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Old 08-26-2010, 06:08 AM
 
11 posts, read 21,940 times
Reputation: 18

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bissit, my brother was almost denied. The lender had everything going and then at the last minute he said it could not be done. The owner on the other side was furious and was going to sue, so the lender ended up going through with it. So yes, until it is complete, there is always a chance. And yes, an apprasial, home inspection and everything was done and then it was denied.
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Old 07-19-2012, 09:00 AM
 
2 posts, read 13,586 times
Reputation: 10
Default denied at underwriting

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 -
we were denied at underwriting 2 days before closing
because deductions on taxes made the income lower (that is what our loan agent said)
talking about hurt!!!!
i would be willing to talk about it in depth
kansas side fha loan
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Old 07-19-2012, 10:15 AM
 
4,962 posts, read 12,545,625 times
Reputation: 3760
Quote:
Originally Posted by lxt3 View Post
we were denied at underwriting 2 days before closing
because deductions on taxes made the income lower (that is what our loan agent said)
talking about hurt!!!!
i would be willing to talk about it in depth
kansas side fha loan
Unreimbursed employee expense deduction??
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Old 07-20-2012, 06:04 AM
 
Location: MID ATLANTIC
8,144 posts, read 20,006,065 times
Reputation: 9383
I'm willing to bet my next paycheck that's what it was, line 20, Schedule A of the 1040 (and most likely Form 2106 to support the deduction).

The golden rule of mortgage lending:

If you don't pay taxes on it, we can't use it as income!

Another frequent issue we are seeing crop up on a regular basis, why are people writing off their mileage to go to work? Not second job mileage, not commission, sales mileage........but salaried employees writing off mileage - sooner or later this will catch up to you.
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Old 08-03-2012, 05:39 AM
 
2 posts, read 13,586 times
Reputation: 10
Man! I wish we had that information earlier... SmartMoney made it so clear
"If you don't pay taxes on it, we can't use it as income!"

wish we had known that earlier However, armed with the knowledge of what was going on we switched loan managers
he had us write a letter stating that deduction was made in the past as that was the job set up and that things had changed and we would not take those deductions and yes it was for darn gas so hard to believe it made that big of a deal

anyway, we worked it all in truthfulness which was the best thing we didn't want to start making up false information to try and get by... but having a more knowledgeable loan manager that was more aggressive and more helpful made a HUGE difference email us if u want some direct info in Greater Kansas City area or where ever this guy and their team were really amazing we are now at the next stage as we are now meeting a few conditions (Approved with Conditions stage)

I appreciate the forum it has been helpful
best of luck to all going through the home buying (and selling) process
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Old 08-23-2012, 01:36 PM
 
1 posts, read 6,541 times
Reputation: 10
My husband and I recently went through the mortgage process. We had a preapproval, then home inspection followed by the appraisal. We got denied in final underwriting. To make matters worse our LO gave me a quick ohone call in the morning and said " it's just not going to work talk to you next year got to go". My husband was going VA and he was a first time home buyer. At no point during this process did we ever think things would not work out. We had the insurance binder done and all the paperwork to the title company. The home owners that we were buying from also lost all the money on the home they were buying contingent upon us closing. The entire process has been the most aweful experience of my life. My children have suffered as well as my marriage.
I hope that things go well for you. It's all about finding the right LO that actually knows what they are doing and doesn't have a crazy ego so that they actually pick up the phone and call their in house underwriters to ask questions.
Good luck !
Jenn
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Old 08-29-2012, 09:08 PM
 
1 posts, read 6,491 times
Reputation: 10
How long is a commitment letter good for. i am doing a new construction home. received the commitment letter on aug 8th, the house wont be ready until sep 20th
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Old 09-05-2012, 06:37 AM
 
144 posts, read 243,468 times
Reputation: 120
Quote:
Originally Posted by concha1259 View Post
How long is a commitment letter good for. i am doing a new construction home. received the commitment letter on aug 8th, the house wont be ready until sep 20th
Our's was good for 45 days.
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Old 09-16-2012, 06:23 AM
 
1,035 posts, read 1,781,267 times
Reputation: 2157
So are people getting commitment letters before underwriting is done? I've been trying to get one from my lender for weeks and still haven't gotten one and I'm post appraisal and all of that already.
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Old 07-17-2016, 04:12 AM
 
1 posts, read 1,849 times
Reputation: 10
Hi, 2 weeks to my closing date, I was asked to send the schedule C of my tax return which I made a lost and have stop the business since summer of last year. Only to get denied after sending it. I have prove that I have stop my business. What do I need to do to get approved for my closing?
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