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I am currently waiting for underwriter approval with a new bank after being declined from Wells Fargo because the u/w did not feel comfortable approving my loan for the following reasons:
So after hearing all those scary things, here are some of the good things about me:
What do you think my chances are?
Have you thought about going through a mortgage broker?? after we got declined from our first lender we are going through a mortgage broker that knows our faults and knows which loan that we should be approved for. We are still trying for a VA but i believe this new lender doesn't have the same overlays.
But i'm still nervous about the outcome. I just feel better that the mortgage broker is the in between for us. They know what the banks want.
That is who i am going through right now! I am hoping for the best and i wish the best for you too as well!
Dti?
income gross is $4880
Current debt $1120 ( but my loans are deferred) (car note, CCs, Student loans)
debt with new mortgage is $1670
34%
I just went thru pre-approval recently with Wells Fargo and a broker. Both places said I needed to show min $11,000 in savings to buy a $125k house. They both said I needed to show down payment, 3 months mortgage reserve payments, 1 years worth of Home Owners Insurance, and money to cover all closing cost (even if you have seller pay them). Are you going for FHA loan? I wish you luck, this stuff is stressful!!
Really? I am going for an FHA loan. That must be extra, because FHA does not require it, based upon their guidelines.
http://portal.hud.gov/hudportal/documents/huddoc?id=4155-1_5_secB.pdf
it says the need to have funds to vocer borrower paid closing costs and fees at the time of settlement. Funds used to cover the required minimun downpayment, as well as closing costs and fees, must come from acceptable source adn must be verified and properly documented. Other than that, it's probably a Lender over lay if that is a FHA loan.
I would maybe check with your broker to see if there are any state specific programs. I live in Utah, and there are programs through the Utah Housing Corporation that have more relaxed terms. My husband and I just got our final approval from the underwriter and should be closing soon. The program we used required no down payment. It is an FHA loan and the 3.5% down is financed into a second mortgage through the state. This does mean that are payment is about $25 higher than it would normally be, but we can live with that. We are also getting seller paid closing costs so all in all after everything we are paying just over $1k out of pocket to get into our house. We also only have a few grand in savings. We do have a few other assets, like cars that are paid off and 401ks, but we don't have a lot of reserves. After our mortgage our DTI is about 37%, which our LO said was pretty low and I think that helped out. We were really expecting to have to rent for another year while we finished saving up the money, but were very pleasantly suprised to be able to find a way to buy right now, since housing prices in our area are going up.
States want people buying houses, more houses = more property taxes, and on top of that more jobs. So you never know, there may be something that you can do to get around needed all of the money upfront.
that would be great!!
@Blackhawks_girl30 wrote:I just went thru pre-approval recently with Wells Fargo and a broker. Both places said I needed to show min $11,000 in savings to buy a $125k house. They both said I needed to show down payment, 3 months mortgage reserve payments, 1 years worth of Home Owners Insurance, and money to cover all closing cost (even if you have seller pay them). Are you going for FHA loan? I wish you luck, this stuff is stressful!!
Wow, I'm shocked they wanted you to have full closing costs too? I just talked to a mortgage broker, we're submitting our application on Saturday, and she said all I need is the down payment in my savings and we don't need any reserves even. Plus, she comes highly recommended, but maybe it's because our scores are high 700s? I can imagine that would be very stressful!!