So, this home buying process is the pits. Tuesday night Tyler and I received an email stating that the underwriter denied our loan due to my unstable employment history. They were looking for a two year history, which I do not have because I was in school then moved to Texas and now started a permanent position in July.
Now I totally understand wanting someone to have a job for two years before loaning them a ton of money. I get that. However, when you have a good credit score, pay all debts on time, and are getting a loan amount that equals the amount your paying for rent on an apartment (also current on payments) I don’t understand the problem. Plus this is all information I gave to them for my pre-approval. Nothing has changed since then. And they approved us for that, obviously. I am unsure how or why they would pre-approval someone, then charge them the appraisal fee ($470) and then tell them that they are denied. #StressfulSituation
Anyway, I wrote a letter (actually two very very long letters) to the underwriter to change his/her decision. It didn’t work. They simply stated I was still denied. OK. Fine. I talked to our lender and they submitted our application to senior management, where they FINALLY approved our loan with a few conditions in place. Once these conditions (for verification of employment and verification of rental) go through we are golden! Yes, GOLDEN! Now hopefully we can close on time…fingers crossed!!!
So some tips for our readers.
Tip 1: Make sure lenders do not charge the appraisal fee until after you are approved by the underwriter. If they did not change the decision, we would have been out the money. And as you travelers know, $470 could potentially be some awesomely priced domestic round-trip airfare tickets.
Tip 2: If denied, try and try again. It worked for us, it may work for you. Write letters to dispute the decision made. Explain why they should change their decision and show proof where you can.
Tip 3: Do your best to stay stress-free, even though impossible. It does help keep your mind clear when gracefully arguing your point.
I am hopeful we close one time (with this slight bump in the road) and have keys in hand October 15th. Sorry for venting, however this was an extremely stressful process. Not to mention we received the denial email the day before our anniversary (we have a few, this anniversary was for the day we met 9 years ago on our blind date). Thankfully, we were able to put our stress aside and have an amazing night. Now, were off to celebrate more this weekend! Heading to see Gone Girl in theaters! More adventures to come!