Still Waiting on Wells Fargo.

Asked by Cody, Augusta, GA Tue Feb 26, 2013

Ok, short but sweet. Me and my wife are in Manual underwritting with wellsfargo. our over all combined income is just under $80,000/yr. with $16,000 of that being from VA compensation ill recieve for the rest of my life. we both work full time, with more then 2 years on the job. my wifes score is 625, and mine is 611. all of our recent credit, (2 cars, 3 credit cards) is up to date, current, and always paid on time. but we do have a few old medical collections from almost 3 years ago. i have about 20 hard inquires on my credit from with i bought my truck in December 2012. wells fargo vows they do loans with score as low as 600. we have a contract on a house for 156,450. seller paying closing. and we are using the Va loan through wells. no assests. debt to income is 44%, (daycare is about 7% of that) no new collections, or charge offs in last 2 years.
Question is.. do you think wells fargo underwritting will do this?? LO says we look good. but i dont know! HELP!!

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7
Mark's Of Ex…, Agent, Chagrin Falls, OH
Sat Jun 27, 2015
Wells Fargo is terrible. Their service is sub par and they take forever! Find a different lender ASAP
0 votes
Randy Schule…, Agent, Saint Charles, IL
Sun Mar 24, 2013
Cody,

Click here http://realestatedeals.weebly.com/preferred-mortgage-lenders.html for contact information for several lenders that have done an outstanding job here locally for my clients. One of them may be able to give you a direct answer. Tom Akert is a VA Expert and he is one of the loan officers you will find at this link. He has done 100's of VA Loans for clients over the past several years.
0 votes
Riccardo War…, Agent, Bolingbrook, IL
Mon Mar 4, 2013
We can get loans done all the way down to 600 for FHA lending. IN some rare cases, 580.


Sean Cochran
630-470-6830 office
630-330-2229 cell
http://www.qmlending.com
0 votes
Mike LeFevere, Agent, Chicago, IL
Wed Feb 27, 2013
Remember some recommendations aren't always they best. Take time to interview other lenders and to do your due diligence.
0 votes
Joe Schiller, Agent, Chicago, IL
Tue Feb 26, 2013
trust your LO.. I hope that person was recommended..if you just went for the best deal I am sure your headaches will have just begun..you get exactly what you pay for.
0 votes
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Tue Feb 26, 2013
I believe that Wells will come through and unfortuantely you are in a situation where it would be difficult to switch lenders, Not many will work with the current credit scores. Perhaps the score have increased since you started the process?
How long have you been waiting?
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes
Ron Thomas, Agent, Fresno, CA
Tue Feb 26, 2013
You've put all your eggs in one basket; counting on Wells.
Why don't you start PLAN B; another lender that you can use, at least as a comparrison.
Oh, and thanks for serving!
How about contacting Navy Federal Credit Union, (they serve all 4 services).
Get your GFE from Wells, and get one from NFCU and compare.

Good luck and may God bless
0 votes
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