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There are so many laws in play today and now more than just the underwriter approving a file - with compliance becoming the emerging field Of late. One had best not treat the 30% down buyer any different than the 10% down buyer. Predetermined ratios for every scenario are I'm bedded into the underwriting programs. The only thing a good score does is permit you to be rewarded with a better interest rate.
Good point here. We got our credit approved today by underwriting but now there are 7 additional items to be submitted this week to lock in our rates. Heck, I wouldn't be surprised if they made us submit a urine or stool sample at this point, lol. Perhaps a polygraph test....
My husband was so angry last night that he threated to just write a check for the darned house and screw the loan process. But you are right....compliance is the new thing and we all have to play by the rules. He of all people should be aware of this working in a private equity firm. He works with compliance on a daily basis and his company is jumping through hoops right now.
Still frustrating. I do share DrummerJohn's sentiments!
Hi,
Im having issues with getting any info from my LO. He has repeatly ignored emails, calls, and texts. I had to badger him in the beginning cause he took 2 weeks to send us our GFE. I kept telling myself, it would get better. Here we are months into the process and still the same crap. We found a new construction home- builder we really liked back in March. We began the home process on 3/8. The LO submitted our loan and we heard nothing for months. I finally went above his head, to his boss. The LO emailed me, that my Boyfriends BK would not fall off until 5/8, and it was not clearing our loan. He told us he would resubmit the loan on 5/9. I know that was only 12 days ago, but honestly my faith has been tested at this point. I just really want this to be over. I was thinking buying a house would be fun.... Hell no! I am so ready to walk away if one more crappy thing happens. Ive been so mean and crabby to everyone from all this stress. Ok Rant over with..lol..Ty for your time
Hi,
Im having issues with getting any info from my LO. He has repeatly ignored emails, calls, and texts. I had to badger him in the beginning cause he took 2 weeks to send us our GFE. I kept telling myself, it would get better. Here we are months into the process and still the same crap. We found a new construction home- builder we really liked back in March. We began the home process on 3/8. The LO submitted our loan and we heard nothing for months. I finally went above his head, to his boss. The LO emailed me, that my Boyfriends BK would not fall off until 5/8, and it was not clearing our loan. He told us he would resubmit the loan on 5/9. I know that was only 12 days ago, but honestly my faith has been tested at this point. I just really want this to be over. I was thinking buying a house would be fun.... Hell no! I am so ready to walk away if one more crappy thing happens. Ive been so mean and crabby to everyone from all this stress. Ok Rant over with..lol..Ty for your time
Someone lied to you. No one I know has ever thought buying a house is fun. Even the shopping for the house gets old for many if not most. The financing is a pain in the arse.
If there's a bankruptcy on anyone's credit, it will make financing even more difficult. This process is far from a party. My parents still talk about the fun it was back in 1979.
Hi,
Im having issues with getting any info from my LO. He has repeatly ignored emails, calls, and texts. I had to badger him in the beginning cause he took 2 weeks to send us our GFE. I kept telling myself, it would get better. Here we are months into the process and still the same crap. We found a new construction home- builder we really liked back in March. We began the home process on 3/8. The LO submitted our loan and we heard nothing for months. I finally went above his head, to his boss. The LO emailed me, that my Boyfriends BK would not fall off until 5/8, and it was not clearing our loan. He told us he would resubmit the loan on 5/9. I know that was only 12 days ago, but honestly my faith has been tested at this point. I just really want this to be over. I was thinking buying a house would be fun.... Hell no! I am so ready to walk away if one more crappy thing happens. Ive been so mean and crabby to everyone from all this stress. Ok Rant over with..lol..Ty for your time
I hope the builder is aware of the BK, because a new contract will be required. Guidelines require the date of contract and loan application be AFTER (and not one day before) the required seasoning of the BK, so hopefully no contract has been written. Why anyone with a recent BK expects a smooth process for being granted a new loan for 100's of 1000's of dollars is beyond me. Even the person with perfect credit takes a couple weeks for full credit loan approval. Hopefully, there were no properties involved, or there could be further surprises. Chances are your loan officer is doing everything they can - it's way too soon in the game with much work to be done to be upset - patience is needed - cleaning up someone's file after a BK is tedious work.
I emailed my LO again yesterday hoping to hear anything, something! He emailed me back today, with a AWESOME interest rate, and a new GFE- TIL papers. He knew about BK, we went sure when it was due to fall off, and he never mentioned it was a really bad thing. I didnt know they required a new contract? We werent told of this. My LO said we should have offical Approval by next week, but again im not putting all my eggs in that basket. I guess patience is the key. We bought a home 15 years ago, and it went Flawless. Im not sure why this time around it sucked. lol
Please let it not be too bad for me. My process just started as the offer I put in on a house was accepted. I don't have perfect credit, but the mortgage folks preapproved me since it's steadily improved (no bankruptcies, late credit card payments are over five years old), but I have a mountain of student loan debt. I'm trying to be organized about turning in paperwork and keeping a copy in an online folder for myself in case it's lost or needed again. Is a seller's assist going to affect the mortgage process in any negative way?
Please let it not be too bad for me. My process just started as the offer I put in on a house was accepted. I don't have perfect credit, but the mortgage folks preapproved me since it's steadily improved (no bankruptcies, late credit card payments are over five years old), but I have a mountain of student loan debt. I'm trying to be organized about turning in paperwork and keeping a copy in an online folder for myself in case it's lost or needed again. Is a seller's assist going to affect the mortgage process in any negative way?
Just be prepared for a lot of paperwork. Our LO didn't give us a check list of what we would need. A few days before closing we needed: letter from employers, call with the UW and Amex, screen shot of my 401K, screen shot of my current MasterCard. Stressful, but we got through it. Not to mention we needed to show a significant amount more money in the bank.
It has been a smooth process for us. Our agent and her team were organized and we submitted all necessary paperwork at approval. It just was a longer process from offer to closing, about 6 weeks. I joked that by the time I would get the house I would have no idea how it looks anymore We closed May 28th .
Just be prepared for a lot of paperwork. Our LO didn't give us a check list of what we would need. A few days before closing we needed: letter from employers, call with the UW and Amex, screen shot of my 401K, screen shot of my current MasterCard. Stressful, but we got through it. Not to mention we needed to show a significant amount more money in the bank.
Thanks for this: I'll ask for a checklist as opposed to having everything come to me as it's needed. That way I can (try) to stay ahead of the game. Can you explain what you mean about showing "more" money in the bank? More than the closing costs?
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My process just started as the offer I put in on a house was accepted. I don't have perfect credit, but the mortgage folks preapproved me since it's steadily improved (no bankruptcies, late credit card payments are over five years old), but I have a mountain of student loan debt. I'm trying to be organized about turning in paperwork and keeping a copy in an online folder for myself in case it's lost or needed again. Is a seller's assist going to affect the mortgage process in any negative way?
