To a successful close. Cheers.
You can buy now with a minimum 580 fico score and qualify for a half percent downpayment program. Most Lenders require a minimum 640 fico score. We specialize in Under 640 Fico Score Loans. Fico scores between 500-579 require 10% downpayment. What was your middle fico score?
Sheryl Arndt, Broker
In my worst experience, despite getting another "Congratulations! Your loan is approved!" email, the underwriter came back right afterwards, and said the loan had to be completely restructured from an owner-occupied loan to an investment loan. I'd have to pay at extra 1.75% in points!
They were rewarded instead of being punished.
Boca Raton, FL
As others have noted, your experience is not uncommon.
There is a reason the Big Banks, Wells Fargo, Citi, Chase, Bank of America and Never Ever Bank of Clearwater FL, are "F" graded. They FAIL in every aspect of lending to home buyers. The horror stories are endless and heartless. Too big to fail banks will pale when compared to the soon to arrive "To big to fail" health insurance companies.
You may want to try and advise EVERYONE you know, and some you don't know, to consider using a local lender who has a history of investing in the community through small business and mortgage loans. Enter your city or zip code and identify the "A" and "B" Graded lenders.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
You may still close in time, stay in contact with them. You can always get a backup lender (maybe someone local can sprint to the finish line for you?) Maybe Wells will move faster if you have a little competition... The worst !that can happen is that you spend another $400-$800 on another appraisal.