Wells Fargo Home Mortgage / mortgage loan application
My husband and I were pre-approved for a conventional mortgage loan three weeks ago. I have just graduated with my PhD, and am starting a post-doc fellowship position that will last for 2 years. I asked whether the fact that I had just graduated and started a new job would present any concerns about my "loan worthiness" and was told not to worry. We thought that underwriting would be no problem, due to the pre-approval, our respective credit scores of 760 and 810, the fact that we have zero debt, can bring 20% down payment, and because our assets are greater than the purchase price of the home. We entered into a contract on a house based on assurances from our loan officer that we were a "slam dunk" application and should anticipate no issues with underwriting- she was 100% sure we'd get our loan. We proceeded with the home inspection and the appraisal, and all other aspects of the contract fell into place. We were looking forward to our closing date and taking possession of the home.
The application went to underwriting-- and was denied. Why was it denied? It seems that the income I receive does not count towards qualification, because it doesn't show "evidence of continuance" for a period of at least three years. This is absurd. I have a grant-funded guaranteed position for the next two years, and that income cannot count toward my application. Moreover, our assets are greater than the requested loan amount. Because of this, I expected to be viewed as a low-risk loan applicant. If we wanted to, we could just outright buy the house, but I'd rather use my assets to continue building toward retirement. So thanks Wells Fargo. Now I've either wasted $1200 on appraisals, inspections, etc. on a house I can't get a loan for- or I have to liquidate all my assets so I can buy it outright.
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