Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Stacy,
Sorry you were not able to obtain your mortgage loan.
A pre-qualification is not a guarantee that a mortgage loan will be approved. It would have been better if you could have have received a pre-approval, though with your husbands commission salary history that may not have been possible.
While it is true that two years of commission history is the norm for mortgage loans, that is not set in stone. It is possible to get a mortgage with just 1 year commission history. Depending on they type of mortgage loan, the underwrite will have to do more in-depth review of the situation to attempt to justify the loan, the final decision being based on a comprehensive review of all the factors.
Unfortunately, in your situation the only way to determine if you would be able to get the loan is complete the whole process.
When your ready to undertake this process again, consider obtaining a pre-approval rather than pre-qualification (if possible). It is still possible to be denied during the underwriting process, but less likely if you watch out for a few land mines!
Good luck.
I second DSTEXAS's recommendation about pre-approval rather than pre-qualification.
I am so sorry that this occurred to you and your husband. Have you tried to pursue financing through other lendors? While your closing date would most likely need to be pushed out, another lender may be willing to provide the funds even with a shorter commission pay history, and the sellers may be understanding of this and cooperate with a later closing date rather than having to go back to the "keep house perfect and leave at a moment's notice for buyer showings".
According to website (http://www.mortgage101.com/article/mortgage-pre-qualification-vs-pre-approval)[emphasis has been added by me]
Pre-Qualification
A mortgage loan pre-qualification is simply an estimate of how much house you can afford and how much money a lender would be willing to loan you. The best time to get a pre-qualification is right at the beginning of your home buying process, before you even start looking at houses. This involves either sitting down with a lender or talking with one on the phone, and providing information on your income, assets, debts, and a potential down payment amount. The lender would then provide you with a ballpark figure in writing of how much he thinks you could afford to pay for a monthly mortgage. There is no cost involved and there is no commitment on either side. This estimate is just helpful in helping you figure out if buying a home is a viable option, and if so, what your price range would probably be.
Pre-approval
Getting pre-approved means that you have a tentative commitment from a specific lender for mortgage funding. In this case, you provide a home loan lender with actual documentation of your income, assets, and debts. This process typically requires an application fee as well, since the bank will run a credit check and work to verify all your employment and financial information. Once you are approved, the lender will give you a letter of commitment, stating how much money her bank is willing to loan you for a home purchase. With a pre-approval in hand you can start your shopping - real estate agents and sellers will take you much more seriously when they see you have your mortgage funding in place.
It is important to understand, however, that even a pre-approval is not a guarantee that you will be approved for a mortgage loan. The funding will only be given when the property appraisal, title search, and other verifications check out on the home you have chosen to buy. Neither is the pre-approval binding; you can still obtain a mortgage from a different lender. If you do stick with the same company that pre-approved you though, the application process will be much shorter once you find the right house.
Dear Stacy1,
I am so sorry to hear about your experience. I have escalated your comments to a mortgage specialist who should be reaching out soon. Thank you.
Hi Stacy1,
I just wanted to check in with you! It looks like one of our specialist spoke with you 5/6 and left a message on your voice mail this morning 5/11. Please let me know if we can assist you with anything else! Thank you!