premierloans
17 Posts |
 Posted - 05/28/2008 : 2:57:37 PM
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I have a file that I was going FHA with, was approved but later denied. Please take a minute to read through this. The scenario is as follows:
Daughter and her husband are refinancing her Mother's property into their name. They have an equitable interest in property since they have been making payments on property for past 18 months, with proof of payments. This is a full doc file, with a low DTI ratio. Main borrower has a 690 fico and co-borrower has a 615 fico. The file was approved and I had all conditions met, but the daughter left on vacation and forgot to make the mortgage payment and was running behind one month for the March and April payments, Just my luck!! The final condition was proof of the most recent mortgage payments since the file had been in processing for over a month and the underwriter denied the loan from that point due to the late payments. If anyone has any ideas on how I can get this file done please let me know(gift of equity, purchase,refi,hardmoney). By the way, the loan amount was 550,000. Any help is always greatly appreciated.
Thanks |
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