02-06-2013 08:20 PM
Thank you Shane. That really sucks because we are closing on a house that is a new build and this is their preferred lender. Also, we are so close to being done, I would hate to have to start the process all over with a new lender. Our contract with the builder says we must close within 7 days of completion which is February 25th. Not sure it would even be possible to go through a different lender at this point in that time frame. Looks like we'll just have to scramble to get it done. Frustrating. Not to mention, she flat out told me that was an FHA change. Even more frustrating.
Thank you for your response!!
02-06-2013 08:25 PM
Usually when there are policy changes in regards to the debt to income ratio, reserves, etc. if the loan was submitted prior to the new effective date then it'd still fall under the old guidelines. Rarely would an aleady submitted loan be subject to the new policies, but it could still happen. If it was me, I'd let the builder know that there could be a potential delay in closing because their preferred lender changed the guidelines in the middle of qualifying, and that you can still qualify, but it may take a little longer to save up the additional money that they are requiring. Since the loan officer is passing it off as an FHA change, and not a lender guideline change, then perhaps for some reason they weren't able to approve you under the initial FHA program they were trying for and instead had to use a lesser FHA program which had more strict requirements - it's tough to say exactly.
02-06-2013 08:34 PM
Ok. I guess I will be having a long conversation with my loan officer to find out exactly what is going on. If need be, I will talk to the builder and take it to a different lender. I had a feeling there was something up when I couldn't find anything on that particular FHA change.
Thanks Shane, you've been a huge help! Have a great night!!
02-06-2013 08:38 PM
You are welcome and you too.
02-10-2013 12:37 PM