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Old 08-26-2012, 11:03 PM
 
33 posts, read 167,693 times
Reputation: 36

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I'm assuming they wouldn't have tax returns to show anything if they are just now moving and wouldn't have anything to show on tax returns for rental income.

I'm assuming your mortgage lender/broker gave you a list of the other standard items he/she will need? (not related to the current home you're keeping)
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Old 01-26-2013, 06:55 PM
 
1 posts, read 3,290 times
Reputation: 10
I am a veteran who was deployed and when I came back to my job I was deleted out of the HR system so it looked as if I was a be hire well to make a long stor short I was approved to close under some conditions and I had to provide a full verification of employment and and income wel I had a family emergency and had to mis 2 days out of each week for three weeks so when my company turns in the verification it's said I averaged from 20 to 30 hours but its also says I and full time status can I still get the loan if I write a meter explaining what had happend where I missed time out of work?
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Old 01-28-2013, 12:25 PM
 
1 posts, read 3,255 times
Reputation: 10
My loan is with the underwriter, but because the other mortgage company put my request in late to cancel my FHA case number, which he said it will only take 10 days to close. I can't go no further until the case is cancelled under their name so my new mortgage company can close this deal and finance me. It is now 20 days over due for the cancellation and Im a bunch of nerves..
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Old 01-28-2013, 07:41 PM
 
3,317 posts, read 7,253,255 times
Reputation: 4095
Quote:
Originally Posted by Oninthere27 View Post
I am a veteran who was deployed and when I came back to my job I was deleted out of the HR system so it looked as if I was a be hire well to make a long stor short I was approved to close under some conditions and I had to provide a full verification of employment and and income wel I had a family emergency and had to mis 2 days out of each week for three weeks so when my company turns in the verification it's said I averaged from 20 to 30 hours but its also says I and full time status can I still get the loan if I write a meter explaining what had happend where I missed time out of work?

This will come down to interpretation of guidelines. Typically if you are on any type of work reduction, you have to be returned to Full Time Status, with a paystub showing full time hours, in order to be deemed to be earning full time income.
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Old 01-29-2013, 06:01 AM
 
Location: MID ATLANTIC
7,598 posts, read 17,618,792 times
Reputation: 8078
Quote:
Originally Posted by Pfhtex View Post
This will come down to interpretation of guidelines. Typically if you are on any type of work reduction, you have to be returned to Full Time Status, with a paystub showing full time hours, in order to be deemed to be earning full time income.
I'm seeing it goes beyond an interpretation of guidelines, but a CYA for the underwriter from the investor. We are seeing investors hit us with post-closing conditions, which force the conditions to be added to the next file in underwriting. If it puts anyone at ease, there is a direct correlation to the best rate vs. the toughness of conditions. The better the rate, the harder the conditions.
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Old 01-29-2013, 09:06 AM
 
Location: OK
2,717 posts, read 6,290,623 times
Reputation: 1844
Quote:
Originally Posted by Tropical Trouble View Post
I was supposed to close on my new house today (pre-owned house, but new to me). When I signed the contract to buy it a month ago, I provided my loan officer with everything under the sun I could think of that she would need, bank statements, earnings statements, lease agreement for my current house (will be rented out), documentation that my job is transferring me, proof of insurance, etc. I didn't really hear much from her for a couple weeks. Then the loan processor determined that she needed more documentation, so I dug up old W-2s, updated bank statements, investment statements, copy of SS card. Now just this week the underwriter has asked for additional proof of my job transfer, also proof of the source of funds in my checking account because the balance jumped by a large amount in a month (401K loan), then I had to cough up a copy of the agreement between myself and my property manager (apparently the lease with the tenants wasn't enough).

I just want to know why all these things weren't requested from me weeks ago. Why do they always wait until the day before closing, or in this case the day of closing to ask for all this stuff? You'd think the loan officers/processors/underwriters would communicate these things early enough. So now I sit here on the "day of closing" without closing and I imagine it will be Friday at the earliest before I get the documents to sign. Since this is being done via FedEx, they won't get the docs back until Monday.

How does this affect things, meaning will I still be responsible for the house if it gets blown away by a hurricane on Saturday, even if the loan hasn't closed? Will the house still be considered mine as of 9/10 for purposes of paying taxes, etc? How does this affect the amount of money I'll have to pay at closing? Since I had my rate locked until 9/11 at 6.25%, could I call them at this late date and get it lowered?

