I may be able to do the loan for you. Let me know if you would like me to try.
Fortunately, Wells Fargo is not the only lender in town. Their are several lenders out there that I am sure would love your business. If your looking to do FHA, First Mortgage has a Platinum FHA program that gives you 3% back that you can use your for closing costs or towards your down payment. Let me know if I may be of further assistance.
Now, for the misconception. It is believed by many DE underwriters that if a case was rejected by one DE underwriter on some previous date in the recent past, that another DE underwriter can not overturn the mortgage credit denial. This is untrue.
*********FHA will allow another DE underwriter, if he or she is provided with new or updated information where the borrower is concerned that results in a significant material change in the case file, to overturn the rejection of another DE underwriter.
It is important that the approving DE underwriter, print the information contained in the mortgage credit reject screens in FHA connection and upon approval of the case, disclose on the Mortgage Credit Analysis what new information was provided and how it enabled the approving DEâ€™s ability to approve the application. Comparative analysis between the old documentation and the new documentation is strongly encouraged.
**********Also keep in mind that any previously rejected loan that are approved by another lender after rejection will undergo a very detailed underwriting review by HUD during any post closing technical review so be sure to address all of the reasons that from an underwriting standpoint that the case is now approveable under FHA guidelines. If the explanations make sense, then the case should be insured by HUD.
I hope this helps you understand what you are dealing with.
Have a great weekend.
CEO & SR Credit & Mortgage Consultant of
Ex-Mortgage Broker of more than 10 years
If you are using another "Bank of the universe" type institution, you will most likely not get through this.
What you need is a direct lender with some underwriting flexibility and if that requires switching lenders again, then so be it. You need to get your home.
First Mortgage, Wholesale Capitol, Broadview, First Lending Solutions & Provident all have the ability to work with special circumstances.