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Unbelievable.. You are putting down a good chunk of money, have a good credit score and your not asking for alot. wells Fargo is the worst. We got a great mortgage a few months ago with no money down. What state are you in? I have an excellent mortgage banker.
I spoke to them again today, and they sounded a little more positive. Nevertheless, I gave them a deadline of noon tomorrow to reach an answer. It's been dragging on long enough.
I met with another broker this morning, and he more or less assured me he could get the loan for me. He called his underwriter with me in the office and explained my whole case... and the UW gave the green light. The problem is that if I switch lenders now, then I miss closing and the sellers may choose to go with a backup buyer...
In retrospect I think the main problem is just as Smart Money indicated: my case was never properly explained to the lender and that made my sudden switch to full-time seem suspicious.
Yes, I gave up on that first lender and moved on to another. Frustrating that they could never just say "Sorry we cannot help you," but rather seemed content to endlessly string me along.
This second broker seems much more on the ball. It'll still take 2-3 weeks though, so we had to ask the seller for an amendment to change the closing date to the end of the month. Luckily, the seller agreed.
To answer your question, there are about dozen major players out there......most of us funnel our loans thru them, but each one has their own requirements on top of the standard Fannie Mae or Freddie Mac requirements. These additional requirements are called "overlays." When it became apparent the lending arena was contracting with these overlays, Fannie opened a direct lending window......meaning they would purchase loans individually and not in pools of several million......meaning, Harry Wannabehomeowner's loan could be sold direct to Fannie Mae using pure Fannie guidelines, without any overlays.
Asking (or pushing, really) the end location of your loan can save you lots of heartache. If both Lender A and Lender B submit to the same lender, you've lost a whole lot of time. However, if both lenders are delegated underwriters (meaning they can approve on behalf of the investor), then it comes down to the loan packaging and the underwriting approach.
Re the tax issue, you really should look into that. I've had to school a CPA on tax code before, they don't know everything. At the end of the day you will be the one paying penalties, not them.
Good luck with the new lender, hoping it will all work out for you!
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