Mortgage

Guest 0.10 Dollars($)

My wife and I are trying to purchase a house we have been renting for a year. We have tax liens filed against us that are in suspended status.
We were approved for an FHA loan, the only condition being the tax liens have to be removed or we need to be on a payment plan. This decision was not based per FHA guidelines, rather the lender's requirement.
Does anyone go by FHA guidelines anymore, or are we FHA doomed?
Or, any other programs out there? We were told last Thursday that our next day closing was not going to happen.
Thanks

gmakerley · Posted: Fri Nov 07, 2008 9:51 am Post subject:

mkrahn, everyone is susceptible to underwriting these days. "guidelines" are just that - guidelines. individual lenders are making these decisions and are held accountable for the bad decisions they make. hence, each loan is looked at much more critically than ever before. the "mortgage crisis" has scared the entire mortgage industry, and obtaining a loan is no longer as easy as we used to expect it to be.

Guest 0.10 Dollars($)

Are you aware of any lenders that stick more to FHA guidelines and less to their own? My brother is an FHA underwriter (Wachovia) and he said he would not have asked for anything beyond what FHA requires.
Or, any other loan programs that would work?
Thanks

gmakerley · Posted: Fri Nov 07, 2008 2:02 pm Post subject:

i know you can't have your brother underwrite the file, but can't you do business with wachovia and take advantage of what seems to be a more liberal attitude?

i am led to believe that their underwriting for fha is centralized, so he might be able to assist whoever does underwrite it with your file (answering easy questions, etc.). of course, i know how families can be, so perhaps you'd not want to do business with the folk down the hall from your brother. if the overall attitude is not to move beyond the guidelines, that ought to be in your favor.

smithsussane · Posted: Fri Nov 07, 2008 9:31 pm Post subject:

Hi Mkrahn!

Welcome to forums!

I think you can change your lender and go with a liberal company like Wachovia whose underwriting for FHA is centralized. As you have not completed the closing, then I don't think you will face any problems in changing the lender.

Feel free to ask if you have further queries.

Sussane

gmakerley · Posted: Mon Nov 10, 2008 8:31 am Post subject:

beware of calling wachovia a "liberal company" sussane. i wouldn't characterize anyone like that these days. liberal went out the window when all the lenders/banks started losing their shirts.

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