When can I expect to hear back from Wells Fargo on FHA mortgage pre-approval?

Posted on Aug 15, 2012 in FHA Information

to Freddie LTV-entry requirements for programs to adapt refinance
Freddie Mac plans to borrowers with loan-to-value ratio below the 80% mark for the same admission requirements for the state-sponsored relief refinance mortgage refinance company and Home Affordable Program. The change also applies to harp 2 …
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a refinanced three Made By HARP
One was refinanced by three Fannie Mae and Freddie Mac made through the Home Affordable Refinancing Program (HARP) during the first half of this year, abortion this according to new data from the Federal Housing Finance Agency (FHFA). This is the …
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Question by wildcard042004: When can I expect to hear back from Wells Fargo on FHA mortgage pre-approval?
Oct. 25 I contacted Wells Fargo to apply for FHA mortgage. I filled out app, prostate and consented to credit check. A few days later he called me and said that he put it in the computer system and it came back with “accept risk” so then he had me send in pay stubs, w2’s, copy of license, and landlord info. On Nov. 1st, he emailed a letter asking for a couple letters of explanation, along with a bunch of forms that I had to sign and return (forms had info on amount of loan, etc). In the letter he said that the file had to go up for exception review and be submitted for review that week or else be canceled. I returned and signed everything as asked right away. I emailed him to make sure he had everything and it was all submitted and he just sent back a message that said “already sent in for approval” I have not heard back from him since then. It has been almost 2 weeks. Can anybody explain this process? What stage am I in and how long could it possibly take?

Best answer:

Answer by Alex
I spoke with a loan officer two weeks ago and they told me that the entire process can take up to 2 months. Ever since the housing market crashed the banks or required to be far more extensive with backgrounds checks and making sure that everything about your income is legit. It’s annoying, but a good thing.

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One Comment

  1. I’m going through the exact same thing right now. Everyone else I talked to said it doesn’t usually take this long with other banks. It took them 5 days to return my initial call. I am considering going somewhere else.