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Thanks again for the responses. I spoke with DTE this morning and they are removing the delinquent mark. I lucked out and got a friendly rep who also sent me a letter stating the mark would be removed. I forwarded it to my mortgage broker who is having my CR updated.
By the way, my broker ran my credit and information through the AUS with the deliquency on it and it came back 'Accept/Approved'. He said the AUS indicated that the rest of my credit history was stellar and that the single derogatory item didn't make a difference.
Can you give me the number you called and rep you spoke with?? I am having the exact same problem right now with DTE Energy!! They brought my score down 48 pts!!
I applied for an FHA loan recently and the closing is at the end of next week. The mortgage company just sent all the information off to the underwriter and I am getting worried that it won't be approved. I have a little over $6000 a monthgross income; have the money for closing (gifts and my own); 747 credit score; work verification has been done, as well has the gift monies. Can anything go wrong?
I applied for an FHA loan recently and the closing is at the end of next week. The mortgage company just sent all the information off to the underwriter and I am getting worried that it won't be approved. I have a little over $6000 a monthgross income; have the money for closing (gifts and my own); 747 credit score; work verification has been done, as well has the gift monies. Can anything go wrong?
I am purchasing the house. What do you mean that it needs to be appraised at the purchase price? I thought that if it was appraised over the amount of the loan that would be better. What do you think?
Last edited by getthepapers; 01-01-2009 at 02:14 PM..
if you're buying it for 100, and the appraisal comes in at 90 then YOU need to bring the difference of 10k
if you're buying it for 100k, and it comes in at 100 then you're ok
Quote:
Originally Posted by getthepapers
I am purchasing the house. What do you mean that it needs to be appraised at the purchase price? I thought that if it was appraised over the amount of the loan that would be better. What do you think?
On an FHA loan, the home must appraise for the sales price. It is off the sales price or the appraised value (whichever is less) the maximum loan is calculated. If the appraisal is in, let's hope they would have caught it. You are probably fine on that issue.
The questions you want to ask your lender (in these exact words): "Do we have the clear to close? If not, why? When can the loan instructions be released to my attorney or title company so I can get my final HUD I?"
As a consumer, you are entitled to review the final HUD 24 hours prior to closing. All you have to do is say, "I want to review my HUD 24 hours prior to closing." (This is Federal Law). You can waive it, and right now, many, if not most are waiving this right, because the lenders can't get the closing instructions out in time. Many will come back with "okay, we can give you 24 hours notice w/ the final HUD, but we may have to delay closing to make that happen." It comes down to how hard you want to push and how much pressure you want to be at the settlement table. Put it this way, if there is something you don't like on the HUD and the first time you are seeing it is at the closing table and you have 4 pairs of eyes waiting for you to sign, most people sign and keep their mouths quiet. It's up to you.
So it really doesn't matter that it was appraised higher than the loan amount?
Again, do you think there is anything that I should be concerned about? I was required to re-submit some banking information because of cash deposits and parents gifting me part of the downpayment, i.e., their information to insure money was available and copies of canceled checks for the gift money. I have the money (in my account) but a lot came from cash deposits so my parents had to gift part of the downpayment.
I can't think of any other issues and the last comminication I had with the loan consultant was her saying that we are almost there, and she apologized to me that all the documentation was required but because of the industry changes it is now required.
I appreciate your advice and help on this New Years day.
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Do I have a reason to be worried
