NFCU HBC Denial - FHA Approval - Timeline and Stats *UPDATES*

[Aduke1122]

Have you guys considered another house that isn't so expensive? I'm sure you guys already have a back up plan though

[Anonymous]

Yeah we have other homes that our realtor went to go see today. We are trying to keep our out of pocket below 15k. It's totally doable according to everyone I've talked to until it comes time to actually close.

[Aduke1122]

I hope it all works out this time !

[pinkeaze]

Oh man!!!! I'm just getting all caught up on the latest posts. Man this super sucks! I'm really sorry OP. To have the process go really smoothly only to have it go south in the final hour is terrible. I'm hoping you and your wife will find something even better than the original house. 

Just an update for anyone needing quick Transunion changes. I found a backdoor number here on MyFICO that took me straight to a live person (no automated voice).

1-888-259-6845

It rang twice and someone answered who was very friendly. I asked about getting a balance update and an incorrect collection removed. For the balance she said Wells Fargo could call them on that number to confirm the most recent statement balance. BUT I could not find anyone at Wells who was willing to do an outbound call to Trans on my behalf. So if anyone has any other suggestions there - that would be great.

For the collection, she opened a dispute, gave me a backdoor fax number and told me to fax proof of collection removal. I'm sure they confirmed with the collection agency as well but literally 2 days later it was removed from my report altogether. All 3 mortgage FICO 4 scores are now above 730 but I really want that last balance update to be made before I apply to NFCU to get Trans up to around the 750's like Equifax & Experian.

[Anonymous]

Thanks Pink and everyone!

I have an automated approval for FHA, have a disclosure with what we needed extra for in closing costs financed at premium pricing, and I am STILL about 200 a month less in payment than NFCU had me at. We go into underwriting today while waiting on the new appraisal. They say we can close in a week. My rate is at 4.125% which is ok for me. We will refinance later if it is beneficial anyways.

Fingers crossed this ACTUALLY WORKS! Maybe things happen for a reason? Maybe I needed a little less hair?

[Anonymous]

4.125 seems a little high, isn't it? We were quoted a 3.75 with a mid score of 660

[Anonymous]

There are more factors that go into a rate than just a score. They are coming in a full point lower with the rescue lender than what they were
Previously quoted. We have USDA 100% but closed with 4% interest rate and lower mortgage scores than Profgogetter (662 mid). It pays to shop around. Also make sure that the quote is actually for your actual profile and not their "best rate".

[Anonymous]

We are paying premium pricing for closing costs to be rolled in to the loan. So that makes the rate higher. If this wasn't the case, our rate would be in the low 3s.

[Anonymous]

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@Anonymous wrote:

We were told verbally that our loan with NFCU was denied. I have not gotten anything in writing, no denial letter, nothing. They have been pretty terrible at timely communication, and the fact that this became an issue at the 11th hour is pretty crappy. This was way avoidable.

The builder advised us to take another shot with their preferred lender. We got an automated approval for FHA, and the underwriter went over the file and said that they would not require tax transcripts. They claim that they can close us in 10 days. I sent over all of my info yesterday. I hope to get something back from them written today. I hope there is coverage in the closing costs because the down payment is already going to drain us.

Before anyone jumps in on us for buying with not much down, please remember that earlier this year a seller took off with our deposit. We sued, we won, he doesn't care to pay it back at this point. We had to start saving all over again.

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Sorry to hear.  Keeping fingers crossed that you are able to avoid these pitfalls moving forward.

[Anonymous]

Requests from the underwriter - 

A new VOR from my landlord, which they are getting themselves.

A statement from our car insurance that says I am on the policy for an alternate tradeline.

Gift letter from my wife for the down payment - the bank account I am depositing my checks into is in her name, due to the identity theft from previous. I have my own account now, but we kind of left it alone.

I am hoping these requests mean things are progressing.