Called bank regarding mortgage

[southernficoaddict]

Well I broke down and called the mortgage department at our bank today.  I decided to take Dallas and Shane's advice and just go ahead and see where we stood.  Well, DH's mid-score is now 658 and mine is 643.  Our income just went up 12k a year because I started night shift full time.  DTI is less than 15%.  He was really excited and upbeat and assured me that we could get it approved on the conditions that everything I told him was verifiable.  Then I told him about the DP money.  Guess what?  It's not in our account yet.  It's been sitting in a "farm" account of DH's mother since Dec.  LO said it has to be in our account 2 months. He sounded like things wouldn't work until that point.  I guess now things are going to be on hold for awhile.

[DallasLoanGuy]

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southernficoaddict wrote:

Well I broke down and called the mortgage department at our bank today.  I decided to take Dallas and Shane's advice and just go ahead and see where we stood.  Well, DH's mid-score is now 658 and mine is 643.  Our income just went up 12k a year because I started night shift full time.  DTI is less than 15%.  He was really excited and upbeat and assured me that we could get it approved on the conditions that everything I told him was verifiable.  Then I told him about the DP money.  Guess what?  It's not in our account yet.  It's been sitting in a "farm" account of DH's mother since Dec.  LO said it has to be in our account 2 months. wrong.... it can be gifted.  He sounded like things wouldn't work until that point.  I guess now things are going to be on hold for awhile.

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you are fine....

except for that whole dumb loan officer part.

[southernficoaddict]

He said something about our having to show that we have access to 5% before we can have the 10% gifted?  I didn't get that part at all... 

[DallasLoanGuy]

doesnt make sense.... could be a lender guideline and not an fha guideline

[southernficoaddict]

He hasn't pulled any credit reports yet, maybe I'll talk to somebody else first.  Thanks for the info, though. 

Oh yeah, another quick one.. When I called I first talked to a LO that only handled ARM's, but he said that he could also provide temporary financing until the other guy could get the mortgage to go through.  What on earth was that all about?

[DallasLoanGuy]

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southernficoaddict wrote:

He hasn't pulled any credit reports yet, maybe I'll talk to somebody else first.  Thanks for the info, though. 

Oh yeah, another quick one.. When I called I first talked to a LO that only handled ARM's, but he said that he could also provide temporary financing until the other guy could get the mortgage to go through.  What on earth was that all about?

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a cluster&%$#?

[DallasLoanGuy]

i sometimes wonder about these financial institutions i hear about on here.

[southernficoaddict]

Makes me want to change where I have my checking account.

[DallasLoanGuy]

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southernficoaddict wrote:

Makes me want to change where I have my checking account.

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