Financing in 95206>Question Details

Joy, Home Buyer in Stockton, CA

how long should it take to get pre approve for a home loan.?

Asked by Joy, Stockton, CA Tue Aug 26, 2008

we started the pre approval process more than two weeks ago and still have no answer. Our credits low our debt to income ratio is fair, we brought all our info, taxes, paystubs, bank statements, but this just feels to long. First she said that the desktop underwritter reffered us to manual underwriting so it would be about 3 days until we get an answer, she called two days ago and said she needed more check stubs and a more up to date bank statment just to verify our funds. I feel like I am running around in circles and need some advice. Is it just that the broker is stalling or being lazy, or is it because our scores are low, I am just wanting to move on to the home finding process and want to know if we will get pre approved before we get our hopes up.

So the question is this: If our credit is less than perfect, after all the needed info has been summitted, how long should it take to get pre approved. We have been pre qualified but would like a pre approval before lookin

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Normally it shouldn't take more than a few days. However, it sounds like they are having to send your loan through a manual underwriting process...which does lengthen the process a bit. Add to it that you are nearing the end of the month and with the government doing away with seller funded down-payment assistance programs effective October 1st, a lot of lenders are seeing a bit more of a back log as people try to get their loans closed. That being said, if you have sent in all the information the loan officer has requested, I would wait no more than 5 business days from the date you got the last requested piece of documentation in to your loan officer. Then I would call and request an update. If he/she doesn't have an update, I would suggest a very honest discussion with your lender. Keep it professional, but explain that you feel you are wasting precious time and feel you might need to begin looking at other lenders.

If you do end up going to another lender, provide that lender with ALL of the updated documentation that you provided the first lender. That should prevent any additional requests for paperwork.
1 vote Thank Flag Link Tue Aug 26, 2008
A pre-approval should be quick and painless and take no more than a day or two. If you are frustrated with the process you are in, look for another loan officer.
1 vote Thank Flag Link Sat Aug 30, 2008
If you only want a PRE-approval it should take no time at all. An expereinced loan officer should be able to take a look at your income and credit history and know where to put you if he has a program for you, in fact for a preapproval verbally telling the LO what your income and assets are should suffice, but they will need credit. A preapproval is not a commitment to lend, just tells you how much house you can afford so you can start finding your dreamhome.,

This nonsense of needing an underwriter for a preapproval is likely becasue you dont have a knowledgable loan officer. Im not one, but there are a ton of good ones out there that can give you a basic rundown of how much home you can afford and what loan program you will likely fit into.

When you find your dream home...thats when you bust out all of the documentation and cross yout t's.
1 vote Thank Flag Link Sat Aug 30, 2008
Joy,

The answers below are great and spell it out very well. I work in Stockton and if you have the packet of information you've submitted and would like to have me review and submit for your pre-Approval I would be happy to. I communicate well and often and that is important. I also represent the home buyer when looking for a home. Our office has 18 years of local, Stockton mortgage lending and real estate experience. If we can help our number is 209-952-4574 and ask for Eric or George.
1 vote Thank Flag Link Wed Aug 27, 2008
I am a loan officer I dont understand the delay of 2 weeks if you have provided them all the documents. Loan officer dont get paid unless they have you approved therefore I have concerns that of 2 weeks for an answer. I would contact the person directly ask. If you are turned down would not continue to shop your loan ask the loan officer what it would require to increase your scores. Other lenders pull your credit does drop the scores. Sorry to hear you are having issues.
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1 vote Thank Flag Link Tue Aug 26, 2008
It looks to me that you've done all that is requested from you. Once they get all the updated and current information, you should hear in just a few days. I would discuss your concerns with your lender and if you feel you are not getting the straight scoop, then I would consider checking with another lender. You might want to ask your agent who they recommend.
1 vote Thank Flag Link Tue Aug 26, 2008
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