Home Loans in Kenmore, WA - pre- approval
It is getting harder and harder to get a Home Loan Approval these days. We have never really seen this level of necessary paperwork ever. As a loan originator and a real estate agent, I prepare my clients from day one to be ready for everything they can imagine to be asked for and then some. But every time there is a new deal, I am surprised at what problems can arise in getting a Home Loan Approval. I just had an FHA loan denied, after we already had a Home Loan Approval from the lender pending results from a 4506T response from the IRS. That form is used to verify that they indeed did file tax returns.
It turns out, however, that my client had not filed her 2007 Tax returns. She owned no money, we had the necessary W2 forms. Not only did they deny the loan, but they would not even put the Home Loan Approval process on hold until she filed the tax returns the next day and wait to send out another 4506T. We had to start the loan all over again at a different lender and she may need to go look for a different home . These lenders are getting more black and white in how they see everything with less and less exceptions possible.
And, by the way, we had to wait over 5 months for the short sale approval from the 2 different banks so we could buy this home and get the Home Loan Approval in the first place. Now, after she gets the Home Loan Approval all over again, we have to hope that the 2 lenders will give us an extension so she can still buy the same home.
So, I learned again, not to assume anything when getting a Home Loan Approval. I assumed because we had W2's that she had filed a tax return. It just goes to show you that we have to ask questions no matter how obvious we think the answers are when we are going for a Home Loan Approval.