Home Buying in 07728>Question Details

Edward Bonfo…, Home Seller in 11204

Help !! I was pre apoved for FHA loan Threw wells Fargo now they send it to n underwriter

Asked by Edward Bonforti, 11204 Mon Apr 2, 2012

I was pre apoved for FHA loan I started the proces for the loan now there saying because I only have one year employment they had to send it to an underwriter they were sopose to call me today when I call them no one answers or calls me back I have good credit 700 credit score do. Think I will get denied for the one year employment ?

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Elenie, Work your lender as much as possible to get this FHA loan approved. Try to be as responsive as possible to their requests for documentation. If you need to go to Plan B, as your current loan adviser for a different loan program that will work for you. If you need Plan C, go to a private lender in your area. Wells has access to a certain set of programs. Other lenders have other programs. It sometimes pays to shop your needs because not all loan advisers are created equal. Another adviser may be able to make progress if your Wells person can't meet your needs.
0 votes Thank Flag Link Mon Apr 2, 2012
Hi Elenie -

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.

Craig LaBruno
"Senior Home Loan Consultant"
Mortgage Capital Associates, Inc.
License # MLO 242811
Cell: 201-927-8486
Fax: 732-909-2479

3 votes Thank Flag Link Mon Apr 2, 2012
It had to go to a second underwriter should I be worried?
Flag Mon Apr 9, 2012
I have to file my taxes before April 17 this year I have to pay because they made a mistake in my employment and they didn't charge local taxes anyhow if I ask for an extention to pay that will that effect my loan? Or should I just pay ...I'm trying to hold on to my cash till I close?
Flag Fri Apr 6, 2012
Ok I will we're still waiting at the moment :(
Flag Fri Apr 6, 2012
Let us know what happens!
Flag Thu Apr 5, 2012
Thanks John :) I'm just gonna keep my finger crossed of not I'll call craig
Flag Tue Apr 3, 2012
Usually 2 -3 days for a response, dont really sweat it.. if your numbers are in place, you should be o.k.
Flag Tue Apr 3, 2012
How long does underwriters usually take to give u a response ?
Flag Tue Apr 3, 2012
Thanks :)
Flag Tue Apr 3, 2012

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.
2 votes Thank Flag Link Tue Apr 3, 2012
Thanks Mary I just need to be patient I guess I'm just a little worried because they say the one year employment was the only thing holding me back and its all up to the underwriter and I put an offer on a short sale and they accepted the offer did inspection on home I don't wanna loose this house
Flag Tue Apr 3, 2012
Didn't they know that you had only one year of employment when they took the loan application? What were you doing prior to being employed? Sometimes if you are in the military or in school they will allow that. You need to check with your loan officer. If they are taking it to a different underwriter, I would hang in there. They haven't denied your loan yet, so maybe it will be approved. All banks are taking extra time these days. Hang in there! Robert Bruckner Coldwell Banker
1 vote Thank Flag Link Wed May 9, 2012
ALL loans go to an underwriter. Pre-approvals are not formal mortgage commitments, and this is the normal procedure for the formal commitment.
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.
0 votes Thank Flag Link Wed May 9, 2012
Before this employment, there probably was either school or other type of employment, correct?
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.
0 votes Thank Flag Link Thu Apr 5, 2012
Hi Elenie:

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.

Good luck.



0 votes Thank Flag Link Mon Apr 2, 2012
Every loan goes to an underwriter for review. Don't panic. If they had no problem with your one year of employment history when they gave you a pre-approval then it should be fine. They will probably need you to provide them with more documentation. Good Luck!
0 votes Thank Flag Link Mon Apr 2, 2012
Thanks :) I'm trying not to panic its just real stressfull
Flag Mon Apr 2, 2012
It has to go to underwriting for them to review, thats normal, why dont you contact another bank or mortgage company and ask them some questions to put your mind at ease until you hear something, thats my suggestion for the moment. They may just want to see more verification or proof of funds, bank statement, etc. Just be patient & Good Luck!
0 votes Thank Flag Link Mon Apr 2, 2012
:) thanks... I'm gonna try calling a couple of people 2morrow ...hopefully every goes good keeping my fingers crossed
Flag Mon Apr 2, 2012
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