I put in notice to vacate 60 days ago when I entered into a contract on the house). I am also receiving downpayment assistance from the county the home is located and that money was ready for closing over two weeks ago. It seems that everything is ready to go but Wells Fargo is taking their time. I am trying to be patient but I don’t want to get denied at the last minute or worse, the seller back out because of the delays.
Get Home, Auto, Student Loans Information
Recent Posts
- Payday Loans – The Advantage and The Disadvantage
- Cash Advance Payday Loans – Is It Very Easy?
- Handling the Cash Money Effectively
- The Rates of Bad Credit Home Equity Loan
- Saver Life in Debt with Debt Consolidation Loan
- Bad Credit Home Equity Line Of Credit – Selecting the Correct Lender
- The Multiple Loans or the Debt Consolidation
- Making Loan Opportunities with Bad Credit Personal Loans
- Maximise Your Probabilities of Getting a Tiny Low Business Loan
- Cars Loan Big Save Tips
Browse by tags
auto Auto Loan bank best business college consolidation credit Debt education finance financial government home interest internet loan Loans money mortgage News online payday payment people personal refinance student student-loans Student LoanRecent Search Post
BANKS DOING REFINANCING, small non-payday personal loans, fifth third bank lienholder address, fifth third bank loan payment, fifth third bank auto loans, 5000 in student loan debt, student loan debt 5000, small non payday loans, fifth third bank online banking for car loans, FIFTH THIRD BANK INS DEPT AUTO,Popular Searches
fifth third bank loan payment, alpln loan, Fifth Third Bank Loan Payment, alpln, fifth third bank auto loans,Copyright © 2008 - 2012 Loans References | Powered by WordPress
call the supervisor, i had a bad experience with wells fargo( they kept telling me and my client the same thing)
Contact the supervisor and have them take care of getting the home closed. Best Wishes and Happy Holidays in you new home!
Hello RKB,
Sorry for this happening. Buying a home is frustrating and you don’t need this at the last minute.
But don’t confuse Wells Fargo messing up with the loan person messing up. Your situation can happen at any company. It’s the Loan Officer handling your file, not the company. If your file had been painstakingly put together by the Loan Officer in the beginning, you might not be in this position now. After all, your student loans existed from day one.
I would think your Loan Officer did not enter the proper monthly payments for your loans in the file. Even if deferred, many lenders require a minimum monthly payment be allotted for them.
Here’s what you might do IF the student loans tank your loan. (I’m presuming you are getting a FHA loan.) If you have other monthly debt on your report, see if you can get a “gift” from a relative to pay off other debt to bring down your ratios. Probably no need to pay student loans since the payments are usually very low relative to other debts. For example, suppose you had a car note for $300 per month with 12 months remaining. If you could get a gift to pay that off, you would deduct $300 from your monthly expenses.
Talk to your Loan Officer to make certain you cover your options. Don’t just wait for the underwriter to come back and say no. Have a backup plan.
Good luck.
Have your real estate agent call and light a fire under this guy’s butt. If he’s still dragging it out, the agent can call his supervisor. If it’s still isn’t working, the agent should continue to climb the ladder until they find someone who can get this done.
This is what you pay your real estate agent for (what the seller pays her for).
You still need to be involved and plugging away as well, but the agent can sometimes get stuff moving where you can’t.