Profile picture for Annette Levinson

Annette Levinson


senior banker (29 years experience)

Purchase Loan,
Home Equity,
Mortgage Planning


  • (199 Contributions,
  • 2 Best Answers,
  • 17 Helpful)

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poor credit mortgage option


You will not qualify for a mortgage until you learn to pay your bills on time. You do not show a willingness to pay your bills and everyone checks your credit except the Bank of Parents.

I have a credit score of 568 and my partner has a FICO score of 742. We want to apply for a mortgag


You need to go to your local nonprofit housing group for credit counseling. Unless you got out of college 2 years ago there are some other reasons why your score is so low. The credit counselor will go over your credit report with you and tell you what actions you need to take. Listen to them. Until your score is in the mid 600s you are paying more for car insurance and home owners' insurance (if you could even get it).Now is not the time to buy.

FHA underwriting documentation requirements


The underwriter is nervous about your wife's income and wants to deny the loan. No one that is a small consultancy has audited books. The question becomes do you qualify for the mortgage on your income? If so speak to the manager about changing your application to leave out your wife's income.

How long does the Wells Fargo Pre-Approval loan process take?


You are definitely wasting your time. A DU (desktop underwrititng) takes me 5 minutes to do. I do check your last month's paystubs, last 2 years of W2s and tax returns, and your last 2 months of bank statements. If the DU says yes and you have the income and money requested, you get the preapproval.