Posted on: 04th Apr, 2010 07:16 pm
i went into a wells fargo home mortgage office and asked them if i would qualify for a loan if i'm a seasonal employee, i presented my work situation in detail. i have a credit score of 738. income to debt ratio of 29%,consistet seasonal work history for the previous 5 years with income of ave. 85,000 year, currently laid off for the winter months as always is the case, i am relocating to florida from colorado on my off time. my schedule to return to work is may 15th, with all that said, i was given a priority pre-appoval letter of 175,000. and was told to find a house, i spent aprox. 4-6 weeks to choose the right home to meet fha requirements,found the home signed the contract, and 3 weeks into loan process i was told i needed to have a current pay stub in order for the loan to be approved, i was already laid off for 2 months when i applied for pre-appoval i was assured it wasn't going to be an issue because i was a seasonal worker. i am asking for 140,000 i have supplied every nessesary document to prove all this, have already paid for inspections, house is in perfect order, why am i now having to deal with this in this stage of loan processes when i was assured at pre-appoval that it wouldn't be an issue, i am closing in on contract closing date and am in danger of possibly losing this home, which i have invested significat time,effort and money to find. any helpful information you can provide would be greatly appreciated.
It is quite surprising that your lender has denied your loan approval now when you are waiting for the closing. As you've given all the required documents regarding your employment, the lender should not have done that after approving you for a loan. I would suggest you to contact the lender and ask him for clarifications. He will be able to let you know the correct reasons for the denial.
i'm not surprised at all. the mortgage industry has changed so much and so frequently in the last few years that naught can be particularly surprising. the question that i'd ask at this point is whether or not an underwriter was consulted when you sought your preapproval. if so, then they ought to seek that u/w's advice and counsel on this new application that just got declined. perhaps they can reconsider. if no u/w was consulted, then you got treated extremely badly.
it's a shock to the system no matter what, when you are declined. frankly, there's a lot of sense to their reasoning that when you lack a pay stub, you cannot document your employment and income. i know that's not how it was explained to you, and i feel your pain. in the meantime, check out a couple of other lenders in the area. i think you may be best-served by personal visitations.
it's a shock to the system no matter what, when you are declined. frankly, there's a lot of sense to their reasoning that when you lack a pay stub, you cannot document your employment and income. i know that's not how it was explained to you, and i feel your pain. in the meantime, check out a couple of other lenders in the area. i think you may be best-served by personal visitations.
