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ArrowheadHawk
01-11-2011, 01:20 PM
Any Realtors on the board? I'm trying to buy a house. I got pre-approved from Quicken Loans, so I start looking at houses. I find one I like and decide to put an offer on the house. The Seller's agent tells the seller that they should request I get pre-approved from a local bank. I think not that big a deal and apply at a bank the Realtor recommends. I get turned down. So now I don't know what to do. Should I just give up and wait till I can get approved at a local bank?

NewChief
01-11-2011, 01:22 PM
Are you a first time home buyer?

doomy3
01-11-2011, 01:26 PM
I am an agent with Reece and Nichols. Shoot me a PM if you want a few local mortgage contacts. I work with several local banks and could help you out.

ArrowheadHawk
01-11-2011, 01:28 PM
Are you a first time home buyer?

No. But I do qualify for a VA loan.

58-4ever
01-11-2011, 01:34 PM
If you have a statement from Quicken saying that you qualify for the amount that they are asking, I don't know what the big deal is. Will it be an FHA or a conventional loan? That could explain the hesitance.

Simplex3
01-11-2011, 01:36 PM
I'd call Quicken and ask them what's up. Sounds like a Realtor who feels he has an interest in keeping the loan fees/etc. local. I'm assuming you don't have a buyer's agent?

blaise
01-11-2011, 01:39 PM
I'm no expert, but did the bank turn you down period, or did they turn you down for a loan on this house? I remember our realtor telling us that a bank could approve you as a client, but if they don't agree with the valuation of the home they won't want to do the loan.

Saulbadguy
01-11-2011, 01:43 PM
You should probably get pre-approved at multiple banks, as I bet Quicken doesn't give you the best rates.

Try Cap-Fed here in Topeka. They won't sell your loan.

doomy3
01-11-2011, 01:54 PM
The problem is that most of those Internet based preapprovals mean nothing, and people can't get from that point to loan commitment. So many deals are falling apart, the seller just wants more protection.

Mojo Jojo
01-11-2011, 01:59 PM
Coming from the other side...just sold my house last week...the buyers bee pre approved...then the title company had them get approved two different times...last one was a local lender. We were holding our breath the whole process. Needed to sell and not pay two house payments.

ArrowheadHawk
01-11-2011, 02:02 PM
If you have a statement from Quicken saying that you qualify for the amount that they are asking, I don't know what the big deal is. Will it be an FHA or a conventional loan? That could explain the hesitance.VA

I'd call Quicken and ask them what's up. Sounds like a Realtor who feels he has an interest in keeping the loan fees/etc. local. I'm assuming you don't have a buyer's agent?I think it is more about the pre-approval being crap in their eyes. My realtor is talking with Quicken now.

I'm no expert, but did the bank turn you down period, or did they turn you down for a loan on this house? I remember our realtor telling us that a bank could approve you as a client, but if they don't agree with the valuation of the home they won't want to do the loan.No not period. Just for the amount that I need to buy the house I want.

You should probably get pre-approved at multiple banks, as I bet Quicken doesn't give you the best rates.

Try Cap-Fed here in Topeka. They won't sell your loan.I may need to wait another 6 monthes to year for some stuff from 8-10 years ago to fall off of my credit report.

The problem is that most of those Internet based preapprovals mean nothing, and people can't get from that point to loan commitment. So many deals are falling apart, the seller just wants more protection.
That is the story I'm getting. It just pisses me off that Quicken would give out a pre-approval if they aren't going to actually approve the loan.

nstygma
01-11-2011, 02:08 PM
It just pisses me off that Quicken would give out a pre-approval if they aren't going to actually approve the loan.
the local lender required a lower DTI? (debt-to-income ratio)
that sounds like what's goin on.

ferrarispider95
01-11-2011, 02:12 PM
Don't jack around with Quicken, they are not going to be your best rate.

It comes down to a couple things, prior credit history and income/liabilities.

They will only allocate x% on your net income to a mortgage.

Bill Lundberg
01-11-2011, 02:16 PM
Don't jack around with Quicken, they are not going to be your best rate.

It comes down to a couple things, prior credit history and income/liabilities.

They will only allocate x% on your net income to a mortgage.

Gross income.

ArrowheadHawk
01-11-2011, 02:33 PM
the local lender required a lower DTI? (debt-to-income ratio)
that sounds like what's goin on.

Probably.

Extra Point
01-11-2011, 04:23 PM
Hope you get a house, no matter what. I hope these problems aren't due to race, creed, or color. Things are tough all over, and that's what makes us more equal.

ClevelandBronco
01-11-2011, 05:08 PM
Hope you get a house, no matter what. I hope these problems aren't due to race, creed, or color. Things are tough all over, and that's what makes us more equal.

Oh, just cut it out.

ArrowheadHawk
02-26-2011, 04:43 PM
Update: I went with Bank of America and will be closing on my house Thursday.

JASONSAUTO
02-26-2011, 04:46 PM
Update: I went with Bank of America and will be closing on my house Thursday.

Congrats....
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