FHA taugh senerial..

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ski2313

718 Posts

Posted - 04/09/2008 : 12:03:28 PM

I'm certain this will be a manual underwrite, but please let me know if this is possible.. I'm just looking for a R/T, or cashout/consolidation if possible.

Prior to this mess, this guy had 740 credit scores, and is currently in the low 500's. He was injured at work, and was out on disability for 4 months. In that time, disability was not quite enough to cover his bills, and he got behind 2x30 on his mortgage. He is now fully caught up, and back to work full time with the same employer. Ratios are 35/42, and he has a 401k.

Can this be done? Any opinions on my senerial are welcome and appreciated, thanks

-Ski

sbuckman

497 Posts

Posted - 04/09/2008 : 12:17:40 PM

Are you signed up with Assurity Financial or have any connections with a banker?

ehm3

946 Posts

Posted - 04/09/2008 : 12:20:12 PM

as long as you can document it, and the credit derog dates match the dates off work, it sounds doable.

2113 Posts

Posted - 04/09/2008 : 12:21:34 PM

quote:
Originally posted by ski2313

I'm certain this will be a manual underwrite, but please let me know if this is possible.. I'm just looking for a R/T, or cashout/consolidation if possible.

Prior to this mess, this guy had 740 credit scores, and is currently in the low 500's. He was injured at work, and was out on disability for 4 months. In that time, disability was not quite enough to cover his bills, and he got behind 2x30 on his mortgage. He is now fully caught up, and back to work full time with the same employer. Ratios are 35/42, and he has a 401k.

Can this be done? Any opinions on my senerial are welcome and appreciated, thanks

-Ski

Yes, sounds legit, want another opinion? Packers suck, Giants Rule!

RGK2394

1070 Posts

Posted - 04/09/2008 : 12:24:28 PM

That sounds like the perfect reason to try a manual u/w- I'd fly that all day long. What LTV? IF the loan isn't kicked out due to DTI, and the issue is a one time deal that is easily documented, my understanding that working with the right lender will be key in getting it overturned. We got our first manual u/w thru last month after having FHA for about 3 now.

ski2313

718 Posts

Posted - 04/09/2008 : 12:24:59 PM

[/quote]

Yes, sounds legit, want another opinion? Packers suck, Giants Rule!

[/quote]

Way to rip open a fresh wound!! hahaha

ppulatie

2197 Posts

Posted - 04/09/2008 : 12:25:27 PM

yes, use HUD letter 94-30 to guide you and to submit with the loan.

Should be easy to get done.

sbuckman

497 Posts

Posted - 04/09/2008 : 12:40:26 PM

Well the question is where is left for him to send it?

RGK2394

1070 Posts

Posted - 04/09/2008 : 12:42:39 PM

Universal is who I understand to be the best lender to send manual u/w's to

ski2313

718 Posts

Posted - 04/09/2008 : 12:44:48 PM

Rick, do you guys have Carrie Holan as a rep down there? She's always been pretty kick ass for me in the past, I'll probably send this her way..

For some reason I think Universal quit doing manual UW's below 580 though..

ehm3

946 Posts

Posted - 04/09/2008 : 12:46:49 PM

quote:
Originally posted by sbuckman

Well the question is where is left for him to send it?

no kidding, this is the kind of file where the score mins really bite. I would try for an exception somewhere if the file looks strong enough.

ppulatie

2197 Posts

Posted - 04/09/2008 : 12:48:37 PM

Try perfect FHA and others.

RGK2394

1070 Posts

Posted - 04/09/2008 : 12:54:31 PM

quote:
Originally posted by ski2313

Rick, do you guys have Carrie Holan as a rep down there? She's always been pretty kick ass for me in the past, I'll probably send this her way..

For some reason I think Universal quit doing manual UW's below 580 though..

Aha, I believe you are correct about the manual below 580- sorry. Todd Snodgrass is our rep- decent guy, we haven;t sent him alot of biz so we can't really expect him to bend over backwards for us but he delivers what's promised. Wish I had another reco, but we've only done one manual so far, and the next one we've jsut submitted is going to a local WI banker "One Choice" simply due to turn time right now, and a little extra love from the rep there.

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