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Tagged with: lender
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kathy obrusanszki
9 months ago
If a county that opts out of the state's codes, and is therefore required to create their own codes, would that keep its citizens from obtaining an FHA loan (insurance)? Or would the decision of appraisal be up to the particular lender, rather than FHA? In other words does FHA have particular inspectors or codes that are required?
If a county that opts out of the state's codes, and is therefore required to create their own codes, would that keep its citizens from obtaining an FHA loan (insurance)? Or would the decision of appraisal be up to the particular lender, rather... (more)
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I was denied an FHA home loan by a lender.
I was denied an FHA home loan by a lender.
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James Ross
a year ago
We filed a chapter 7, lost a home in foreclosure but maintained a home we could afford. It's been 4.5 years and we were approved for an FHA loan based on our re established credit, stable jobs, good income and no debts at all. Lender says FHA is all we can do and that PMI is required. Ok we find it to be worth it, but no one can tell me how long we will have to pay the PMI? When can we get it removed, and will we have to refi to remove it? If that is true how long?
We filed a chapter 7, lost a home in foreclosure but maintained a home we could afford. It's been 4.5 years and we were approved for an FHA loan based on our re established credit, stable jobs, good income and no debts at all. Lender says FHA... (more)
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Bunny Yarbrough
a year ago
I have an listing for a 2,050 square foot ranch style home. It is an amazing and very nice home with big rooms, and wrap around porch. To my surprise the homeowner has informed me that there is a single wide mobile that can be detected during a inspection. She said if you go into the attic or crawlspace under the home you can see the older mobile. It has only shown twice due to the question of a FHA finance. Can this home qualify for FHA finance? I'm estimating that maybe a 1/3 of the home has mobile under, but the roof line has totally been rafter ed over. You can not tell, it has a wrap around concrete beam around entire home. Please advise.
I have an listing for a 2,050 square foot ranch style home. It is an amazing and very nice home with big rooms, and wrap around porch. To my surprise the homeowner has informed me that there is a single wide mobile that can be detected during a... (more)
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I knew buying a house would be stressful, I tried to be as knowledgeable as possible. Made sure I was super clear as to what I could affort, what I wanted was separate from needed. From the start I had mixed feeling about my loan officer, I even told my realtor who initially encouraged me to look at my options but then I felt as though even she had other plans. For months I was approved for conventional loan 420k constantly asking "what's my monthly expense?" Way outside my comfort zone finally found a house 320k everything was good then 3 days before close I'm told I have to do FHA even with 50% down I didn't get approved for conventional. If I back out I loose my deposit of 10k so I move forward but my monthly is so high, way outside my communicated expense cap. I don't want to loose my house who can I contact that will be on my side?
I knew buying a house would be stressful, I tried to be as knowledgeable as possible. Made sure I was super clear as to what I could affort, what I wanted was separate from needed. From the start I had mixed feeling about my loan officer, I even told... (more)
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Trudy Beerman
a year ago
According to this site, mortgage insurance is required on loans with less than a 20% downpayment and mortgage insurance protects the lenders from unpaid loans, so why is a foreclosure necessary? If the lender gets the insurance, and takes the property, and puts a legal claim on the former owner, isn't that like triple dipping?
According to this site, mortgage insurance is required on loans with less than a 20% downpayment and mortgage insurance protects the lenders from unpaid loans, so why is a foreclosure necessary? If the lender gets the insurance, and takes the... (more)
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Kellie Part
a year ago
I have applied for FHA, automated underwriting had no problem with pre-approval and mortgage broker said this should be easy.

Me: 784 middle mortgage score, many many positive paid in full accounts, and minimum payment of about $40 on my current credit card. BUT I just started a new career 1.5 years ago as a realtor and when doing my taxes this year claimed expenses it took to establish my business. My AGI is $2800 - I know, piddly. But my business this year is already booming, and this is why I have a co-borrower.

Co-borrower: 780 middle mortgage score, 40k yearly income, same job 30 years, many many paid in full accounts and minimum payment of $150 on credit card. Only other debt is $250 lot rent.

Both have absolutely nothing negative on credit reports.

Total debt between the two of us monthly is less than $500.
Loan amount $74900
3.5% down

We heard back from the lender yesterday and they say I don't make enough to sustain a mortgage based on my last years earnings from taxes. The mortgage broker is flabbergasted and said this is exactly why there is a co-borrower but the underwriter is giving her issues with it and doesn't seem to be considering the co-borrower.

We have moved to a different lender now, but our options are limited since its a mobile home and there are only 4 options total that finance those in FL.

What can I do? What should I do? And why isn't the underwriter considering the co-borrower?
I have applied for FHA, automated underwriting had no problem with pre-approval and mortgage broker said this should be easy.

Me: 784 middle mortgage score, many many positive paid in full accounts, and minimum payment of about $40 on my current... (more)
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A Curious User
2 years ago
I'm trying to figure out the next step that I am responsible for in obtaining the FHA loan. We were pre-approved and met with banker, and want to know if we should be setting up the home inspection and appraisal or if the lender does that.
I'm trying to figure out the next step that I am responsible for in obtaining the FHA loan. We were pre-approved and met with banker, and want to know if we should be setting up the home inspection and appraisal or if the lender does that.
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A Curious User
2 years ago
We would like to help our daughter (who is in college) purchase a home. It would be her primary residence - our assistance is necessary as she does not have credit, yet. The "kiddie condo" loan seemed perfect but I cannot find a lender who knows about the program. Our credit is excellent. Thanks for your assistance!
We would like to help our daughter (who is in college) purchase a home. It would be her primary residence - our assistance is necessary as she does not have credit, yet. The "kiddie condo" loan seemed perfect but I cannot find a lender... (more)
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Kay Pee
2 years ago
Full disclosure: I bought my home in 2008 but my condo board isn't stable, and as such my maintenance is now neck and neck with my mortgage. I rented it out and moved in with relative only recently. 2 months ago my scores took a 40point hit because, and only because my former school filed a collection against me for a DROPPED class, and honestly, out of principle, I refuse to pay it. Now my scores are hovering in the 630/640's. I have solid credit otherwise, no recent late payments, no other collections, judgements or liens, no IRS issues and my current compensation is 102k all in (85k base/minimum 20% guaranteed bonus). I can AFFORD to purchase and maintain a new house and I desperately need to get a new space. I'm open to FHA and I have a downpayment. Paperwork is all lined up and ready to go, I just need to know if it is possible to get a new home, and if so, who are the best lenders. Thank you.
Full disclosure: I bought my home in 2008 but my condo board isn't stable, and as such my maintenance is now neck and neck with my mortgage. I rented it out and moved in with relative only recently. 2 months ago my scores took a 40point hit... (more)
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