Anonymous
10/17/2015 22:01
Subject: Re:Have you ever gotten pre approved but not gotten a loan?
Yes, but we worked it to our advantage. We were approvable but we had to be declined as out house hadn't sold and we needed to back out via a financing contingency. Thankfully it was our family banker who worked it to our advantage in our situation. Lest anyone get outraged we were buying from a builder and had a 200,000 deposit on the line.
Anonymous
10/17/2015 20:58
Subject: Have you ever gotten pre approved but not gotten a loan?
Anonymous wrote:Just happened to us. We were pre-approved with two lenders at the same time.
All the way down the road, right before the financing contingency was lifted they said our ratios were off, even though they kept saying we were "fine". Meanwhile the other lender said "no problem".
Did you then have to start over with underwriting with the other lender, and just extend the settlement date?
We're fearful of this happening too!
Anonymous
10/15/2015 15:39
Subject: Have you ever gotten pre approved but not gotten a loan?
Just happened to us. We were pre-approved with two lenders at the same time.
All the way down the road, right before the financing contingency was lifted they said our ratios were off, even though they kept saying we were "fine". Meanwhile the other lender said "no problem".
All the way down the road, right before the financing contingency was lifted they said our ratios were off, even though they kept saying we were "fine". Meanwhile the other lender said "no problem".
Anonymous
10/15/2015 14:42
Subject: Re:Have you ever gotten pre approved but not gotten a loan?
Anonymous wrote:Neighbors / friends of mine found out the day before closing that their loan approval was delayed. It was supposed to come through on Thursday and they were told it would be the following week at the soonest. They ended up having to use a line of credit to cover the difference for closing until the loan came through the following week.
This happened to us, and we had no financial changes. My husband is self-employed and the bank just screwed up and didn't have the paperwork done (hadn't asked for the IRS transcripts, etc).
Anonymous
10/15/2015 14:34
Subject: Have you ever gotten pre approved but not gotten a loan?
Talk to your lender before you do anything that could even remotely affect your credit or the loan. For example, don't accept large $ gifts or a loan Don't apply for credit. Don't pay off large debts. Don't buy a car or a boat. Don't quit your job. Don't get divorced.
etc.
etc.
REALTOR4U
10/15/2015 14:26
Subject: Have you ever gotten pre approved but not gotten a loan?
I'm sure it will be okay. Don't be surprised if the lender asks for last minute updates and don't go buy any expensive items or open new credit lines until after you settle.
Congratulations on your home purchase.
Congratulations on your home purchase.
Anonymous
10/15/2015 12:41
Subject: Have you ever gotten pre approved but not gotten a loan?
REALTOR4U wrote:It doesn't happen often but is usually the result of a change in the buyer's credit, debt ratios, loss of income or other pertinent information that the buyer fails to provide to the lender (tax repayment plans, failure to file taxes or providing incorrect tax returns to the lender.) It may also occur if a buyer changes jobs and goes from being a W2 employee to a 1099 recipient.
Do you have a concern?
OP here. We are buying a home and our loan is supposed to be approved the same week our financial contingency expires. I'm just paranoid and going they all the what ifs.
REALTOR4U
10/15/2015 11:54
Subject: Have you ever gotten pre approved but not gotten a loan?
It doesn't happen often but is usually the result of a change in the buyer's credit, debt ratios, loss of income or other pertinent information that the buyer fails to provide to the lender (tax repayment plans, failure to file taxes or providing incorrect tax returns to the lender.) It may also occur if a buyer changes jobs and goes from being a W2 employee to a 1099 recipient.
Do you have a concern?
Do you have a concern?
Anonymous
10/15/2015 09:00
Subject: Re:Have you ever gotten pre approved but not gotten a loan?
Neighbors / friends of mine found out the day before closing that their loan approval was delayed. It was supposed to come through on Thursday and they were told it would be the following week at the soonest. They ended up having to use a line of credit to cover the difference for closing until the loan came through the following week.
Anonymous
10/15/2015 08:27
Subject: Re:Have you ever gotten pre approved but not gotten a loan?
I've never had this happen, but yes, it's more than possible it could happen. That's why there's a finance clause in the contract and it's why some deals fall apart.
Anonymous
10/15/2015 08:25
Subject: Have you ever gotten pre approved but not gotten a loan?
Sure, if you lose your job or take out a loan (such as a car loan). Also, if it's discovered you lied or hid some debt.
Anonymous
10/15/2015 08:18
Subject: Have you ever gotten pre approved but not gotten a loan?
Curious how often this happens.