Should I be worried?

Asked by Edward Bonforti, 11204 Thu Apr 12, 2012

My FHA loan was denied from first underwriter with wells Fargo now they send it a secound underwriter should I be worried am i gonna get denied again whats the secound underwriter gonna do any differnt ?We're sopose to close may 15 my lo keeps telling me not to worry he's gonna get it done

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John Sacktig, Agent, New Jersey, NJ
Thu Apr 12, 2012
Hi Elenie,

It is tough when underwriters get the file.. You have to wait and wait. I spoke to Craig LaBruno about you and I hope you guys make contact, because really he is the go-to-guy in the area. Please try to contact him again.

There is no reason that any of us here cannot speak to you just because you have a Realtor. You have a legitimate concern and are more than welcome to ask questions and seek advice. As a full time Realtor I am always intricately involved in every aspect of the transactions I manage.. with the attorney, the mortgage, the seller or the buyer!

As Jim notes below, did the first underwriter give a reason for denying the loan? You do not have to post it, send an email.. I am curious. FHA guidelines are tough.. but why did they deny the first time?

I hope it works out for you! Please let us know what happens and call Craig tomorrow morning!
It is always good to get a back up!
3 votes
yea i will call him again was denied for 3 late payments on credit cards i had when i was unemployed but i payed those cards off i don't owe anything on those cards i didnt loose any of my credit cards i have them all and something with my income but i make half what the house cost in one year so i dont understand whats the problem with my income my lender keeps telling me not worry about hes gonna get done but its been a month now and he hasnt gotten anything done im freaking out we have close may 15 and i dont know if i can get an extention on closing because the house is a short sale
Flag Fri Apr 13, 2012
John Sacktig, Agent, New Jersey, NJ
Thu Apr 12, 2012
Hi Elenie -

What mortgage person did you end of going to after Wells Fargo?
2 votes
At the moment I'm still with wells Fargo they send it to another underwriter ..I called Craig he said he was gonna call me back he never did
Flag Thu Apr 12, 2012
Francesca Pa…, Agent, Manasquan, NJ
Thu Apr 12, 2012

Since you are currently represented by a Real Estate agent it would be unetheical for me to comment even n this one online forum, except to say welcome to today's market. I would continue to work closely with your current agent (as he or she is most closely related to this deal and with all the time spent would of ALL want to see this deal close).

As many other Realtors will have their own perspective or suggestions, we may can all have our opiniouns, but are not obviously intricately involved int he process. Keep the faith with your current agent. Deals today have most proven to be a nightmare or two.

Francesca Patrizio, Broker Sales Associate, ePro, SRES
732.606.2931 (24/7)
1 vote
, ,
Thu Apr 12, 2012
It depends on why it was rejected, WF has DE underwriters on staff but they also use contract underwriters, at least they did when I worked there. The fact that it was denied is a valid reason for concern, they typically try to figure out a way to make it work, make counter offers, etc. If they just told you flat out NO, there is a reason for that.

You have a right to know why it was rejected; in fact they can’t deny a loan without giving you a reason. Review that reason and ask if their decision makes sense to you. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
1 vote
Valentina Ga…, Agent, sea girt, NJ
Thu Apr 12, 2012
Hi Elenie,
I really think you need to understand why you were rejected. FHA loans are very hard to get and they often ask for a lot of documentation etc.. if you were rejected you need to understand why and if it was a valid reason that can not be fixed or if it is something you think can be fixed or explained.
Talk to your mortgage advisor. Find out more details. See what your options are.
Don't worry until you know exactly what the problem is and whether or not you can fix it.

good luck
1 vote
Christopher…, Agent, Morganville, NJ
Thu Apr 12, 2012
What was the reason for denial? There are many different reasons why a loan get denied (appraisal, loan to value, debt income ratio, etc.) I would ask for the reason for denial first, then take it from there.
1 vote
The United H…, Agent, Mansfield, TX
Tue Dec 4, 2012

It really depends on what the original reason was for not making it through underwritting some lenders are more forgiving than others. Was it due to your financing limitations or a problem with the estate it self? What has your agent instructed you to do? I hope you find a smooth transaction in the end. I went through the same problem with one of my clients last month and everything worked out great unfurtunately it gave her a great deal of grief however we stayed ahead of the game. Dont' be affraid to light a fire on your lender @$$ lol. Good luck to you and yours.

Keller Williams Realty
3xUS Army Veteran
Joseph Fernandez
cell: (817)975-7258
off: (817)635-1157
0 votes
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