Reply
Community Leader
Super Contributor
Posts: 5,976
Registered: ‎03-06-2010
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

The case number is really assigned to a specific property right when you make application for the mortgage.

 

If you go to another lender to purchase the same property, the case number and appraisal transfer to the new lender. Normally it is a smooth process. It can get rocky but that is the sign of an unprofessional lender (that would be the lender that is losing the deal). Most of the time it is just a routine transfer.

 

If you are not purchasing the same property, then the case number and appraisal do not transfer to the new lender. It stays with the property. If a new buyer comes in to purchase that property, they have to use that appraisal. The appraisal and case number stay with the property for six months (this applies to FHA only).  

New Contributor
Posts: 72
Registered: ‎03-30-2013
0

Re: So Disappointed, Discouraged and Simply Sad ;-(


StartingOver10 wrote:

The case number is really assigned to a specific property right when you make application for the mortgage.

 

If you go to another lender to purchase the same property, the case number and appraisal transfer to the new lender. Normally it is a smooth process. It can get rocky but that is the sign of an unprofessional lender (that would be the lender that is losing the deal). Most of the time it is just a routine transfer.

 

If you are not purchasing the same property, then the case number and appraisal do not transfer to the new lender. It stays with the property. If a new buyer comes in to purchase that property, they have to use that appraisal. The appraisal and case number stay with the property for six months (this applies to FHA only).  


Thanks for the info - just to clarify. If we decided to go with a total different property, does the previous underwriter's notes follow us in FHA connection?


Starting Score Early 2013: TU - 556 & EF - 552 & EXP - 591
Current Score 10/09/14 (MyFico): TU - 666 & EF - 665 & EXP- 711
Goal Score: 730 Across all 3 bureaus
Community Leader
Super Contributor
Posts: 5,976
Registered: ‎03-06-2010
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

[ Edited ]

No. New property. New case number. New appraisal.

 

However, not saying you did this, if there was any fraud in the application with the old lender, that would be a problem. Example: tax returns supplied to the lender don't match IRS return.  That was never your issue so you should be ok.

 

If I were you, I would make sure to have clean bank statements before your next purchase. OD protection is not meant to be used to plug holes in cash flow. It is to be used only in the case of an error in your account register. If you don't use a register (or some accounting program) to track your debits and credits, then do that. It will save you a ton of money and stress. The u/w looks at mulitple OD's as financial irresponsibility. The way around it is to show you have learned how to handle your accounts without OD's. That is the only fix.

 

Otherwise, you are good to go. If you had a specific issue with the old loan that the underwriter mentioned and it has to do with your finances and not the prior property, just make sure you have that taken care of prior to your new application.

New Contributor
Posts: 72
Registered: ‎03-30-2013
0

Re: So Disappointed, Discouraged and Simply Sad ;-(


StartingOver10 wrote:

No. New property. New case number. New appraisal.

 

However, not saying you did this, if there was any fraud in the application with the old lender, that would be a problem. Example: tax returns supplied to the lender don't match IRS return.

 

Otherwise, you are good to go. If you had a specific issue with the old loan that the underwriter mentioned and it has to do with your finances and not the prior property, just make sure you have that taken care of prior to your new application.


Thanks for the quick reply. No there is absolutely no hanky panky going on here. I had an issue with the overdraft on my checking account. So I want to make sure my next set of statements are super clean before I do anything else if the CEO says no on Monday. Other than that everything else is exactly the same as before. Just don't want to raise a red flag with the new lender (if we go this route) about overdraft if we're corrected the issue.


Starting Score Early 2013: TU - 556 & EF - 552 & EXP - 591
Current Score 10/09/14 (MyFico): TU - 666 & EF - 665 & EXP- 711
Goal Score: 730 Across all 3 bureaus
Community Leader
Super Contributor
Posts: 5,976
Registered: ‎03-06-2010
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

Yes, I just amended my answer because I looked at the first post again.

 

It is an easy fix for you. Two months of clean statements, or so, and a LOE should do it.

New Contributor
Posts: 72
Registered: ‎03-30-2013
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

Just a sidebar to the topic of fraud. If someone was silly enough to post on these boards to get around an issue fradulently, that be a bad mistake. Believe it or not the creditors and such read these boards. I posted a detailed issue about my student loans on this board and the creditor actually reach out to me directly as they knew it was me based on the details of the situation. When we post specifics although unlikely, it's not very hard to determine whose who.


Starting Score Early 2013: TU - 556 & EF - 552 & EXP - 591
Current Score 10/09/14 (MyFico): TU - 666 & EF - 665 & EXP- 711
Goal Score: 730 Across all 3 bureaus
New Contributor
Posts: 72
Registered: ‎03-30-2013
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

Quick update - we did get approval from the CEO. However it came with lots of conditions. One of the major ones is 4 months reserves which is a bit much. DH & I are deciding next steps. Will keep you posted.

Starting Score Early 2013: TU - 556 & EF - 552 & EXP - 591
Current Score 10/09/14 (MyFico): TU - 666 & EF - 665 & EXP- 711
Goal Score: 730 Across all 3 bureaus
Contributor
Posts: 147
Registered: ‎04-16-2013
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

FHA loans don’t require any reserve. This is a silly condition. If I were you and I would run away from this lender as far as possible. Go try another lender and you’ll be fine.

Established Contributor
Posts: 828
Registered: ‎12-09-2012
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

[ Edited ]

In light of the overdrafts, I don't think it's a silly condition. I think it's probably what the OP is going to see from most lenders unless clean bank statements are submitted.  FHA may not require reserves, but if  you consistently show cash flow issues...you're going to have a hard time getting approved without proving the NSF's are a thing of the past, and that you have reserves.  Lenders are going to have their own overlays, and in this case, reserves seem reasonable to me.  Obviously, the OP has worked hard to rebuild credit...they're almost their, but we all have to remember we are asking these institutions to loan a tremendous amount of money. 

 

They are trying to determine, based on your recent financial past, the likelihood you'll pay back the loan.  If your recent past includes late payments on bills, collections, and overdrafts (not all of which apply to the OP, I know)...what is a lender supposed to think? What would you think given that situation if you were being asked to loan money?

 

I understand the OP is disappointed, but don't be discouraged...you're almost there!  Keep going!

New Contributor
Posts: 72
Registered: ‎03-30-2013
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

After reading the guidelines I understand the position. However when you do provide statements from multiple accounts and its clear you have the money it seems a clear Loe would suffice and don't o it again. Bottom line is overdraft is not allowed particularly if fees are incurred. FYI...it wasn't NSF is was using overdraft from savings with a fee. Hope this helps save someone else the trouble.

Starting Score Early 2013: TU - 556 & EF - 552 & EXP - 591
Current Score 10/09/14 (MyFico): TU - 666 & EF - 665 & EXP- 711
Goal Score: 730 Across all 3 bureaus
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.