We were approved Wells Fargo rate of 100% mortgage financing of 6.5% (locked) w / PMI – the end of the program?

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We were approved Wells Fargo rate of 100% mortgage financing of 6.5% (locked) w / PMI – it was two days ago. As announced yesterday, Wells Fargo, they have been completed under this program. Now that our credentials were sent by the software we were denied (by the debt / income ratio by 2%). Is sent to an agent of mortgage underwriters Wells Fargo clarification and verification. What are the chances that they comply with our mortgage application locked? We are in the middle of a transaction, lawyers and kontroll.UPDATE – We took the option of PMI is higher int. rate.
I lowered interest1.5 percent. I signed all the final documents. Five days later, my loan officer calls you and says they found a tax lien on my credit record and may not be able to fund the loan. The question to ask is whether or not they are not legally required to credit at the end of the job because I was burned? I know I had 72 hours to complete the loan. How long do they have?

  1. Reply
    Mike A
    January 24, 2011 at 10:47 am

    very very good. you basically have a contract which was signed on the day of the program and it should be honored.

  2. Reply
    January 24, 2011 at 11:10 am

    It will depend on several factors, perhaps the big one factor being whether or not you were approved on a “clear to close” basis or approved with certain ” conditions to be met” that would bring you to a “cleared to close state.”

    The fact that you were “locked” doesn’t mean your entire application is locked, only your interest rate. If your loan officer is an “employee” of Wells Fargo that could have some bearing on your situation, either good or bad.

    There are programs being dis-continued on a daily basis, but it’s on a lender by lender basis. There have been some national lenders out there that have messed up big time in recent years, and we are bailing them out now.

    There are numerous programs out there that will still make your deal go at 100% and a 2% ratio difference is not a big deal in many of those programs.

    Manual Underwriting, Down Payment Assistance programs accepted by FHA, are just a few of your options. It is time for you to take charge of the loan situation and remember that you shouldn’t be put in jeopardy because a “program has ended.”

    If it were me, I’d end my program with Wells Fargo. Communicate with the attorney’s, they know what’s going on and I’m only guessing there are not three other buyers lined up to buy that house you are going after.

  3. Reply
    Lisa L
    January 24, 2011 at 11:16 am

    The PMI companies are no longer insuring 100% loans. If your PMI certificate was not ordered you could be out of luck for that program.

  4. Reply
    January 24, 2011 at 12:04 pm

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  5. Reply
    January 24, 2011 at 12:57 pm

    Dude! I would NOT go through Wells Fargo………they screwed us royally. They say one thing and then turn around a do another. In fact, I ended up losing my house because of them even after re-financing as they suggested. Get a lawyer and be ready to fight them the rest of your life.

  6. Reply
    Mary P
    January 24, 2011 at 1:26 pm

    A tax lien is in first position for repayment, so pay Uncle Sam or whoever you owe. You knew about this lien before you signed the loan papers. Please don’t ask us to feel sorry for you.

  7. Reply
    January 24, 2011 at 2:08 pm

    David, they are correct. You have a decision to make. Take care of that lien, deny and prove it isn’t yours, or walk away from this loan.

  8. Reply
    My Take on It
    January 24, 2011 at 2:49 pm

    Did THEY sign all the papers?
    Until the time they fund the loan, they can pull out. Usually, banks will run your credit one last time before closing/funding and if they find something on there that bothers them, they can require you to fix it to get the loan or decline your loan altogether.

  9. Reply
    January 24, 2011 at 3:41 pm

    They have as much time as they want to fund the loan. I strongly suspect you were NOT unaware of this tax lien. Only a blind bat could be unaware. That YOU signed means nothing. You were caught with an unpaid tax lien, and Wells Fargo isn’t going to fund until you pay off or clear that lien. Quit trying to play games.

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