Home Buying in 55103>Question Details

Michael Webs…, Home Buyer in Saint Paul, MN

Has anyone applied for a Wells Fargo CDMP loan?

Asked by Michael Webster, Saint Paul, MN Tue Jul 3, 2012

Does anyone know how it works? I am in the process and it seems to be taking forever. They told me it can take a month before hear back about the loan. Also, that the appraisal takes longer to setup. Is the appraisal more strict than traditional loans?

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4
Spirit Messingham’s answer
I am a small business owner, we have our personal and two seperate business accounts with Wells Fargo. With that in mind, whenever I can I suggest to local lenders for my buyers to work with, not Wells Fargo. I have seen them too many times not take responsibility for a loan officers actions or in-action as the case may be. I would recommend to please consider shopping the loan around, talk with some local lenders and see if you can get a better deal.

Best of luck.

Spirit
0 votes Thank Flag Link Sat Mar 2, 2013
I work at Wells Fargo and certified to do them I been closing them within 1 month so I guess it's all based on your loan officer 503.806.6444 Vitali
0 votes Thank Flag Link Sat Mar 2, 2013
wells fargo takes a very long time on thier loans sometimes 2 appraisels. http://www.mnhomescontractfordeed.com/how-to-buy-a-home-with…
0 votes Thank Flag Link Wed Sep 5, 2012
You are in process. Just stay with it and let the steps unfold. These community development loans have their own pace and just go with the flow as long as your buying power and credit has been approved. Let your realtor help you and your loan officer. Liz, 612-986-4105
0 votes Thank Flag Link Tue Jul 3, 2012
Thanks. They just don't seem like they want to answer my questions.
Flag Tue Jul 3, 2012
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