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James4
291 Posts |
 Posted - 11/07/2009 : 1:48:04 PM
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Borrower's looking to purchase through FHA. 3.5% downpayment coming from own funds,
6 months PITI, DTI 31/39, both borrowers have 5 years on the same job as electricians. Income has increased from last year to this year. The snag we are having is an old charge off from a car in 2003 and a collection from Brighthouse from when the broroowers moved from 1 rental property to the one they are occupying now. 12 months cancelled checks for rental history showing on time payments. $100 payment shock from $1500 rental payment to the $1600/mo. proposed mortgag payment. Can anyone suggest a FHA lender who will over look the chargefeoff in 2003? I mean we are talking about 6 years ago now. Borrower is disputing the brighthouse collecition because they tried to double bill the borrowers for service. They are known for doing that to clients who are moving from one address to another. Please help! Need a lender fast! Plaza and SecurityNational said no!
Thanks, |
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davidfr
2244 Posts |
Posted - 11/07/2009 : 2:08:13 PM
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| I have never been asked to pay an old charge off on an FHA loan. Literally never. |
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James4
291 Posts |
Posted - 11/07/2009 : 6:03:44 PM
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| Either had I until Plaza said it would have to be done on an old car loan for them to move forward with approving the loan. I think these lenders are going through another round of changes on the secondary market by their investors and are just killing loans left and right for some of the most absurd reasons ever. 4 or 5 lenders also changed their minimum up to a 640 on Tues. 3rd. I have been hearing that FHA approve eligible loans were being declined with many lenders over the last 2 weeks for reasons no one can explain. Somthing big is about to happen you can feel it. The lenders aren't even following their own guidelines anymore. It's just a total free for all with these FHA underwriters,lenders and investors. |
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davidfr
2244 Posts |
Posted - 11/07/2009 : 6:51:36 PM
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quote:
Originally posted by James4
Either had I until Plaza said it would have to be done on an old car loan for them to move forward with approving the loan. I think these lenders are going through another round of changes on the secondary market by their investors and are just killing loans left and right for some of the most absurd reasons ever. 4 or 5 lenders also changed their minimum up to a 640 on Tues. 3rd. I have been hearing that FHA approve eligible loans were being declined with many lenders over the last 2 weeks for reasons no one can explain. Somthing big is about to happen you can feel it. The lenders aren't even following their own guidelines anymore. It's just a total free for all with these FHA underwriters,lenders and investors.
I don't feel anything of the sort. Obviously it is challenging environment to close loans- nobody is questioning that one bit. However, other than the guideline changes we all know about, I don't agree with your hypothesis at all. We had a kick ass October, and November is going to be even better. I guess I have to knock wood or something. |
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peter
6465 Posts |
Posted - 11/07/2009 : 7:04:08 PM
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I got an FHA purchase turndown from Wells due to 53.7% DTI
and negative collection history, although all collection
accounts have been paid off. 670 FICO and a medical
technician. The DU findings were "Review{ with comments
as "approvaable." I noticed that Wells became stricter
on FHA underwriting then early this year when I closed
a 55% DTI on a similar file with same collection history
but fully paid off.
I just sent my package to First American Wholesale for manual
underwriter.
I am getting more FHA purchase loans from realtors whose loans
got shot down by banks and lenders. Now, I will reject almost
all of them due to higher DTIs and collections that are still
open.
I agree that guidelines are tougher and funding loans now
are like pulling teeth. There have not been perfect files
for a long time.
Peter |
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beckerloans
85 Posts |
Posted - 11/07/2009 : 8:32:15 PM
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| All we do is ask the clients to get a Closed or Paid off letter from the collection agency and they will be fine. |
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