FHA Suspended

[apeydee416]

Welp, got word that my underwriter wanted some documents and answers (mostly pertaining to my bankruptcy). Also requested a letter explaining how we have budgeted for an increase in housing expenses. All done.

LO said that he spoke with the UW and explained the file and she felt a little more comfortable. He said that the file meets FHA guidelines and she will review and sign off on the requests but she wants the clear to close to come from a senior manager. Basically, she wants to cover her rear and wants management to assume the responsibility.

I'm so discouraged. We've come so far and have literally met every obstacle thrown at us. All I've been reading is that suspensions generally result in denial and my throught process is that whatever senior manager won't give their "ok" on the grounds that the UW won't.

[StartingOver10]

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@apeydee416 wrote:
Welp, got word that my underwriter wanted some documents and answers (mostly pertaining to my bankruptcy). Also requested a letter explaining how we have budgeted for an increase in housing expenses. All done.

LO said that he spoke with the UW and explained the file and she felt a little more comfortable. He said that the file meets FHA guidelines and she will review and sign off on the requests but she wants the clear to close to come from a senior manager. Basically, she wants to cover her rear and wants management to assume the responsibility.

I'm so discouraged. We've come so far and have literally met every obstacle thrown at us. All I've been reading is that suspensions generally result in denial and my throught process is that whatever senior manager won't give their "ok" on the grounds that the UW won't.

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Not always. So don't get discouraged. Usually there is a specific reason for the suspension and if you get that worked out you can close. I have seen it happen. Is the only reason that the u/w is uncomfortable and wants a senior u/w to sign off?   If so, then it could be just out of the u/w's ability to approve. By that I mean some underwriters have limits and beyond those limits someone else has to sign off. Don't stress. I think you've got this.

[cem13]

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@apeydee416 wrote:
Welp, got word that my underwriter wanted some documents and answers (mostly pertaining to my bankruptcy). Also requested a letter explaining how we have budgeted for an increase in housing expenses. All done.

LO said that he spoke with the UW and explained the file and she felt a little more comfortable. He said that the file meets FHA guidelines and she will review and sign off on the requests but she wants the clear to close to come from a senior manager. Basically, she wants to cover her rear and wants management to assume the responsibility.

I'm so discouraged. We've come so far and have literally met every obstacle thrown at us. All I've been reading is that suspensions generally result in denial and my throught process is that whatever senior manager won't give their "ok" on the grounds that the UW won't.

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I am closing tomorrow on a FHA loan.  I am 4 years post foreclosure and filing BK7 but not 4 years post discharge.  So an FHA loan was required.  I did not reaffirm my mortgage.

All I had to do was write, in my own words, why I had to file BK7: lost job in 2008, economy sucks, no more beer left, my dog ran away...you know that country song, right?

Anyway, my mid-score is 704 and wifey's is 703 so we had no issue with approval.  My only issue was getting WF to accept my short payoff.  I told WF to either accpept my short payoff or come and get the keys because I can buy the same house across the street for $40K less than what my balance was.  Freddie Mac  jumped at the chance and approved my short payoff proposal.

I did not experience any issues with FHA.  The guidelines are there for a reason.  If you meet them, you qualify.  There can be no variation due to the goverment insuring these loans.

Let us know how you make out.  Good luck.

[apeydee416]

It's a risky loan, but I expected that being in a BK at the moment. I know that she was satisfied with explanations and letters I provided. We have the money documented and ready, we met the credit score minimums, court order approval was signed off on today.

I guess that my worry is that they literally told me she wants management to take the fall of we default. Which I understand, but I'm worried they won't take the risk if their own underwriter won't.

Woo-sah. LO said it could go either way but he felt we satisfied all objections. Should hear by Wednesday. :/

[cem13]

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@apeydee416 wrote:
It's a risky loan, but I expected that being in a BK at the moment. I know that she was satisfied with explanations and letters I provided. We have the money documented and ready, we met the credit score minimums, court order approval was signed off on today.

I guess that my worry is that they literally told me she wants management to take the fall of we default. Which I understand, but I'm worried they won't take the risk if their own underwriter won't.

Woo-sah. LO said it could go either way but he felt we satisfied all objections. Should hear by Wednesday. :/

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Good for you.  Let us know how you make out.