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- July 7, 2012 at 1:01 am #254262
Today I received my pre-approval letter in the mail from Wells Fargo. Getting pre-approved was unexpected with some credit issues and a mid score of 602, but nonetheless, I was pre-approved. However, there was a laundry list of conditions that need to be met (expected). I have a couple questions regarding some of the conditions.
Lender is to receive a fully executed gift letter from an acceptable donor in the amount of $4200. (I wasn’t planning to use a gift for funding. Is this still mandatory?)
Lender is to receive most recent paystub of borrower reflecting monthly income of at least $2958. (Can overtime pay be included as qualifying/acceptable income? I’m very close to that in just base salary and overtime is steady. I’m averaging at least 10 hours a week.)
Lender is to receive W2s of borrower from years 2010 and 2011 reflecting monthly income of at least $2958. (I did not make that amount at my last job. Will this be a problem even though I’m making more money now than at my last job? There was no gap in employment for the last six years.)
This one I’m most confused about, since I was pre-approved for $73,565. Lender is to receive fully executed purchase agreement, including all addendums, with a minimum sales price of $75,000. All terms must be acceptable to the lender. (Why are they asking for a minimum purchase price that’s over my pre-approval amount?)
Lender is to receive an acceptable appraisal report indicating a market value of $75,000. All terms must be acceptable to the lender. (Is this saying that no matter the cost of the house, it must only appraise at $75,000 or is this just an extension of the previous condition?)
Sorry for the long-winded post. I’m a first-time home buyer and I want to make sure I’m doing everything right. My realtor is looking into this for me and I left a voicemail for the loan originator’s supervisor since the LO is on vacation until the 16th. I knew I wouldn’t receive a call back right away, let alone at all on a Friday afternoon, so I figured I’d come here for advice as have on numerous other occasions.
Any help or insight you can provide is greatly appreciated, as always!
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