Home Buying in San Francisco>Question Details

Daniel Paulas, Home Buyer in Oakland, CA

Thoughts on the outcome. In your opinion does it look like I will get approved?

Asked by Daniel Paulas, Oakland, CA Sun Aug 19, 2012

My girlfriend and I are buying a home. Her credit is 725 and mine is 679. We are putting 20 percent down on a conventional loan. Are ratios are good(below28/36) and the place appraised for contract price. I have been in my job for 4 1/2 years and my girlfriend has had her own business for 2 plus years. We were pre-approved for the loan and are now just waiting for underwriting. What do you think are odds are?

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It sounds pretty good, but there may be delays in the close though. First question, are you with a direct lender, such as Well Fargo or Chase, or are you working with a mortgage broker? If you have a direct lender the delays should be few. When working with a mortgage broker you need to remember that they will have to find someone that will take on your loan and this is where most of the delays that I have experienced have come from. A mortgage broker could ask to see disclosures that the seller has provided or they may want a detailed history of funds that are used for the purchase. If your loan is with a mortgage broker the listing agent should be made aware and if they have been in the business for any period of time they will prepare the seller for any bumps that may come down the road. The most important thing is to not remove your finance contingency until your loan broker is willing to put it in writing. If you have it in writing and the loan does not go through you will have some recourse. The most challenging thing in real estate today is dealing with the lenders.
1 vote Thank Flag Link Sun Aug 19, 2012

I would have to agree with Scott regarding the final word coming from your loan officer. I also agree with Sally when it comes to avoiding large credit card balances, etc. One this you should definitely avoid is opening any new accounts of any kind especially new credit cards. Also remember that if you are applying for a loan together then the lowest credit score is what you'll be ranked on.

Your loan officer should be the one you speak to in this situation. In my opinion, the way the market is now, if they didn't think you had a chance they probably would have told you so or wouldn't want to waste your or their time.

I wish you the best of luck with your loan approval.

1 vote Thank Flag Link Sun Aug 19, 2012
Hello Daniel,

If you are working with a well qualified Loan Agent who has integrity, then "the odds should be well in your favor" based on the information you have provided...so long as your financial situation (including income, debt, reserves, credit, employment, etc) has not drastically changed since being pre-approved.
When you are "pre-approved" by a lender, they should have dealt with any major issues at that point. Although there may be additional documentation requested by the underwriter, these items should be relatively easy to obtain.
I wish you well on the purchase of your home. Enjoy!!

Take care,

0 votes Thank Flag Link Tue Aug 21, 2012

Lots of things can happen and having an excellent loan officer is essential.

See the attached article on the 'Perfect Loan File.'

Feel free to call me at 415-200-7202.
0 votes Thank Flag Link Mon Aug 20, 2012
Sounds pretty promising to me. Just don't do anything crazy right now, like buy stuff on credit...like a bunch of furniture & appliances for the house, or a car or a boat to go in the garage. This will mess up your credit score & debt to income ratio. Also don't make any odd deposits of large sums of money into your bank accounts. Or if you do, make sure you have good documentation (i.e. if you sold a car or something like that). Good luck!
0 votes Thank Flag Link Sun Aug 19, 2012
The only on that can tell you and the only one's opinion that counts is a local and trusted loan officer. They have to look at your credit and financials and then can prequailify you at no cost to see if you quailify or not. The truth is anyone else is JUST GUESSING> Good luck with your loan
0 votes Thank Flag Link Sun Aug 19, 2012
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