DECLINED!!!!!

[Anonymous]

Bank of America declined me yesterday...so called...no one from that office had the gutts to call me and tell me that..I guess...I called the builder today about something else..and he told me...he claims the LO is putting in a re-consideration...

I have NEVER talked to this LO...only to his assistant...and NO ONE called me yesterday...or today...we are still working with another company as well...but that's hard to hear...I have no reason why I was declined...the LO...or his assistant is not answering the phone...not answering emails...

I'm ticked off about this..I don't know what it could be...besides a few NSF charges in March...I wrote a letter of explanation for them yesterday...but what good that would do..if I was declined...

My scores are 643, 618, 594...going FHA..I already made $27,000 this year...so I'm projecting close to $75,000 for the year...no late payments...no collections in two years...no nothing...

[granny031350]

wow wonder why they declined you for FHA?  Your mid score was ok.  Hmmm keep us posted on this one.  I was planning to use B of A for my application. 

Perhaps also it was your recent move and being established in the state.  I have no idea if FHA has a residency rule, but maybe B of A does?

Message Edited by granny031350 on 05-14-2008 09:57 AM

[Anonymous]

Sly, sorry to hear you were declined! Maybe you could try to get in touch with the branch manager for answers? If you working with a local B of A I wouldn't bother with calling I would drive my lil butt down there and speak directly to the LO. Don't give up!!!  Your scores appear to meet FHA so I would find out why they declined you, um aren't they "required" to give you a reason for being declined???

[DallasLoanGuy]

BofA has some pretty cool programs. But they aren't real good at FHA.

Apply elsewhere.... you should be able to get a pre-approval within hours if you turn in all income/asset info with loan ap.

[Anonymous]

What I don't understand is...when I was living in Louisiana..exactly a year ago..I did the FHA process with them..from a different state...all through faxes and phone calls...lower scores...only had my car for about 9 months..no credit cards...lower pay..

And got APPROVED....I'm so confused..but they did make me do all that last year..move to Texas...live with family..then tell me I was declined due to job change...RIDICULOUS

I am going through Flagstone Lending also....but they are still waiting on a full VOE from my job...they said it would take about a week...I was wondering how BoA put the loan inn underwriting so quick...I sent all signed paperwork Wednesday morning..and that afternoon it was in underwriting...

[Anonymous]

You said you changed jobs and moved. Did you stay in the same profession with similar or better pay? Most lender's overlook job changes so as you stay in the same field with similar or better pay.... back up Dallasguy?

[Anonymous]

yes, I changed job fields...I'm know why I was declined last year..and accepted that...but after that..they told me to wait 6 months..and try again...so now...7 months later..I'm here..with better scores..and such...so now what...I don't know...

[Anonymous]

Who told you to wait 6 months B of A and did you get it in writing? Don't know if it would help much in another state but surely wouldn't hurt to try with letter on their letter head. Or again try another lender all together...

[Anonymous]

Now, I'm even more ticked off to know the excuse...supposedly my debt to income ration is too high...let me break it down...

Pay: $21.50/per hr...work 58 hrs/wk...mandatory 50 hrs...have been working 50+ hrs since I started the job in October...

Debt: Car loan $359.26/month
My CC's $80/month
Wifes CC's $65.00/month

The house is $124,900...they rolled in $6000 for closing...so the total loan is $130,900

Maybe the LO..DallasLaonGuy..can help me...how in the world it that "TOO HIGH"...I recently got that raise two weeks ago from $18.00...I was only getting paid $18.00 for about 2 weeks...before that it was $24.00 for about 2 weeks...and $27.00 before that...

If they look at my past 30 days check stubs..it doesn't really show what I make because I was in between jobs...with the same company..but I work in chemical plants...and they have contract with each plant..it can be from 1 month..6 months...2 years...etc...this month was the transition from on the the next...so I was out of work for about a week...I still got a check..but it was for an incentitive bonus...I don't think BoA took the time out to do a VOE with my job...for the new pay...I don't know...I'm more ticked off now though...and CONFUSED!!!

Message Edited by slyhouse08 on 05-14-2008 11:51 AM

[DallasLoanGuy]

I told you they weren't good at FHA....

They should be able to get all of the income figured out.... a VOE would help.