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OK so I guess I just need to vent and maybe get a hug lol i'm totally losing my mind. I have great credit, I have good debt to income, I have a stable good paying job....etc... I am two days away from closing and it's a complete nightmare. Here is the problem. my ex husband and I bought a home back in 2005 from our friends/neighbors. It was a 15 year note and we signed the papers and all saying our payment would be 625 a month. But for many many years we paid double that. We ended up way ahead on our loan. I didn't make month to month payments. Some months I paid way high. Then maybe I skipped a month and turned around and paid way high again. The owners were happy with that and we never had a problem. I am about two years ahead of schedule now.
Problem is the underwriter has asked for the last twelve months of cancelled checks showing where i paid on time every month. But thats just not how we did it. It does not show up on my credit or anything as it was not so formal. everyone is happy with how i've been doing it. I only owe 17k now on the house! But they seem to think i'm some kind of a dead beat who goes around skipping my house payments. I wrote a letter of explanation to the UW and I have a letter from the owner as well stating that i'm ahead and they consider my payments on time and never late due to the fact that i am ahead. There are no late fees or missed payments on my credit score which is over 750. I thought I was doing a good thing by over paying! but now it looks like it's not going to happen for me. I'm out all this money too and my dreams are just crushed. Is there any chance that they will understand the situation and approve me??? i'm popping tums like they are pezz and literally the whole process has been the biggest nightmare i've ever gone though. I'm stressed beyond belief. I just want to cry. I feel like such a criminal or something. HELP! i'm supposed to go to closing this FRIDAY!
You don't say what kind of loan you are applying for, but it looks like you can't show continuity of payment history, which is a standard requirement for a refinance. Since 1) your seller has a financial incentive to tell your lender what they want to hear, of course they are happy2) the seller does not report to the credit bureaus, so 3rd party verification is out, and, 3) you can't show regular payments, the lender is required to somehow show your payments.
You do know you can't pay a mortgage in the same manner as you have been paying? That you can't go months without a regular payment, even if paid ahead? It doesn't work that way. What kind of documentation did your seller keep year to year to track your balance? People obtain seller financing typically because they cannot get traditional financing. What drove you to go with seller financing in the first place? What kind of property is this? What is the loan to value?
I'm going through the same junk as everyone else. Im at day 82 of the process after being told it would only take 45 before I signed the contract. My loan has been in underwriting for the last 40 days now....have signed 3 extensions thus far and currently paying a per diem to try and keep the deal going. I was told 12 days ago from underwriting that they would have an answer to us the next day. For the past 12 days I ask for a daily update and I get the answer "underwriting did not get back to me today, will try again tomorrow".
Days away from the third extension deadline and I have been in the dark for the last 12 days.....Stressful? I have veins the size of red vines come out of my face!
"Everyone else" is not going through that. I'm closing files in two weeks.
And I though I had it bad....... I learned so much when I went through this process 7 months ago. My loan took 45 days to process. Twas hell . all packed up . things in storage. Paying another 2.5 months of rent. Was hard. Now I know why. The loan officer showed me his workload. Insane. Stacks and stacks of paperwork. Underwriting wants to approve your loan. They just need everything to be in place and by the book. The officer can't be precise when they have an enormous workload.
After months of preparing and after our current home finally sold, we are in the process of getting a mortgage. I had been reading since last fall about what to prepare for since it's been 10 years since our last mortgage application. So far, it's been a breeze. We did get pre approved by submitting 2 years of taxes, check stubs, credit check. We are putting down 46% (170K down on a 375K property). DH is self employed (contract). Appraisal has been ordered already and employment (contracts) verified for the past two years. Nothing else.......... what's up with that? I've been waiting to be bombarded with information requested and nothing. I don't get it. Are we just not there yet? I'm totally prepared to provide my aunt's dog's shot records if needed (j/k but not really), but it's so easy so far, it's almost confusing.
FYI: We are downsizing considerably, current mortgage is $2200, new mortgage will be about $1300 (with escrows). Could this have something to do with or the large down payment? I didn't think that would change all the paperwork and documentation that we would need to supply.
