Mortgage Loan approval hell

[jimmyle]

We are trying to close the last two weeks but it seems like the lender’s having cold feet or something. First, they said we provided enough financial documents. And then they want us to provide copies of all deposit checks or transactions in the last two months. So we have to go to the banks to get copies of deposit checks and have to explain each items where the money comes from. We thought that was enough. But then two days ago they asked for 12 months of cancelled rent checks. Later I found out that they called my boss and they also called my wife’s boss to ask about our jobs (we have been with our current jobs for 6 years). And then yesterday they wanted the latest W-2s from us. Previously they said W-2s from 2008 and 2009 are good enough. Right now, I am still waiting to hear back from them.

It is not like we are overextend or anything. We bought a house that is less than 3 times our pre-tax income. One thing that might works against us is that we are putting only 10% down. However, our credit scores are better than 770.

Is this normal now? Any one else having problems with your mortgage loan approval?

[outtamojo]

Yep – thats what they do now. Good thing I kept pdf’s of all my finance docs.

[outtamojo]

Yep – thats what they do now. Good thing I kept pdf’s of all my finance docs.

[outtamojo]

Yep – thats what they do now. Good thing I kept pdf’s of all my finance docs.

[outtamojo]

Yep – thats what they do now. Good thing I kept pdf’s of all my finance docs.

[outtamojo]

Yep – thats what they do now. Good thing I kept pdf’s of all my finance docs.

[jpinpb]

Our scores were both over 750k. We have been in our jobs 10+ years. We still had to produce a lot of documents repeatedly, bank statements, W2s, current checks, etc. We did an FHA w/only 3.5% down. I thought maybe they were scrutinizing b/c it’s an FHA. We really had to jump through a lot of hoops on the loan. I tried very hard to make sure we weren’t getting in over our head. They even told us we qualified for more. But they wanted a lot of paperwork. We ended up w/a longer escrow, so we had to keep producing current documents. They are going the opposite spectrum now when it comes to proving your income, down payment, savings, etc.

Edit: Oh, I forgot. They inquired about weird things, too, like why we had a PO Box and inquired about relationship to addresses that showed up on credit reports, some as far back as 20 years ago.

[jpinpb]

Our scores were both over 750k. We have been in our jobs 10+ years. We still had to produce a lot of documents repeatedly, bank statements, W2s, current checks, etc. We did an FHA w/only 3.5% down. I thought maybe they were scrutinizing b/c it’s an FHA. We really had to jump through a lot of hoops on the loan. I tried very hard to make sure we weren’t getting in over our head. They even told us we qualified for more. But they wanted a lot of paperwork. We ended up w/a longer escrow, so we had to keep producing current documents. They are going the opposite spectrum now when it comes to proving your income, down payment, savings, etc.

Edit: Oh, I forgot. They inquired about weird things, too, like why we had a PO Box and inquired about relationship to addresses that showed up on credit reports, some as far back as 20 years ago.

[jpinpb]

Our scores were both over 750k. We have been in our jobs 10+ years. We still had to produce a lot of documents repeatedly, bank statements, W2s, current checks, etc. We did an FHA w/only 3.5% down. I thought maybe they were scrutinizing b/c it’s an FHA. We really had to jump through a lot of hoops on the loan. I tried very hard to make sure we weren’t getting in over our head. They even told us we qualified for more. But they wanted a lot of paperwork. We ended up w/a longer escrow, so we had to keep producing current documents. They are going the opposite spectrum now when it comes to proving your income, down payment, savings, etc.

Edit: Oh, I forgot. They inquired about weird things, too, like why we had a PO Box and inquired about relationship to addresses that showed up on credit reports, some as far back as 20 years ago.

[jpinpb]

Our scores were both over 750k. We have been in our jobs 10+ years. We still had to produce a lot of documents repeatedly, bank statements, W2s, current checks, etc. We did an FHA w/only 3.5% down. I thought maybe they were scrutinizing b/c it’s an FHA. We really had to jump through a lot of hoops on the loan. I tried very hard to make sure we weren’t getting in over our head. They even told us we qualified for more. But they wanted a lot of paperwork. We ended up w/a longer escrow, so we had to keep producing current documents. They are going the opposite spectrum now when it comes to proving your income, down payment, savings, etc.

Edit: Oh, I forgot. They inquired about weird things, too, like why we had a PO Box and inquired about relationship to addresses that showed up on credit reports, some as far back as 20 years ago.

[jpinpb]

Our scores were both over 750k. We have been in our jobs 10+ years. We still had to produce a lot of documents repeatedly, bank statements, W2s, current checks, etc. We did an FHA w/only 3.5% down. I thought maybe they were scrutinizing b/c it’s an FHA. We really had to jump through a lot of hoops on the loan. I tried very hard to make sure we weren’t getting in over our head. They even told us we qualified for more. But they wanted a lot of paperwork. We ended up w/a longer escrow, so we had to keep producing current documents. They are going the opposite spectrum now when it comes to proving your income, down payment, savings, etc.

Edit: Oh, I forgot. They inquired about weird things, too, like why we had a PO Box and inquired about relationship to addresses that showed up on credit reports, some as far back as 20 years ago.

[ljinvestor]

Who is the lender?

Most lenders were so backlogged the last few months because of rates getting so low that now they are just getting back to normal turnaround times.

Also seems like they dropped the ball by not asking for all those things in the beginning as those requests and verifications are normal.

Hope all goes well

[ljinvestor]

Who is the lender?

Most lenders were so backlogged the last few months because of rates getting so low that now they are just getting back to normal turnaround times.

Also seems like they dropped the ball by not asking for all those things in the beginning as those requests and verifications are normal.

Hope all goes well

[ljinvestor]

Who is the lender?

Most lenders were so backlogged the last few months because of rates getting so low that now they are just getting back to normal turnaround times.

Also seems like they dropped the ball by not asking for all those things in the beginning as those requests and verifications are normal.

Hope all goes well

[ljinvestor]

Who is the lender?

Most lenders were so backlogged the last few months because of rates getting so low that now they are just getting back to normal turnaround times.

Also seems like they dropped the ball by not asking for all those things in the beginning as those requests and verifications are normal.

Hope all goes well

[Author]

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