Posted on: 13th Mar, 2009 09:23 am
I currently own a home. I am buying a new home which will become my primary residence. With the income and dti ratios I qualify for both homes. My FHA loan is currently in the process of being underwritten. We gave a LOX when we submitted the loan package for why we are moving to the new home. Also I have a mid 740 credit score and no late payments. Do you see any problems with getting the loan approved.
well i can easily be selfish and suggest that a mortgage company such as mine and a loan officer such as me is your best bet, but i won't do that.
what you need to do, in my opinion, is find someone with whom you are simpatico, who you feel you can trust to treat you properly and direct you through the process of a purchase. if there's a dissatisfaction with the service with the bank you're talking about, you might take that as a sign not to go that direction.
keep in mind one thing, however. every lender is stressed out these days, and that makes every loan officer less apt to be able to respond as quickly as you would hope. the process is agonizing - far more so than in the past.
what you need to do, in my opinion, is find someone with whom you are simpatico, who you feel you can trust to treat you properly and direct you through the process of a purchase. if there's a dissatisfaction with the service with the bank you're talking about, you might take that as a sign not to go that direction.
keep in mind one thing, however. every lender is stressed out these days, and that makes every loan officer less apt to be able to respond as quickly as you would hope. the process is agonizing - far more so than in the past.
I am trying to upgrde to a single fam already have renter set up for my unit in a multifamily trying to get an fha loan for 2 mnths received a conditional approval provide everything they ask for was told ready for closing then was told not ready lender have to do a departure appraisal on my multifamily very dissapointed dont have any equity dont thinkwhat isthis departure appraisal for ? not satisified with explaination from loa
this is a new requirement (not quite sure how new, but clearly not something we used to do not long ago). there were too many instances of borrowers claiming to buy new primary residences and maintaining existing homes as rental that were truly not the case. now, therefore, everyone is treated with disdain - not by individual loan officers or companies, but by the marketplace in general. fha, of course, being a primary residence lender only, is going to be extra careful in these matters.
i hope this sheds a bit more light on the situation than you'd received from your current lender.
i hope this sheds a bit more light on the situation than you'd received from your current lender.
We too are in a similar situation. We found our dream home about 20 minutes away. It is twice as big as our current home and ideal in every way. However, we own another home and haven't even listed it. Why the hurry? The one across town is a foreclosure and it goes up for auction in 2 weeks. This means we have to make an offer prior to the auction starting! I don't work, my husband does and has been with his company 13+ years... and our credit scores are both in the 800's. Besides the mortgage on this home... we have no other bills. Cars and such are all paid off. The new home will have about a 50% LTV due to the foreclosure. It has an appraisal of $607, 000 but the bank needs to get rid of it and has accepted $300K. We have 20% equity in the current house. We can float both mortgages... but it will be tight. Any advise on how to get a lender on our side?
christi, you may be thinking about 50% loan to value, but that calculation is based on the lesser of sales price and appraised value, and your ltv is going to be calculated on the $300k price instead. what's your down payment?
as for borrowing, if you can convince your lender that you've got the wherewithal to make payments on each of these two homes (they won't include rental income, if any), then you ought to be able to get one "on your side."
you're right - this is tight timing, but if you have a contract in and it's accepted, then the auction will be held off until such time as you've either been approved or declined for that mortgage.
as for borrowing, if you can convince your lender that you've got the wherewithal to make payments on each of these two homes (they won't include rental income, if any), then you ought to be able to get one "on your side."
you're right - this is tight timing, but if you have a contract in and it's accepted, then the auction will be held off until such time as you've either been approved or declined for that mortgage.
i withdrew all my savings and 401 k because of illness but have some of that money cash so now the unwritter needs bank staments from 6 month ago or 401 k statements or liquid assets i do not have that what cant i do ? my lender said if i do not come up with something i am going to loose approval !!! in california
Hi amber!
Welcome to forums!
It is true that if you cannot come up with the required documents, then you won't be able to get the mortgage. I would suggest you to inform your lender about your present situation and let him know that you won't be able to produce the documents. He might help you with some other option which you may produce in order to get the loan.
Sussane
Welcome to forums!
It is true that if you cannot come up with the required documents, then you won't be able to get the mortgage. I would suggest you to inform your lender about your present situation and let him know that you won't be able to produce the documents. He might help you with some other option which you may produce in order to get the loan.
Sussane
I think the present lender is aware of the situation. Amber, go back to the banking institution or the financial institution in which you had those funds, and although they'll undoubtedly ask for compensation, they ought to have sufficient records that they can provide you with the information you need for your mortgage. Tell them how important it is if you want fast, efficient service, of course.
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