In 2010 I refinanced from a very large national mortgage company to a small local bank. My credit score was in the low 600's and the refi went smoothly. Flash forward to 2015, credit score in the mid 800's, and downsizing from large home to smaller townhouse and much lower mortgage. That same local bank required a lengthy explanation about why my credit report listed three different variations of name (maiden name, two married names, back to maiden). Those names were all on my credit report back in 2010, but never questioned.
Hollyna, one thing to remember, those that have a smooth experience rarely post on a message board about how great things went. Those that are having a really bad time of it will post on multiple threads and sites. And then, there are those few that are spewing about the trouble they are having, we have read between the lines. Rarely, is the full story given accurately.
I'm glad you are having an easy time of it - I wish more people would post positive experiences.
Hollyna, one thing to remember, those that have a smooth experience rarely post on a message board about how great things went. Those that are having a really bad time of it will post on multiple threads and sites. And then, there are those few that are spewing about the trouble they are having, we have read between the lines. Rarely, is the full story given accurately.
I'm glad you are having an easy time of it - I wish more people would post positive experiences.
Here ya go:
We obtained a mortgage for our fourth home this past spring. It was our fourth purchase mortgage, and it was the easiest one.
What I did:
Researched the new rules so I knew what to expect.
Starting 6 months before we applied, I didn't deposit any checks that weren't related to employment, e.g., refund checks. I cashed them. When I sold stuff (we were downsizing), I only accepted cash and didn't deposit it.
Starting 4 months before we applied:
Downloaded my bank statements each month from online banking.
My husband downloaded his paystubs and emailed them to me.
Kept a running P&L statement for my business.
Downloaded the lease and statements from my property manager's portal for our rental unit.
Organized it all into folders on my computer.
As a result, as soon as something was requested, I provided it.
I also have PDF software that allows me to type into PDF documents and "sign" PDF documents with a signature image, so as soon as I was given a document to fill out and/or sign, I was able to do it quickly and return it. That beats printing, filling in and signing by hand, and scanning (or, God forbid, faxing) to send it back.
However, the lender I chose was key to the smooth process. Rather than chasing the lowest rate, I chose a lender who a) had great customer service; b) a loan officer who I provided all documentation to personally; c) a loan officer who handled everything by email (v. uploading documents to some central repository).
I used a credit union. Best. Experience. Ever. I was never asked to provide the same information more than once, and there wasn't anything requested that I didn't anticipate.
A representative of the credit union even attended the closing to immediately fund once all the documents were signed.
We obtained a mortgage for our fourth home this past spring. It was our fourth purchase mortgage, and it was the easiest one.
What I did:
Researched the new rules so I knew what to expect.
Starting 6 months before we applied, I didn't deposit any checks that weren't related to employment, e.g., refund checks. I cashed them. When I sold stuff (we were downsizing), I only accepted cash and didn't deposit it.
Starting 4 months before we applied:
Downloaded my bank statements each month from online banking.
My husband downloaded his paystubs and emailed them to me.
Kept a running P&L statement for my business.
Downloaded the lease and statements from my property manager's portal for our rental unit.
Organized it all into folders on my computer.
As a result, as soon as something was requested, I provided it.
I also have PDF software that allows me to type into PDF documents and "sign" PDF documents with a signature image, so as soon as I was given a document to fill out and/or sign, I was able to do it quickly and return it. That beats printing, filling in and signing by hand, and scanning (or, God forbid, faxing) to send it back.
However, the lender I chose was key to the smooth process. Rather than chasing the lowest rate, I chose a lender who a) had great customer service; b) a loan officer who I provided all documentation to personally; c) a loan officer who handled everything by email (v. uploading documents to some central repository).
I used a credit union. Best. Experience. Ever. I was never asked to provide the same information more than once, and there wasn't anything requested that I didn't anticipate.
A representative of the credit union even attended the closing to immediately fund once all the documents were signed.
Genius!
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