Don't panic. All loans go to an underwriter to review and approve the loan. If you are in a pinch you can contact Craig Labruno at Mortgage Capital - he is the local go to guy, in Freehold off Route 9.
"Senior Home Loan Consultant"
Mortgage Capital Associates, Inc.
License # MLO 242811
ALL loans go through underwriting.
IF Wells pre-approved you for the loan, if you have proof of employment, and have supplied them with all the other information they need, I wouldn't panic just yet. Your agent or attorney should have reassured you that this ths the normal process for all loans, not just FHA.
As long as you provided all the financial information Wells Fargo asked you to along the way, and informed them that you were only employed at the current job for 1 year, going to underwriting is usually the normal process of things.
Can't say for sure you will or won't get the mortgage, but hang in there.
Or, if you didn't work, there were reasons why you didn't (which you could explain to the bank).
Underwriters need documentation that matches banking guidelines on approvals, then they can and will approve. By providing whatever they ask, you highly probably will be just fine.
If you are not self-employed, that is. If you are self-employed, then 2 years are normally required for the employment history.
Irina Karan, CDPE
Beachfront Realty, Inc.
An FHA loan at the end of the day is provided by the US Government.
Wells Fargo is a middle man, that goes through all the requirement before giving you
a loan, and then selling the loan to the US Government.
All loans go to an Under writer.