Replies to This Discussion

Permalink Reply by Cody Lampariello on December 4, 2011 at 9:05am

Sounds like a pretty straight forward file to me. Wells Fargo is a stickler for docs so make sure you get all of their addendums signed correctly. As for HAFA it's worth trying depending on the income of your sellers. Fannie Mae does not follow the new guidelins so they still have to be at over 31% DTI ratio. I think that number is correct...may be a little off. Also I believe they have the same rule as Freddie of not having greater than 5k in your bank account. If they fit the guideleines though I would say go for it.  If your unsure about the guidelines submit for HAFA anyway ya never know. Good Luck.

Permalink Reply by Pam Graham on December 5, 2011 at 5:49am

Is it Wells Fargo Mortgage or Wells Fargo Financial? Although they are both Wells Fargo, they handle the short sale process different. Financial starts the process at the time you list it, so you get the price and seller approved ahead of time. Much better process. If it's Mortgage, when you do submit an offer, most of the time if you are missing docs or they don't go through for whatever reason, your set up person emails you, but I had one where they didn't email me until they received all the docs, so make sure you call and confirm receipt 24-48 hours after you submit your package.

Permalink Reply by Brent Innocenzi on December 6, 2011 at 10:49am

Make sure all docs are FULLY executed, dated, and current. All borrower financials and buyer pof/pre-qual must be current within 30 days. They are very strict with documents!! Once you can get passed that, it's a relatively smooth process until you have to fight Fannie Mae's inflated value.