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Old 05-28-2009, 02:18 PM
 
114 posts, read 524,513 times
Reputation: 63
Default Denied at underwriting?

I want to know if anyone has been denied at underwriting AFTER the pre-approval and the appraisal/inspection have been paid and completed. I have no reason to worry but as a FTHB, I'm extremely anxious to the point where I have a stomach ache and cannot concentrate. FYI: I'm going FHA in Missouri and using the MHDC to fund the down (already been secured).

I guess I want to know what issues could I encounter.

Thanks -
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Old 05-28-2009, 02:37 PM
 
21,477 posts, read 35,351,953 times
Reputation: 10511
You are free to munch through as many bottle of Tums as you care, but honestly the number or apps that get booted AFTER appraisal and inspection is tiny. Of those loans that do get booted all but a even tinier number are going to fail because there is some material fact that does not match the pre-approval. Typically these are things that crop-up when an employer changes names or something that makes verifcation of employment impossible or the rare occasion when a bank changes hands and the borrower's accounts do not match what was supplied on the app.

Such "honest changes of fact" are generally cleared up quickly SO LONG AS the lender is not so backed up that they are moving so fast they introduce their own errors.

Really I almost hesitate to mention these things as they are so exceptional that they do stick out in my mind, unlike the many many hundreds of deal that proceed smoothly through final underwriting / funding.
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Old 05-28-2009, 02:40 PM
 
Location: Florida
6,270 posts, read 12,206,807 times
Reputation: 4539
my daughter just fired her mortgage broker for being inept. Her closing was to be today. he sat on his fat azz telling her everything was in order when in fact he had dropped the ball weeks ago.
She's back to square one with a new broker on the day she was to be closing on her house.


Quote:
Originally Posted by bissit View Post
I want to know if anyone has been denied at underwriting AFTER the pre-approval and the appraisal/inspection have been paid and completed. I have no reason to worry but as a FTHB, I'm extremely anxious to the point where I have a stomach ache and cannot concentrate. FYI: I'm going FHA in Missouri and using the MHDC to fund the down (already been secured).

I guess I want to know what issues could I encounter.

Thanks -
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Old 05-28-2009, 02:55 PM
 
114 posts, read 524,513 times
Reputation: 63
Ah - two totally different responses!

Chet - I'm investing in Tums Your response is what I wanted to hear. I guess I just want anyone to whisper sweet mortgage nothings in my ear...My L.O. said that unless I lied about something, everything should be fine. I guess I feel that all of this is too good to be true. In Calif, it is not possible for a person making $50k to purchase a home. To have a mortgage that is less than my rent but a home that is 3x the size is unfathomable to me.

Thanks Chet!
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Old 05-28-2009, 03:09 PM
 
21,477 posts, read 35,351,953 times
Reputation: 10511
Default Not really...

Quote:
Originally Posted by bissit View Post
Ah - two totally different responses!

Chet - I'm investing in Tums Your response is what I wanted to hear. I guess I just want anyone to whisper sweet mortgage nothings in my ear...My L.O. said that unless I lied about something, everything should be fine. I guess I feel that all of this is too good to be true. In Calif, it is not possible for a person making $50k to purchase a home. To have a mortgage that is less than my rent but a home that is 3x the size is unfathomable to me.

Thanks Chet!
DreamWeavin is talking about inept / incompetent mortgage broker. Generally such people serve as go-between between the staff at a wholesale lender and a borrower like you. Sounds like you already have talked with your LO, which suggests you went straight to the originating lender OR the MB did a hand off. Either way your LO is basically correct -- if everything from your Pre-Approval matches the info that is verified in final underwriting you will be funded.

I like the Berry Fusion, but the Chewable cherry are good too:

TUMS Smoothies Heartburn Relief (http://www.tums.com/products_smoothie.aspx - broken link)
TUMS Kids for Heartburn and Upset Stomach (http://www.tums.com/products_kids.aspx - broken link)

If you over do it make sure you up your fiber intake to compensate...

DoubleCheckMD Side Effects - Tums Ultra and Constipation
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Old 05-28-2009, 05:38 PM
 
114 posts, read 524,513 times
Reputation: 63
I LOVE the cherry kind Yes, the other response was the LO and mine seems fine. I just got an email from the UW requesting more forms - the actual bank statements, not the printouts and some employer numbers and tax returns (yet again). Nothing I wasn't prepared to provide. In fact, I have a letter from my landlord and my passport as a "just in case". Little worried about one previous employer as she retired in December and is traveling through Africa. Everything is on my W2 but do you think that could be a problem?
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Old 05-28-2009, 06:34 PM
 
Location: Plano, Texas
1,672 posts, read 4,337,100 times
Reputation: 640
Lenders always request the actual statements and every page. If you have w2 income you should only need w2 and not tax returns. If you make commission income, self employed or 1099'd you are require to show entire tax return all pages.

Be prepared to provide 2 forms of id if you have not already given to your LO. This can be drivers license, passport or social security card.
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Old 05-28-2009, 07:54 PM
 
114 posts, read 524,513 times
Reputation: 63
Thanks Victor! Yes, I was 1099'd for 2007. Luckily I have my passport and DL b/c I lost the SS card. They did say that the SS# can be verified with the W2s. Why would they need the previous employer info though?
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Old 05-28-2009, 08:52 PM
 
21,477 posts, read 35,351,953 times
Reputation: 10511
Lenders generally have a policy to verify income / employment for the previous two years. If you worked at same place for two years you are golden. { Now if you were to ask me how much good this does I all would have to do is go to the unemployment office, find people that look like they've never been there before and ask them how much they are making TODAY vs two year ago... Hey rules don't have to make sense!}
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Old 05-29-2009, 09:27 AM
 
6 posts, read 62,936 times
Reputation: 14
yep just happened to us, we're out $1000 we won't get back.
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