I swear, I will not buy another house until I can write a check for it!
Wait til you have to supply the same information over and over again because they have misplaced the once you sent already.
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Old 07-07-2013, 01:43 PM
 
1 posts, read 2,800 times
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I am buying a home. We have 3 people on the loan application (my twin sister, my boyfriend and I). My sister has near perfect credit and my boyfriend and i have fair credit and are debt free (no school loans either). My sister is in school now and only works part time and my boyfriend and I work full time. We have given loads of information in 100% accuracy. We all have kept our jobs for 4+ years and have lived in only 2 locations each for the past 3 years. I am worried that we may be denied through the underwriter process. Because my boyfriend doesnt have much credit to his name. Which intern we have provided 3 statements of yearly payments, rent, car insurance, car payment(which is now paid off). I did have a collection out on my name for a hospital bill i didnt know about, but i paid that off ASAP and now should be off my credit, for that was a month ago. I am nervous we found the house we want and are now in the underwriting process. Anyone know how likely it may be to get denied based on this information?
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Old 07-08-2013, 05:56 AM
 
Location: MID ATLANTIC
7,598 posts, read 17,618,792 times
Reputation: 8078
Quote:
Originally Posted by kdckate View Post
I am buying a home. We have 3 people on the loan application (my twin sister, my boyfriend and I). My sister has near perfect credit and my boyfriend and i have fair credit and are debt free (no school loans either). My sister is in school now and only works part time and my boyfriend and I work full time. We have given loads of information in 100% accuracy. We all have kept our jobs for 4+ years and have lived in only 2 locations each for the past 3 years. I am worried that we may be denied through the underwriter process. Because my boyfriend doesnt have much credit to his name. Which intern we have provided 3 statements of yearly payments, rent, car insurance, car payment(which is now paid off). I did have a collection out on my name for a hospital bill i didnt know about, but i paid that off ASAP and now should be off my credit, for that was a month ago. I am nervous we found the house we want and are now in the underwriting process. Anyone know how likely it may be to get denied based on this information?
This really depends upon the type of loan and if your lender is able to add alternative credit references to your report.
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Old 07-08-2013, 07:28 AM
 
Location: Martinsville, NJ
6,159 posts, read 10,893,123 times
Reputation: 3939
Quote:
Originally Posted by kdckate View Post
I am buying a home. We have 3 people on the loan application (my twin sister, my boyfriend and I). My sister has near perfect credit and my boyfriend and i have fair credit and are debt free (no school loans either). My sister is in school now and only works part time and my boyfriend and I work full time. We have given loads of information in 100% accuracy. We all have kept our jobs for 4+ years and have lived in only 2 locations each for the past 3 years. I am worried that we may be denied through the underwriter process. Because my boyfriend doesnt have much credit to his name. Which intern we have provided 3 statements of yearly payments, rent, car insurance, car payment(which is now paid off). I did have a collection out on my name for a hospital bill i didnt know about, but i paid that off ASAP and now should be off my credit, for that was a month ago. I am nervous we found the house we want and are now in the underwriting process. Anyone know how likely it may be to get denied based on this information?
It's impossible to say how likely it is to be approved or denied, as that will differ by lender and loan program. I will say, however, that a story like yours will raise ALL SORTS of red flags with most lenders. It differs from the norm in several respects. The best credit history has only part time income, and is in school, possibly accruing more debt for that. The other two have some credit issues including a debt referred to collection, which was only paid off a month ago in order to apply for this loan. (By the way, what makes you think that collection will be removed from the credit report in just a month?) Of course, it may all work out, depending on the lender and their tolerance, but you are right to be skeptical, and to wonder if they will approve your loan.

Good luck.
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Old 09-24-2013, 09:57 PM
 
1 posts, read 2,488 times
Reputation: 12
Default Humbly disagree

I know this is an old post, but considering that I just read it I assume others do too. I'm having the same problems with my lender and underwriter. It's frustrating as heck.
"It seems that most people when searching for a mortgage, want to call around to find the loan officer that will perform the duties of securing your financing for the cheapest money. Well, you get what you pay for. Would people do that when needing a medical procedure performed, or if you are being sued do people call around to find out what attorney will do the duties for less? Of course not, so why do consumers do this when securing financing on the biggest investment they will make."
C'mon, are you suggesting calling around to find the most expensive mechanic or shop around for the most expensive price when you buy a new vehicle too? How are you suppose to know if the lender is "professional" or not until they screw everything up? If they're job title is "loan officer" doesn't that make them a professional loan officer? They're not considered professional because they're application fee was a little cheaper? That's ridiculous.
"Now, in fairness to the loan officer you are using, underwriting is tougher today and lenders are definitely asking for much more documentation then they used to."
And? With all do respect, it sounds like you're a lender and are trying to justify you doing a bad job too.
If things are tougher now days, learn the new laws, that's your job. Don't just say, "Well laws have changed over the last few years, I don't know them anymore."
To be perfectly honest, the mentality of whoever wrote this post is exactly the problem with a lot of lenders now days. They blame their lack of knowledge about their own profession on the simple fact that they don't know their own profession. Then have the audacity to criticize you, and make you think that you're to blame.
It's been 3 months of me continuously giving my lender and underwriter document after document, day after day. I don't get it, how hard is it to review the whole application or whatever it is that the underwriter reviews and ask for everything at once? I also had to give current check stubs recently because the ones that they have are outdated. My check stubs are only outdated because they're making them outdated by taking an eternity to do their job. I could go on and on, but will call it a day. Been nice venting
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