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JPalmer_
53 Posts |
 Posted - 05/02/2008 : 12:17:47 PM
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After a 30 day wait in their pipeline. TBW suspended my FHA submission due to 60 and 90 day lates on some student loans almost a year ago. These student loans have been up to date and on time since 11/07. What gives? Are FHA underwriters always so harsh on student loan payments? This has me a little steamed.
48% LTV
28% DTI
0x30 on mtg
no lates on anything since 11/07
Should I try VA? |
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CoolMtgGuy
4097 Posts |
Posted - 05/02/2008 : 12:20:32 PM
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| Maybe they are just catching up to the higher underwriting standards of the non-FHA world? Not a moment too soon in my opinion. |
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JPalmer_
53 Posts |
Posted - 05/02/2008 : 12:32:05 PM
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This TBW underwriter wants me to get proof that the credit bureau was inaccurrate in its reporting. It wasn't. They were late. I heard FHA loan can be strict with student loans and other government related issues.
What can I do to satisfy this condition with the underwriter? |
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MortgageBoarder
4466 Posts |
Posted - 05/02/2008 : 12:37:01 PM
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Based on your past experiences, I'd say fly to the TBW location, and pick up some knee pads on the way. :P
Sorry didn't want to do it, but you set yourself up for that one! It's Friday, enjoy the laughs! 
quote:
Originally posted by JPalmer_
This TBW underwriter wants me to get proof that the credit bureau was inaccurrate in its reporting. It wasn't. They were late. I heard FHA loan can be strict with student loans and other government related issues.
What can I do to satisfy this condition with the underwriter?
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csmgcorp
619 Posts |
Posted - 05/02/2008 : 12:38:15 PM
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Was this a manual underwrite or an accept through total score card? What FICO / LTV?
Give the rest of the scenario |
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jvanpetten
2658 Posts |
Posted - 05/02/2008 : 12:39:01 PM
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I got two BS stips yesterday.
LOE, why he lives in Alabama and work in Kansas?
BK 11/2004, showing on credit, discharged, she wants a copy of the BK papers and discharge.
This underwriting must be 50+ years old, I have not had either of these for a few years now.
It was approve/eligible |
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JPalmer_
53 Posts |
Posted - 05/02/2008 : 12:47:50 PM
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quote:
Originally posted by csmgcorp
Was this a manual underwrite or an accept through total score card? What FICO / LTV?
Give the rest of the scenario
It was a Refer. She has a 510 Fico. Her husband who was the breadwinner was killed serving our country in Iraq. This threw her personal and financial world into chaos and her credit suffered as a result. She is now receiving survivor benefits for herself and her two young daughters. She has her bills back under control. I had her write up a detailed and heartfelt LOE explaining her situation. Her husband gave the ultimate sacrifice to our country. You would think an FHA lender could give a little bit back.
48% LTV
28% DTI
0x30 on mtg
no lates on anything since 11/07
Should I try VA? |
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MortgageBoarder
4466 Posts |
Posted - 05/02/2008 : 12:49:03 PM
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On a serious note, that sounds like a really tough battle.
VA may be the best route to go... |
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jvanpetten
2658 Posts |
Posted - 05/02/2008 : 12:49:47 PM
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| Try another FHA lender as well. |
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kjdv
720 Posts |
Posted - 05/02/2008 : 1:00:37 PM
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| TBW are the MOST stringent! My VA loan there was denied after being in underwriting for, NO JOKE, 4 months!!!! Get it the H*LL out of Dodge (TBW)!!!!!!! |
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jvanpetten
2658 Posts |
Posted - 05/02/2008 : 1:15:57 PM
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| Gateway has a great FHA underwriter that I could convince this is a deal |
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jcanepa
800 Posts |
Posted - 05/02/2008 : 1:18:57 PM
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| Worse case would be Hard Money for 1 year to raise that score, then refi out. Just my .02 |
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MisterVA
6767 Posts |
Posted - 05/02/2008 : 1:43:36 PM
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| I would try VA. Get a strong letter of explanation. Call the UW to ask if it is possible. Loss of income must certainly play into this situation. Where is the property? |
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KHufford
6490 Posts |
Posted - 05/02/2008 : 1:50:11 PM
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YOU CANNOT EVER HAVE ANY LATES AFTER A BK AND GET FHA FINANCING! THATS THE LAW OF THE LAND. IT SHOWS A LACK OF FINANCIAL DISCIPLE AFTER ONE CHANCE TO GET IT RIGHT.
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jvanpetten
2658 Posts |
Posted - 05/02/2008 : 1:52:57 PM
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I don't see anything about a BK, I read it again.
quote:
Originally posted by KHufford
YOU CANNOT EVER HAVE ANY LATES AFTER A BK AND GET FHA FINANCING! THATS THE LAW OF THE LAND. IT SHOWS A LACK OF FINANCIAL DISCIPLE AFTER ONE CHANCE TO GET IT RIGHT.
