In Underwriting...PLEASE HELP ME MAKE SENSE OF THIS!!!

[tooleman694]

Ouch, can you switch over to FHA.

[Anonymous]

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@tooleman694 wrote:

Ouch, can you switch over to FHA.

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The PMI with FHA would make it alot worse. So, FHA wouldn't be smart. Plus, we don't have a dp since we have been paying off balances.

[tooleman694]

It was just a thought to get you around the backend ratio. Could you maybe go FHA and take a couple negative points to help knock out closing costs.

[Anonymous]

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@tooleman694 wrote:

It was just a thought to get you around the backend ratio. Could you maybe go FHA and take a couple negative points to help knock out closing costs.

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Help me out with FHA.... I'm not too knowledgable on it. Did you go that route?

[tooleman694]

Yes we are doing FHA, it is almost the same as USDA but its 3.5 percent down and they allow your backend ratio to go up to 55 percent.

[Anonymous]

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@tooleman694 wrote:

Yes we are doing FHA, it is almost the same as USDA but its 3.5 percent down and they allow your backend ratio to go up to 55 percent.

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Oh ok, well my LO says to stay strong she claims she has never seen a file denied while in USDA in 20 yrs. I dunno we will see. I am just sooo frustrated at this point.

[tooleman694]

I tried to go USDA last year and I was denied, then I went FHA and was denied. Couldn't get a DU approval with conventional.

But I have big issues lol.

[Anonymous]

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@tooleman694 wrote:

I tried to go USDA last year and I was denied, then I went FHA and was denied. Couldn't get a DU approval with conventional.

But I have big issues lol.

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Really? If I may ask, were you denied in USDA UW? Why did they deny you??

[tooleman694]

My Wife had a recent late on her mortgage payment.

She wasn't a co-borrower, but they still held it against me.

[Anonymous]

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@tooleman694 wrote:

My Wife had a recent late on her mortgage payment.

She wasn't a co-borrower, but they still held it against me.

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WOW! I know that was a bummer. So, you are going the FHA route again? How has this experience been so far?