In NFCU FHA Underwriting

[Anonymous]

I understand that it's disappointing. Did you have a house under contract that you will now not be able to purchase?

[ilzhoefer]

No, just getting pre-approval first.

[Anonymous]

At least that's good. IIt'ss disappointing, but it's not a "no, never". It's just a " no, not yet ".

[lesse]

Sorry to hear that   i havent yet been officially denied but they were saying that my DTI is high and asking this years profit and loss statement etc.. i already applied for another company that allowed up to 45% dti (my last mortgage co that i closed with) i think i will just use them again ... i think navy is just really difficult with mortgages

[Anonymous]

I was just rejected for an FHA Multi Unit. After reviewing the FHA guidelines and taking it back to the underwriters, the NFCU loan officer told me that it is NFCU's policy that they can't use rental income as a factor when considering the mortgage even though FHA guidelines allow rental income to be included in DTI. That seems ridiculous since I would close with leases in place for $2400 in rental income from already existing tenants and I would stay in the apartment I am currently renting for $1000 a month and the mortgage would only be $1400 a month. Oh well ... onward!

[VALoanMaster]

---

@Anonymous wrote:

I was just rejected for an FHA Multi Unit. After reviewing the FHA guidelines and taking it back to the underwriters, the NFCU loan officer told me that it is NFCU's policy that they can't use rental income as a factor when considering the mortgage even though FHA guidelines allow rental income to be included in DTI. That seems ridiculous since I would close with leases in place for $2400 in rental income from already existing tenants and I would stay in the apartment I am currently renting for $1000 a month and the mortgage would only be $1400 a month. Oh well ... onward!

---

Hi Trisharx,

Yeah that's called a lender overlay & unfortunately something you have to be aware of.

Are you living in one of the units now?

[Anonymous]

Yes ... I've been living here for 3 years and the house has a solid rental history. I applied with another credit union that will consider 75% of the rental income. I should know soon!

[VALoanMaster]

---

@Anonymous wrote:

Yes ... I've been living here for 3 years and the house has a solid rental history. I applied with another credit union that will consider 75% of the rental income. I should know soon!

---

Good luck.