Asked by Brilyn11, , • Tue Nov 27, 2012
I was preapproved for an fha loan through Wells Fargo. I was approved through the auto underwriting system. I was then denied by the Manuel underwriter because of the following: I was paying rent of 1300.00 for 13 months however, 3 months ago the landlord informed us that he is letting the home go into foreclosure and he lowered the rent to 650.00. The lo said they denied me due to the fact I am to currently paying 650.00 in rent (they wanted to make sure if I could pay 1300.00 and save for down payment then I could afford the estimated mort.). so no fault of my own for my landlord lowering the rent, I am now denied even though I could prove I paid 1300 a month for 13 months before with the same employment..they said since I have been paying 650 for the past three months I am denied bc that's less than the predicted mortgage...wth?.. They wasted 3 weeks of my life and I am still under contract and now have to go with a broker to try and get it in time for the closing.thoughts?
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