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Guest

I have an FHA purchase and the borrower have limited trade lines so the UW is asking for 12 month rent cancel checks as condition to clear and close and we dont have it, you guys have any sugestions or if we provide a buget from the borrower if this will clear this condition, thank you.

eric1 · Posted: Tue Aug 11, 2009 11:13 am Post subject:

See if you can get a letter from the landlord stating that you have paid on time for the past 12 months.

Guest

Thank you, I will get that letter as well hope the UW take it, because his lendlord is a family member

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Yes a letter from the landlord should do the job.

JKennedySLG · Posted: Tue Aug 11, 2009 1:36 pm Post subject:

I beg to differ. I don't see an underwriter clearing a letter from a private landlord whom is a family member. With limited credit worthiness, I have seen deals die over verif.'s of rental. I hope this works out for you, but I don't see an underwriter allowing for this.

gmakerley · Posted: Tue Aug 11, 2009 1:55 pm Post subject:

james is right. without documentation showing prompt payments, you're not going to have any underwriters looking the other way on this.

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

JKennedySLG does have a valid point about the matter,but again if the amount is really big then they will surely ask for the receipts of the rent payment in your bank statement,but you need to convince the UW that you have paid the rent in cash only and at the same time you can show them receipts for cash payment.(As it is not coming under any banking system )

keep in touch.....

gmakerley · Posted: Wed Aug 12, 2009 8:13 am Post subject:

to try to "convince the uw that you have paid the rent in cash" is a lost cause. this is a family situation (landlord/tenant). without definitive documentation of payment of rent, no underwriter will be "convinced" otherwise.

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