will I get the loan?

Asked by Daisy, Alamo Farmsteads, San Antonio, TX Thu Apr 11, 2013

We recently entered a buying contract and had a closing date set at the end of the month. We went directly to Chase for our mortgage loan. Two weeks ago we were told that because I was not working last year and has been in my new position for less than 6 months, they cannot use my income. I told them I worked before and last year I was not working because of our new born. They said the underwriter will re-evaluate my situation and escalated the case. But still, no results in two weeks. The closing date is still two weeks away but I am very anxious. We are paying down 40% , and the appraisal value is in line with our purchase price. We both have 770 credit score.
What is the chance that we will be denied? Why it takes so long!

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Michael Brue…, , Allen, TX
Tue May 14, 2013
Please give me a call if you have not found a solutiion on your home loan. I work for a smaller bank that could help the situation. I would be more than happy to help here with the loan for you. Call me 817-925-9393
0 votes
Frances Wells, Agent, Allen, TX
Thu Apr 11, 2013
It's always good to have a back up plan. I suggest you speak with a mortgage broker and let them know your situation. They would be able to best direct you. If you'd like a list of some very reputable mortgage brokers, just let me know with a text, call or email.

Good luck!

Frances Wells Dean, Realtor®
DFW Fine Properties
469-583-6238 cell
0 votes
Susie Kay, Agent, Dallas, TX
Thu Apr 11, 2013
It will be hard to say whether you'll be approved for the loan or not. I would suggest bugging Chase. Also discuss with your agent your concern and see whether there's a plan that both of you can follow.

Good luck,

Susie Kay, Realtor®
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240


Servicing your real estate need is my priority!
0 votes
Dallas Texas, Agent, Dallas, TN
Thu Apr 11, 2013
Typically rule of thumb is that mortgage approval UNLESS you have 2 years of solid employment. Not part of all the particulars no professional can render an opinion.

Based on executed sales agreement I have concerns loss of escrow money, appraisal, inspection. Your agent should try to prevent these financial loss for you IF you are not approved.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
http://www.lynn911.com 100's of Dallas homes listed for sale or lease

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0 votes
Thanks. I graduated from school in 2009. and worked fulltime from about 1.5 half year in 2010 and 2011 until the child birth. it was two jobs because i have to relocate for military reason. my w2 goes back to 2007 though. does that count as two years of solid employment? my recent new job is secure and i have been here for 3 months.
Flag Thu Apr 11, 2013
allan erps,A…, Agent, Pearl River, NY
Thu Apr 11, 2013
Hopefully Chase will make that exception for you & hope it works out!
0 votes
Don Tepper, Agent, Burke, VA
Thu Apr 11, 2013
It's impossible to say.

My guess--a pure guess--is that you'll get the loan. But have your agent stay on top of it, and you stay on top of it, too. Don't just be passive and wait. the 40% down certainly covers Chase's position. And if the file gets bumped up to someone with enough authority, your prior work history, reason for not working recently, and your credit score should persuade him/her to approve the loan. But you have to make sure that the file is reviewed by someone with that authority...and in enough time for closing.

Hope that helps.
0 votes
Thanks. My loan officer said he sent the our files to senior underwriter and his manager for reviews. I suppose they will have that kind of authorities? And they asked for my husband’s employment verification and salary key. It is good to know that they are still working on it. But just takes too long.
Flag Thu Apr 11, 2013
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