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Even if you had the perfect profile, you should still be leery. I wouldn't be so concerned with the medical collections but that your fiance was sporadically unemployed. The only real advice I can provide is not to trust anything the loan officer or processor tells you. Expect the worst (sorry, I'm a pessimist). The underwriter is the only person that matters, the rest are generally just ignorant document carriers or salesman. If you begin to have communication problems with them (as in they don't answers calls for days, send you straight to voicemail, give extremely vague replies to emails), move on. Just go to a different bank, do not waste your time. Try to get your file to an underwriter as quickly as possible. My husband and I have been in a living nightmare for the past eight weeks while having 40% dti with the new mortgage payment and middle scores in the 700s. We're set to close tomorrow and the title company hasn't heard a peep from the bank lol
With all due respect:
You were the one that blamed the bank for requesting documentation when you had your credit checked by another company at the last minute, right? You knew what would happen, it happened, and you still blamed the lender, right?
Why in the world would you even attempt to offer advice about the process? What do you know about collections, medical or not? How many thousands of loans have you handled?
The underwriter matters the LEAST in the process. The underwriter does exactly what I KNOW the underwriter is supposed to do. I know the End Game going in. and I win 100% of the time because I know the Guidelines better than Underwriters.
It's unfortunate that you seem to be blaming everyone but yourself for a delay that you created.
You were the one that blamed the bank for requesting documentation when you had your credit checked by another company at the last minute, right? You knew what would happen, it happened, and you still blamed the lender, right?
Why in the world would you even attempt to offer advice about the process? What do you know about collections, medical or not? How many thousands of loans have you handled?
The underwriter matters the LEAST in the process. The underwriter does exactly what I KNOW the underwriter is supposed to do. I know the End Game going in. and I win 100% of the time because I know the Guidelines better than Underwriters.
It's unfortunate that you seem to be blaming everyone but yourself for a delay that you created.
I don't need to write 1000s of loans to be able to read and comprehend FHA mortgagee letters. It's unfortunate you didn't read the whole post from my thread.
To the bold: you really took my post personally lol. To the sentence you edited and removed: yes it was my fault in that I chose a poor lender and am warning the op to be cautious when 1000s of dollars are at stake.
You were the one that blamed the bank for requesting documentation when you had your credit checked by another company at the last minute, right? You knew what would happen, it happened, and you still blamed the lender, right?
Why in the world would you even attempt to offer advice about the process? What do you know about collections, medical or not? How many thousands of loans have you handled?
The underwriter matters the LEAST in the process. The underwriter does exactly what I KNOW the underwriter is supposed to do. I know the End Game going in. and I win 100% of the time because I know the Guidelines better than Underwriters.
It's unfortunate that you seem to be blaming everyone but yourself for a delay that you created.
The underwriter matters the least? How so? The underwriter reviews all sections of the loan file (income, assets, credit, property and compliance) and ultimately makes the final approve or decline decision on the loan. If the loan doesn't get through underwriting, the borrowers don't close. Everyone involved in the process plays an important role but The UW's role is the most important.
The underwriter matters the least? How so? The underwriter reviews all sections of the loan file (income, assets, credit, property and compliance) and ultimately makes the final approve or decline decision on the loan. If the loan doesn't get through underwriting, the borrowers don't close. Everyone involved in the process plays an important role but The UW's role is the most important.
I think what Pfhtex is getting at is the UWs rarely think outside the box when it comes to underwriting. They have guidelines that they are required to follow. If your credit score isn't up to par, you are denied. If your debt to income ration is poor, you are denied. They don't look at files and give approval by the thought that the borrower can make their payments. Everything is a calculation. If you know this calculation going into the loan process, you have nothing to worry about. When it comes to a loan, the only person who can make it work is you.
I actually believe the processor (or proactive loan officer) is the most critical in the mortgage transaction. If they spot something and head it off at the pass, provide an explanation before it's asked or questioned....they've made the UW job easy, no thinking required. Plus, once a loan officer & processor get known by the UWs, there is a tendency for them to reach for that teams' loans.
Usually the investors want 3 months principle and interest set for reserves.
Never does a investor want 3 months of payments in reserves. Sometimes 2 months is required, and on investment properties they can require up to 6 months in reserves for each property.
FHA will approve many loans when the client has no money in reserves as will conventional financing under certain criteria.
I switched brokers and I'm currently working with a reputable broker here in DFW that works with my realtor on many deals. We've done all the paperwork and he's talked to UW about a few issues like my finances credit history and employment status, but all and all he thinks there won't be any issues. We just put our first offer on a house this evening so we shall see what happens.
In regard to the reserves, is there a set amount for FHA? I thought that was why we paid Upfront PMI?
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