Projected income

[VALoanMaster]

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@Anonymous wrote:

Hi VA, thanks for responding. I know where you are coming from but I don't believe it's that simple, there are some things that were not mentioned in this thread, I really started it because of my income. This is a 2nd home/vacation property that receives rent all summer but is not considered an income property. 10% is absolute minimum and although I do just think he wants the easy way out, 15% seems to get it done although I still don't have an answer yet.

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Well I thought there had to be more going on. So it sounds like it might be a portfolio loan.

[Anonymous]

However, I believe they had plenty of time to get this done and I'm still in limbo. I'm not closing when I was supposed to, still don't have an appraisal or commitment. The entire mortgage industry seems like a big joke, the same complaint is across the board "why does it take so long?"  They have already had all of my info over a month and all I heard was we have plenty of time, now I have to try and close 2 or 3 weeks late. Week after week just goes by with no straight answer! I feel like I could have figured out the best course of action in an hour. I have actually had to research some guidelines and explain them to the LO.  I don't get it, it's like a big game or something. I'm in a rush rush industry myself  but I do what I can to get it done and not keep clients hanging. 

[Anonymous]

Sort of an update, I agreed to put 15% down to just get this done, I don't care about the extra money we have to put down right now. They ran this through DU and get an approval immediately with 10% down (incorrect DTI entered), they run it through DP now with 15% down and the LO tells me they kick it back because of a prior BK. The BK is 5 yrs old and we should be good regardless, but it should have approved with caution I think, no? I just don't trust anything this guy tells me at this point but we are so far invested into it, I have to stick with him.