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MisterVA
6767 Posts |
Posted - 05/02/2008 : 1:53:48 PM
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quote:
Originally posted by KHufford
YOU CANNOT EVER HAVE ANY LATES AFTER A BK AND GET FHA FINANCING! THATS THE LAW OF THE LAND. IT SHOWS A LACK OF FINANCIAL DISCIPLE AFTER ONE CHANCE TO GET IT RIGHT.
pssst! OP's borrower was not BKd. |
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MisterVA
6767 Posts |
Posted - 05/02/2008 : 1:54:28 PM
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| Here comes Emily Litella... |
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KHufford
6490 Posts |
Posted - 05/02/2008 : 2:00:41 PM
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quote:
Originally posted by MisterVA
quote:
Originally posted by KHufford
YOU CANNOT EVER HAVE ANY LATES AFTER A BK AND GET FHA FINANCING! THATS THE LAW OF THE LAND. IT SHOWS A LACK OF FINANCIAL DISCIPLE AFTER ONE CHANCE TO GET IT RIGHT.
pssst! OP's borrower was not BKd.
Must have been confused with Jvanpettens deal! Whatever..
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jvanpetten
2658 Posts |
Posted - 05/02/2008 : 2:04:37 PM
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| My borrower did not have late issues. Whatever....... |
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Carpet Muncher
1385 Posts |
Posted - 05/02/2008 : 2:09:49 PM
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quote:
Originally posted by JPalmer_
quote:
Originally posted by csmgcorp
Was this a manual underwrite or an accept through total score card? What FICO / LTV?
Give the rest of the scenario
It was a Refer. She has a 510 Fico. Her husband who was the breadwinner was killed serving our country in Iraq. This threw her personal and financial world into chaos and her credit suffered as a result. She is now receiving survivor benefits for herself and her two young daughters. She has her bills back under control. I had her write up a detailed and heartfelt LOE explaining her situation. Her husband gave the ultimate sacrifice to our country. You would think an FHA lender could give a little bit back.
48% LTV
28% DTI
0x30 on mtg
no lates on anything since 11/07
Should I try VA?
MisterVA would know better than I on this, but I thought most VA lenders also have minimum credits scores of 550 or higher.
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rdcurry
406 Posts |
Posted - 05/02/2008 : 3:26:46 PM
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You may want to try the VA, if you cannot get them to help have the borrower
call thier congressman, this widow should not have to suffer more than she already has.
MSgt USAF (Ret) |
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mantixmortgage
2785 Posts |
Posted - 05/02/2008 : 3:31:00 PM
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| how can some people let files sit 30 days in underwriting, and then my accounts are practically breaking down my door when their conditions take more than 8 hours to clear |
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sbuckman
525 Posts |
Posted - 05/02/2008 : 8:37:53 PM
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| Do you have Freedom as a sponsor? |
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MarieS
334 Posts |
Posted - 05/02/2008 : 8:57:01 PM
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| Run DU. It should get approved. |
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gsgroupinc
2036 Posts |
Posted - 05/03/2008 : 04:24:57 AM
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| how about a non occupying co-borrower for strenth to the file? |
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jvanpetten
2658 Posts |
Posted - 05/03/2008 : 07:41:30 AM
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Huh? I don't see how. He said it was a Refer, so I think it was run.
quote:
Originally posted by MarieS
Run DU. It should get approved.
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msancheznj
2243 Posts |
Posted - 05/03/2008 : 08:18:04 AM
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quote:
Originally posted by jvanpetten
Huh? I don't see how. He said it was a Refer, so I think it was run.
quote:
Originally posted by MarieS
Run DU. It should get approved.
He ran it though FHA Total Scorecard, MarieS is refering to DO conventional programs. |
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mykal5
3292 Posts |
Posted - 05/03/2008 : 08:18:40 AM
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| Maybe you can take it to someone like Ideal Mortgage Brokers and Streamline it later on. No? |
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slants
4301 Posts |
Posted - 05/03/2008 : 08:45:40 AM
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quote:
Originally posted by MortgageBoarder
On a serious note, that sounds like a really tough battle.
VA may be the best route to go...
I was told that if it won't go FHA, won't happen VA either. Not true? |
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JackGFG
1017 Posts |
Posted - 05/03/2008 : 08:58:10 AM
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A rule of thumb is that if you have a REFER, especially with that low of a score, NO lates in the past 12 months.
It's a compelling and saddening story about her husband, but thats not in the guidelines anywhere. |
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Mandyvilla
3631 Posts |
Posted - 05/03/2008 : 09:02:46 AM
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| I am having trouble seeing where a 1x60 and a 1x90 put them at a 510 credit score. There must be something else. I have closed rougher credit coming in at the mid 500's. |
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EMScommercial
5141 Posts |
Posted - 05/05/2008 : 1:21:00 PM
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tbw is the last company i'd send a loan to unless it was spot less, because they seem to like to pick things apart and take their sweet time doing it....
if her hubby was killed in the line of duty.... she should be receiving compensation from DOD and from the SGLI.... six figure payments each.... can't this help her? |
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