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djorge44
1345 Posts |
 Posted - 02/13/2008 : 12:53:36 PM
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New to FHA
Customer has been current for 7 months. 8 months ago they were 60 days late. Reason is husband became disabled and he is currently awaiting SSDI disability.
Wife is only a 501 score
Student loans are on time.
A couple collections happened back in 07/07 (when husband became diabled).
Looking for 85% LTV, paying off collections and mortgage.
DTI right now would be about 49% BUT can add Dad to loan to lower DTI under 40%
Could this be possible with a Good FHA underwriter and Good Explanation of what happened in 07/07 to this family.
Any thoughts / ideas would be helpful
the one guy I talked to told me to wait till summer. |
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Tsnyder
8079 Posts |
Posted - 02/13/2008 : 12:58:03 PM
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I wouldn't say it's a slam dunk but with
the proper documentation for the disability
I'd be willing to give it a shot if it were
my file.
Tsnyder |
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djorge44
1345 Posts |
Posted - 02/13/2008 : 12:59:54 PM
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Thanks, that is what I thought. The one company I talked to about ti said wait till 12 months outside of the late payment.
It will be about an $800 savings a month
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RDwyer
3267 Posts |
Posted - 02/13/2008 : 1:03:45 PM
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| Typically, a manual underwrite will have to be within a 43% DTI - non-occupant co-borrower's income can not be used for qualifying purposes. I think you'll have tough time with this. |
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djorge44
1345 Posts |
Posted - 02/13/2008 : 1:16:33 PM
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| Thanks for your input |
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jeff4567
1528 Posts |
Posted - 02/13/2008 : 1:40:17 PM
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An old girlfriend of mine used to say that
quote:
Originally posted by djorge44
Thanks for your input
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jeff4567
1528 Posts |
Posted - 02/13/2008 : 1:42:41 PM
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| It doesn't hurt to try manual underwrite. They will underwrite subject to an appraisal so no money is spent by the customer until you have an approval. Make sure you really document everything and have a strong LOE for the lates. |
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