Wells Fargo pre-qualfication at village of Irvine

NEW -> Contingent Buyer Assistance Program

Very cool

New member
Does anyone failed to get pre approved by Wells Fargo/ US bank  ,end up use their own lender and successfully bought any property at village of Irvine ? Please share with us . Thanks!
 
Dang it Jizz and your rational fact based advice!  Look, Irvine bad, 4444, do not buy.  The Irvine of my childhood (30 years ago) is nearly gone, but maybe there's some hope if FBs can be convinced to look elsewhere. 

So, Irvine too sunny, too much traffic, drivers dangerous, too production (not custom designer brand) house, too much children playing outside, too much white people being nosy with their "hello! how's it going?" questions when they walk by a neighbor, too much pizza and burger restaurants...  there must be more, what am I missing?  Oh too much craft beer!  Too much drug addicts using legal Marijuana!  Great shame!  Terrible city!  4/10 would not recommend.
 
Yeah, no qualifying by prefer lender, no home.

You can use other outside lender for the mortgage but still need pre-quality by the prefer lender first  inorder to be offer a home.

Only way to get around this is by telling the builder that you are all cash buyer and you will required to put down a $100k to $150k non-refundable deposite.(the amount varies depends on the builder and the price of the property). And at the time of closing, you can either pay all cash or use a outside lender to obtain a mortgage to pay for the house.  But with this method if buyer failed to obtain a mortgage or come up with the cash, that 6 figure deposite is gone.  This had happen to a few FCB buyer from China due to their capital control. 
 
YellowFever said:
someguy

Don't forget about the massive influx of Chinese anchor baby mommas, the 17 year old kids with their ferrari/lambos in Diamond Jamboree, and last but not least,  ;D, the environmental hazards like TCE, landfill, pesticides, and new homes which emit formaldehyde

Ugh... I am reminded of all of those things...  Bye bye childhood Irvine :(  Hello little China.  Can I just have the environmental hazards only?  At least that way I can die a slow blissful death in my beautiful ticky tacky Irvine home with baseball and apple pie.
 
someguy said:
Dang it Jizz and your rational fact based advice!  Look, Irvine bad, 4444, do not buy.  The Irvine of my childhood (30 years ago) is nearly gone, but maybe there's some hope if FBs can be convinced to look elsewhere. 

So, Irvine too sunny, too much traffic, drivers dangerous, too production (not custom designer brand) house, too much children playing outside, too much white people being nosy with their "hello! how's it going?" questions when they walk by a neighbor, too much pizza and burger restaurants...  there must be more, what am I missing?  Oh too much craft beer!  Too much drug addicts using legal Marijuana!  Great shame!  Terrible city!  4/10 would not recommend.

actually, if you come to the Tustin school district side of Irvine, its more diverse. TUSD is FCB repellent! I've definitely noticed in my neighborhood there are few FCBs, no renters, and all owner occupied houses, many of them people who have been living in Irvine or other areas of Orange County for years, sold their old house, and moved here.


 
YellowFever said:
nyc to oc said:
actually, if you come to the Tustin school district side of Irvine, its more diverse. TUSD is FCB repellent! I've definitely noticed in my neighborhood there are few FCBs, no renters, and all owner occupied houses, many of them people who have been living in Irvine or other areas of Orange County for years, sold their old house, and moved here.

Tustin is for wannabe people who want to pretend like they live the wonderful 'Irvine Master Planned Communities' lifestyle without paying the high HOA/MR price for it. ;D ;D ;D

Just like how a Lexus "F" wants to be a M series or AMG series but can never get there... (Lexus should change their slogan instead of "The Pursuit of Perfection" to "Always Pursuing Behind that Perfection")

I can afford Hidden Canyon, Turtle Ridge, Quail Hill, etc. I purposely chose TUSD side of Irvine  to avoid the issues that Someguy is talking about. It may not be as good of an "investment" in terms of appreciating real estate values, but this is my primary residence, and I don't treat it as an investment to be flipped for maximum financial gain.

 
Back on subject - if your FICO score is reasonable, and you have a clear income (W-2 Yes, Self Employed... eh... who knows...) and can scare up enough bank statements to show a massive down payment, then you can get approved. $500k in a 401k? That works, even though you won't be touching these funds.

Are you required to close with that down payment? No. Pre-qualification is nothing more than a general "thumbs up" signal saying that you're a buyer capable under general terms to purchase.

My .02c

Soylent Green Is People.
 
But with this method if buyer failed to obtain a mortgage or come up with the cash, that 6 figure deposite is gone.  This had happen to a few FCB buyer from China due to their capital control

How often does this happen?  About how much money would you guess the Irvine Company makes off of this racket? One million, ten, a hundred or more?
 
Loco_local said:
But with this method if buyer failed to obtain a mortgage or come up with the cash, that 6 figure deposite is gone.  This had happen to a few FCB buyer from China due to their capital control

How often does this happen?  About how much money would you guess the Irvine Company makes off of this racket? One million, ten, a hundred or more?

I don't think it's very often but more in the last 2 years.

Since the non-refundable deposit is very high, these type of buyer will make sure they can get the fund ready upon closing before they put down that non-refundable deposit.  But a lot can change from time of signing until the closing time and some are just unfortunate got caught in the midst of policy change.
 
YellowFever said:
You cannot buy the house if you cannot qualify the preapproval process using the builders designated lender (in this case Wells Fargo).

The builder will not allow you to use somebody like East West Bank or something to attempt to qualify.

The builder teams up with a lender for two reasons. One, it keeps the lender consistent with guidelines and ensures that all cases are treated equally and the builder ensures they can close based on IPs stringent rules. Two, the lbuilder probably gets a kickback with the lender by driving so many customers in droves into their sustem.

If you did not qualify with Wells Fargo, which they allow up to 43% DTI and jumbo loan, then clearly you should not be buying the home because most likely you will be living on instant noodles and cereal for a long time. The system is doing you a favor.

What are you trying to buy? Consider buying something cheaper.
This is not necessarily true. Not all builders in Irvine require you to be pre-approved by their lender (some will allow an alternative lender...it might impact where you fit on the "priority" list though). Even Irvine Company will let you buy at times without (in this market, the only time they probably would and even then I have no idea, would be on a standing inventory home...that said, to buy standing inventory, usually they want quick 30 day close...so you better have everything lined up and legit). 
 
Back
Top